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post-title What to consider when selecting an incorporation firm

What to consider when selecting an incorporation firm




Last modified: July 9, 2019

What to consider when selecting an incorporation firm

What to consider when selecting an incorporation firm

The first thing you need to ask yourself is if you need one. Now, if you are a foreign individual or company registering their business or company in Singapore then you must hire a corporate service form to incorporate your company. But if you are a resident of Singapore, you have an option to hire someone or file on your own. This is up to you to decide if it is worth the money to turn it over to a professional or take on the responsibility. Incorporation in Singapore is not just a one-time filing but on-going compliance even after incorporation. This would allow you to focus on your business development instead of the tedious legal paperwork. But if you feel comfortable with undertaking this process on your own then it could save you money and capital that could otherwise be invested in your business.

This is where the needs of your company will dictate your decision. Does investing time or money work best for your business? If it’s time then hire a company but if it’s money then file it on your own. 

Bundles 

Before even registering your company in Singapore you must have at least one one stakeholder, a minimum capital of S$1, at least one company secretary, at least one local or resident director and a local registered address for a company office. Many incorporation firms have a la carte options where you pay for a company secretary or a resident director without having to pay for the entire service. 

This option is a good “happy-medium” for those who don’t want to pay hundreds or even upward of a thousand dollars for a service they can do themselves. Again though, the option to choose to not use a service is limited to Singapore residents. But package deals can be much more economical than paying for a single service. 

Finding what works for you (you being a foreigner) 

Generally, the basic incorporation packages for foreigners is more expensive than for locals. That is the reality across all incorporation firms in Singapore. However, not all firms have the same price. Prices can actually vary on incorporation packages from $500-$1500 so how can you make sure you are choosing a service that is right for you and your business. 

What does it include? 

Not all basic packages are created equal in incorporation bundles and some companies may offer much more than your needs require. 

These are the steps you are required to take when incorporating you business in Singapore 

Proposed Singapore company formation name approval with ACRA 

Minimum of one local resident director 

Shareholders 

Company secretary Singapore 

Paid-up capital 

Registered address 

Appointment of registration agent 

Document required for incorporation 

Corporate bank account 

Registration for general sales tax 

Obtain business licenses or permits

On-going and annual compliance requirements 

Options of Singapore company incorporation with relocation and no relocation to Singapore 

Here is a link to a guide that shows you the ins and outs of incorporating your business in Singapore.  It gives you a simplified checklist of what you need to do as well as the breakdown of the different work passes you would need should you decide to relocate yourself personally to Singapore. There is no one answer to picking the best incorporation firm for you and your business. What fits you and the budget but understanding the process beforehand is the best step you can take. Unless you know what you need and how much it is worth to you then you won’t ever feel completely confident in your decision. Know before you go. 




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