8

days to open your Singapore bank account

Why choose Futurebooks…

Same day incorporation – no travel to Singapore required
Swift electronic documentation and e-signatures – no courier or notary required
Startup expertise – 10 million shares with $1000 paid up capital, etc.

What you need to know about Singapore company incorporation

There are three options for a startup founder can take.

Option 1: For companies with no plans of external fundings or employee share option plan, a minimum number of shares can be issued at the time of incorporation, e.g. 100 or 1,000.

Option 2: For companies with plans to raise funds or to set up employee share option plan, it is ideal to issue a higher number of shares at the time of incorporation. A good figure for this would be 1,000,000 or 10,000,000.

Option 3: For companies with the established capitalization table (cap table), the company must follow the number of shares as declared on the cap table.

While the statutory minimum requirement for a company’s paid-up share capital is 1 for every currency, it is strongly recommended that entrepreneurs put in a higher amount of share capital when incorporating their business, especially for situations wherein the company has a prescribed minimum capital.

Paid-up share capital can be used as a working capital of the company.

If the company’s main operation is in Singapore, and business is not expecting any capital injections or funding coming from overseas, it is recommended to declare the paid-up share capital in Singapore Dollars, the local currency. For startups who are expecting funds from overseas at the time of incorporation or in the foreseeable future, then they can declare the currency as the same as that of the fund’s source country.

Yes, Singapore allows the electronic signature as per the Electronic Transactions Act of Singapore. These electronic records are valid and enforceable by law in Singapore as long as every document has an audit trail of which the authenticity can be verified.

Yes, Singapore registered companies are allowed to have 100% foreign ownership.

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Our services Fees (US$) Documents required & timeline
The Essentials
   
Incorporation of Private Limited Company

  • Unique Entity Number
  • Issuance of Share Certificates
  • Inclusive of all government fees
600
one time
1 day
Electronic copy of ID & address proof for all Directors & Shareholders
Company Secretary

  • Qualified Individual as Named Company Secretary on the Accounting & Corporate Regulatory Authority (ACRA)
  • In compliance with Section 171 of the Companies Act
600
per year
Registered address

  • Official Address on ACRA in compliance with Section 142 and 143 of the Companies Act
  • Process Agent for government and legal notices
400
per year
Mailing address and bank maintenance

  • Mail scanning up to 12 pages a month
  • Cheque deposit up to 4 cheques a month
  • Assistance with annual FATCA/CRS declaration
400
per year
 
Bank account opening

  • Guaranteed account opening
  • Multiple currencies, internet banking enabled
  • International Visa/Mastercard
600
one time
8 days
Visit by one founder-director to Singapore for account opening meeting
Add-Ons
Resident director

  • Registered individual with ACRA acting as resident director to fulfil requirements under Section 145 of the Companies Act
3,000
per year
Work Pass

  • Employment Pass (EP) / EntrePass for Founders
  • Inclusive of appeals and government fees
1,500
one-time
30 to 45 days
Educational, professional & ID documents of applicant
Monthly Bookkeeping

  • Bank reconciliation
  • Monthly management reports
600
per month
10th of the following month
Transaction documents uploaded to secure shared folder


Know more about our Singapore company incorporation services. Schedule a call now.

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READ MORE:

Creating a holding company in Singapore for your startup

Defining shares and paid-up capital