Hawksford's Foreign Entrepreneurs Service Package [Package: FE1]
This package is suitable for foreign entrepreneurs who wish to incorporate a Singapore company but don’t plan to relocate to Singapore at present. This package includes the services of our resident director to satisfy the statutory requirement of local resident director.
- Package Details
This package includes the following services:
- Name reservation
- Preparation of incorporation documents
- Registration with the Accounting and Corporate Regulatory Authority (ACRA)
- Bank account opening assistance
- Electronic Certificate of Incorporation
- Company profile extract from the ACRA
- Minutes of first board meeting
- Share certificates
- Company seal
- Company rubber stamp
- Government and our professional fee
Company secretarial services for 1 year
- Appointing a senior Hawksford Singapore team member as the professional company secretary
- Providing assistance with understanding and compliance with Singapore Companies Act including reminders of the various statutory compliance deadlines
- Safekeeping, updating, and maintaining registers, minutes book, and other statutory records of the company
- Consultation during the year on routine corporate secretarial matters
- Maintenance of the register of controllers
Company registered address (RA) for 1 year
- Listing our address as your company’s registered address with ACRA
- Receiving official notices
- Receiving and forwarding incoming mail for your company
Local director for 1 year
- Our Process
The process and the steps for this package are as follows:
Step 1: Submit your request
Let us know that you wish to proceed forward with this package by clicking the “Set Up Now” button above and completing the online form. Upon receipt of your request, one of our client services consultants will follow-up with you to clarify any questions you might have and to advice you of the next steps.
Step 2: Provide company incorporation details
We will send you the relevant forms for you to furnish the required details. Supporting documents will be required to facilitate the due diligence work and preparation of the incorporation documents accordingly.
Step 3: Make payment
Upon receipt of the completed registration details form and due diligence clearance, we will send you an invoice for our services. In order for us to commence our services, you will need to make payment as per the invoice sent to you. We accept bank transfer, local cheque, or credit card.
Step 4: Prepare company incorporation documents
Upon receipt of the payment, we will prepare the necessary registration documents and email them to you for signing. If you are in Singapore, you can visit our office and sign the documents.
Step 5: Incorporate company
Upon receipt of the signed incorporation and supporting documents from you, we will proceed to branch office registration with the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
Step 6: Open bank account
Once the company has been registered with ACRA, if you have availed to our bank account opening service, we will assist you with opening of a corporate bank account by providing the necessary incorporation documents for the newly incorporated company. Please note that the bank will conduct their own due diligence and may require to meet with the Executive Directors of the company.
Documents required for this package:
Documents required for Company Incorporation
For each Singapore individual resident shareholder and director:
- Copy of Singapore IC; or
- Copy of passport if the individual is not a citizen of Singapore
For each non-resident individual shareholder and director:
- Copy of passport; and
- Copy of residential address proof such as a recent utility bill, residential phone bill, tax bill, or cable TV bill
For compliance with our local director service:
- Personal bank reference letter (see sample) for at least one shareholder and director
- Completed know your client form along with resume/CV and passport
Please note the following:
- All documents must be in English or officially translated in English
- All copies of documents must be certified true copies by a notary public or you must bring the originals to our office for sighting
- If you are overseas, you can email us the scanned copies of documents so we can proceed with preparing the necessary incorporation documents. However we must receive the original certified true copies (or sight the originals at our office) before we can incorporate the company
- Our compliance department may ask for additional information if necessary
Package specific questions and answers:
Does a Singapore company require a local resident director?
Yes, a Singapore company is required to have at least one local resident director. In order to qualify as locally resident, the person must be:
- Singapore citizen; or
- Singapore permanent resident; or
- Employment Pass holder (the Employment Pass should be from the same company for which he/she wants to act as a director); or
- Entrepreneur Pass holder (the Entrepreneur Pass must be from the same company for which he/she wants to act as a director)
A director must be a natural person and above 18 years old. Corporate directors are not permitted. There are a number of different ways you can satisfy the local resident director requirement:
- If you plan to relocate to Singapore to run your company, you will need to apply for a work visa of type (Employment Pass or EntrePass) under your new entity. Once your work visa is approved, you can act as the local resident director
- If you have a local partner or know a trustworthy person in Singapore who is willing to act as the local director, your problem is solved
- Alternatively, most foreigner entrepreneurs and businesses that setup a Singapore company without relocating to Singapore, use our nominee local director service. Our nominee director service does not require any shareholding in the company and does not get involved in the company operations or banking matters.
