Got Questions?
What are the key points to know about setting up a company in Singapore?
In Singapore, the law requires:
At least one Company Secretary to handle AGMs and legal deadlines.
At least one local director (must be an individual, not a corporate entity).
A registered address in Singapore.
Two tax filings are mandatory.
ProcosecAsia can help with:
Company incorporation (DIY or turnkey service in <24 hrs).
Changes to director, address, or company name.
Employment pass, S-Pass, PR application.
Accounting, auditing, and tax compliance.
Legal support via a sister company.
Is it necessary to appoint a Company Secretary?
Yes. Under Section 171 of the Singapore Company’s Act, every company must appoint a Company Secretary (a Singapore resident who is not the sole director or shareholder). They handle all legal company documents, not just admin tasks.
Why Procosec Asia over other service providers?
We offer a flexible platform to either manage compliance yourself or let us handle it as a turnkey project. Everything is consolidated in one platform for ease of management.
What do you charge for your services?
We offer three plans to fit different budgets. You can do some work yourself to cut costs, or opt for our Premium Plan which includes full service. Click here for pricing.
Do we have to sign up for a complete package?
No. Our services are modular.
One-time incorporation fees: click here
Annual compliance packages: click here
How does that work exactly?
Our online platform guides you through each service step-by-step. You can customize your package as needed.
What are your qualifications?
Our team includes lawyers, certified company secretaries, accountants, and tax advisors with multi-jurisdictional experience.
Is the company secretary working full time at Procosec Asia?
Yes. The Company Secretary is full-time and registered with ACRA in Singapore.
What is ACRA?
ACRA is Singapore’s Accounting and Corporate Regulatory Authority, under the Ministry of Finance. It oversees business registrations and compliance.
Does a Singapore company require a local resident director?
Yes. Section 145 (1) of the Companies Act requires at least one director who is ordinarily resident in Singapore. We can provide a nominee if needed.
How else can you save us money?
Consider our Economy Plan if you’re budget-conscious and hands-on with compliance.
Can I use any words for my company name in Singapore?
No. Names must not be undesirable, identical to existing entities, or include restricted words like “bank”, “government”, etc. List at least 3 preferred names when registering.
I need a nominee director. Will the real director's name be public?
No. Nominee directors must declare their nominators to ACRA privately. Companies must maintain a confidential register of nominee directors.
I need a nominee shareholder. Will the ultimate beneficial owner be listed?
No, as long as shares are not in the owner’s name. However, companies must keep a confidential register of registrable controllers (significant shareholders or controllers) as per AML laws.
What are the key aspects to consider when opening a company bank account?
Choice of local or international bank
Required deposit and minimum balance
Account currency
Signatory setup
Internet banking and cheque facilities
Do I need to come to Singapore to open a bank account?
Yes. You must visit the bank in person to be added as a signatory.
Can I manage my company’s bank account online?
Yes. Apply for internet banking when setting up your account. A token will be mailed for activation.
Can I add another person as a signatory?
Yes. They must visit the bank in person. Provide certified director resolutions and decide the signing authority (jointly, singly, etc.).
Can I open a PayPal account for my company?
Yes. Open a bank account first. The PayPal account must be in the same currency as the company’s jurisdiction (SGD for Singapore).
How do I select my financial year end?
You can choose any month-end.
For individual shareholders: pick the month before incorporation for tax benefits.
For corporate shareholders: align with your holding company for ease of consolidation.