Singapore company help: answers by topic

For incorporation, clear uploaded copies checked during our KYC are usually enough. Certification matters more for banks and for corporate shareholders, whose registry documents may need to be certified or legalised. Singapore has applied the Apostille Convention since 16 September 2021, so an apostille from another member country replaces consular legalisation.

Certification and apostille

Source: Status table: Apostille Convention, Hague Conference on Private International Law (HCCH)

For 120 days from ACRA's approval of the name application. That gives time to finish KYC and appoint the resident director before registration. If the name is referred to another agency, approval can take longer, and we suggest an alternative early.

Source: Bizfile guide: apply for a new business entity name, Accounting and Corporate Regulatory Authority (ACRA)

Because ACRA registers every company under one or two activity codes (SSIC), and the code affects referrals to other agencies, licences and what banks expect to see. A vague description can slow approval or the bank review. A few specific lines, such as “online sale of skincare to Southeast Asia”, are enough.

Source: Registering a local company via Bizfile, Accounting and Corporate Regulatory Authority (ACRA)

They want to see who owns and controls the company, what it does, where its customers and suppliers are, and why it needs a Singapore account. Many ask the directors who sign on the account to join a video call. Having a founder who is also a director, and invoices or contracts in the company's name, makes the review easier. The bank decides.

Business account support

In practice, yes. Even an audit-exempt company must keep proper records, prepare financial statements for the AGM and the annual return, and file tax returns with IRAS. Records must be kept for at least 5 years. We quote bookkeeping, financial statements and tax filing on your expected volume.

Accounting and tax filing

Source: Record keeping requirements, Inland Revenue Authority of Singapore (IRAS)

S$300 if it is filed within 3 months after the due date, and S$600 after that. The penalty is applied automatically on Bizfile, and ACRA can also take further enforcement action against directors. We file the return with your renewal so the date is not missed.

Company renewal

Source: Penalties and enforcement action: late annual return filing, Accounting and Corporate Regulatory Authority (ACRA)

Yes, it is a refundable deposit. Every package includes the resident director service and its US$500 deposit, and your specialist confirms the refund terms in writing before you pay.

Resident director service

ACRA must be told within 14 days of the change. The new director gives consent and passes our KYC, and the company must always keep at least one director who is ordinarily resident in Singapore. We prepare the resolution and file the update on Bizfile.

Corporate changes

Source: Updating company information, officers and shareholders, Accounting and Corporate Regulatory Authority (ACRA)

Yes. Stamp duty is 0.2% of the price or the net asset value of the shares, whichever is higher, usually paid by the buyer. The transfer must be stamped within 14 days if signed in Singapore, or 30 days after it is received if signed abroad. After stamping we update the register of members and controllers with ACRA.

Corporate changes

Source: Buying or acquiring shares, Inland Revenue Authority of Singapore (IRAS)

If it has stopped trading, owns nothing, owes nothing and has no tax or legal matters open, the directors can apply to ACRA to strike it off. The application is free. After approval ACRA publishes a first gazette notice, allows 60 days for objections, and the whole process takes at least three months.

Company closure

Source: Striking off a local company, Accounting and Corporate Regulatory Authority (ACRA)