What is role and scope of local director service?
Each Singapore company must appoint one Singapore resident director.
If you are a foreign business professional or a foreign entity who does not have a local director, you can utilize our Local Director service to satisfy this statutory requirement. The service can be provided on a short-term or annual basis as below:
- If you are not relocating to Singapore, you will need our local director service on an annual basis.
- If you are applying for employment pass, you will need our local director service on a temporary basis. Once your employment pass is approved and you have local residential address, you will be able to take over as the local director.
Please note that in Singapore, a Local Director has the same responsibilities as any other director. Therefore providing a local director for your company imposes certain responsibilities on you as well as us and we would like to highlight the terms of our local director service as below:
- We will appoint one of our team members as the local director for your company
- The service is offered for statutory compliance only. The local director will not be involved in any management, financial, or operational matters of the company. You must appoint one or more other individuals (who can be foreign individual(s) including yourself) as the executive directors who will be responsible for running the company
- In addition to our local director fee, we also collect a refundable security deposit for the provision of our local director service. The security deposit is collected to safeguard the interests of local director
- You can ask our local director to resign at any time by identifying another person who will be acting as the local director. We will refund the security deposit within five working days after the change has been affected with ACRA
- You are required to engage our Registered Address, Accounting & Corporate Tax Filing service unless otherwise approved by our compliance team
- You are required to provide copies of your company's bank and financial statements on a monthly basis
- The bank account must be with a bank that's on our list of approved banks (OCBC, UOB, DBS, Citibank, HSBC). Read more about this on GuideMeSinagpore.com
Note that a higher local director or security deposit fee may apply if your company falls under any of the following:
- The annual turnover of the company exceeds SGD1 million
- The company has external debt
- The company has a bank account with a bank that is not on our list of approved banks
Resident Director Role at a Glance
Who acts as the executive director(s) of the company i.e. who runs the company?
Client Who acts as the bank signatory? Client Who signs contractual and financial documents of the company? Client Who acts as the shareholder of the company? Client Is local director involved in any matters of the company except to satisfy the statutory local director requirement? No Can the local director review and scrutinize the bank and financial statements of the company? Yes, to fulfil his/her fiduciary duties
How long does it take to incorporate a Singapore company?
The actual incorporation of a company can be accomplished in a matter of few hours after due diligence clearance as the whole process is computerized. However, the overall process can take anywhere from one day to few weeks depending on the following factors:
- Name reservation. Before a company can be incorporated, its name has to be reserved first. Assuming there are no objections to the name being proposed, the name reservation process can be accomplished in less than an hour. However, if the name conflicts with an existing name or if the proposed name contains some sensitive words that may require a review by relevant authorities, the name approval process can get delayed to few days or weeks.
- Signing of incorporation documents. If you are in Singapore, this is a quick and easy process. However if you are located overseas, the logistics involved in signing and sending the signed documents can take few days.
Do I need to visit Singapore to incorporate a company?
No, you are not required to visit Singapore to incorporate a company. We can work with you via emails and document couriering in order to get the necessary work done. However for the bank account opening, a visit to Singapore might be a good idea. Almost all banks require an interview with the stakeholders and the process can go a lot smoother if there is a face-to-face meeting between you and the bank officer. For most banks, we are able to arrange the meeting at our own office. If however you are not able to visit Singapore, the bank will conduct a phone interview and the due-diligence process can take longer.
What are the paid-up capital requirements for Singapore companies?
You can incorporate a company in Singapore with a minimum paid-up capital (also often known as share capital) of SGD1 only. However, you must keep the following in mind:
- If you are applying for relocation visa Entrepreneur Pass (EntrePass), the company must have a minimum paid-up capital of SGD50,000. Find out more on GuideMeSingapore.com
- If you are applying for relocation visa Employment Pass (EP), although there is no official minimum paid-up capital requirement, we recommend a paid-up capital of at least SGD50,000 in order to improve chances of EP approval. Find out more on GuideMeSingapore.com
- If the company business is a regulated business (e.g. travel agency, recruitment agency, financial services, etc.), the minimum paid-up capital requirements will be dictated by the relevant licensing requirements.
The concept of authorized capital has been abolished in Singapore. The paid-up capital can be listed in Singapore Dollar or any other major currency, although Singapore Dollar is the preferred currency of choice as a matter of convenience. Whatever capital you list is treated as paid-up capital and you will be required to inject this amount into the company. Paid-up capital of the company can be freely utilized towards company's business needs. There is no requirement for this money to be locked in the bank account for any specific period of time.
If you want to list a paid-up capital higher than the minimum SGD100, you have two options:
Option 1: List a higher paid-up capital at the time of incorporation
Keep in mind that whatever paid-up capital amount you list, will need to be deposited into the company's bank account. Since we will be acting as your company secretary, we carry certain fiduciary responsibilities in this matter and have to ensure that the necessary paid-up capital is in fact injected into the company. Therefore, if you wish to list a paid-up capital higher than SGD100 at the time of incorporation, we will require you to deposit that money with us first. Once your company bank account is open, we will transfer the paid-up capital amount into your company's bank account.
Please note that as a Hawksford policy, the maximum paid-up capital that we can accept under this option is SGD100,000. For paid-up capital higher than SGD100,000, you will need to choose Option 2.
Option 2: Increase paid-up capital after registration of the company
Under this option, you can increase the paid-up capital any time after registration of the company. In this case, the process is as below:
- Incorporate the company with minimum share capital
- Open corporate bank account
- Inject funds into bank account
- Prepare documents for increase of share capital
- File documents for share capital increase with authorities
We will then prepare and file the necessary paperwork with Company Registrar to reflect the revised paid-up capital of the company. Note that a fee will apply for for additional work that has to be undertaken for items 4 and 5.
Most of our clients prefer Option 1 because it does not cost extra and is faster. Your paid-up capital amount is deposited into a separate 'Client Deposits' account with us and transferred immediately to your corporate bank account once it's open. This service is provided by Hawksford Singapore for the sole benefit of clients only.
Let us know which option is preferred by you.
What is the role and scope of company secretary service?
Each Singapore company must appoint a qualified company secretary who is knowledgeable and experienced with Singapore company laws. A company secretary typically assist the members and officers of the company with the following matters:
- Assisting members with understanding and compliance with Singapore Companies Act
- Reminding members of various statutory deadlines and assisting them with statutory compliance
- Maintaining the statutory registers
- Ensuring that the company files statutory information accurately and on time
- Providing members and directors with notice of meetings
- Preparing and filing necessary corporate resolutions as and when necessary
- Ensuring that people entitled to do so can inspect company records
- Custody and use of the company seal
We act as the company secretary for all companies that we incorporate. Our annual company secretary retainer fee is for routine corporate secretarial services that include:
- Appointing a senior Hawksford Singapore team member as the professional company secretary for your company
- Reminding you of the various statutory compliance dates
- Safekeeping, updating, and maintaining registers, minutes book, and other statutory records of the company
- Free consultation during the year on routine corporate secretarial matters
- Charging of discounted fees for non-routine services
Please note that non-routine service requests are charged on a per request basis.
Will Hawksford Singapore handle annual filing requirements for our company?
We offer a comprehensive range of services with the objective of being a one-stop service provider for all your company needs. For almost all of our clients, we handle annual statutory compliance requirements for their companies that consist of:
- Preparation and filing of Annual Return with the ACRA; and
- Preparation and filing of Annual Tax Return with Inland Revenue Authority.
In a nutshell, our core services consist of:
- Incorporation of local companies, subsidiaries of foreign corporations and registration of branches of overseas companies
- On-going statutory administration of companies
- Accounting, payroll, and tax filing for companies
- Application for business licenses
- Application for work passes for expatriates
- Other related corporate services
We also have a deep network of professional and dependable partner firms that augment our own in-house services such as trademark registration service, office lease services, specialized business licenses, legal services, etc..
- Does a Singapore company require a local resident director?
Important information about this package:
- The appointment of our resident local director is subject to the satisfactory outcome of our client due diligence exercise conducted by our compliance team.
- As part of our compliance requirements when using our local director service, you are required to appoint an executive director to manage the company. You are also required to engage our Registered Address service, Accounting and Corporate Tax filing service unless otherwise approved by our compliance team.
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