The next step is to appoint officers in your company. You will need to provide their personal identification details, contact information (telephone number and e-mail address) and residential addresses when submitting the application online.
Officers of a company include the following:
A director is the person in charge of managing the affairs of the company. He must make decisions objectively and in the best interests of the company. Every company must have at least 1 director who is locally resident in Singapore. Here are the basic requirements for a company director. He must be:
- At least 18 years old;
- Of full legal capacity;
- A Singapore Citizen, Singapore Permanent Resident or EntrePass holder.
- A director may also be an Employment Pass (EP) holder. However, a EP holder wishing to become the director of a local company must first get a Letter of Consent (LOC) from the Ministry of Manpower
- Cannot be disqualified from acting as a director of a company e.g. an undischarged bankrupt.
A company must appoint a secretary within 6 months from its incorporation date. A company secretary must be:
- A natural person;
- Locally resident in Singapore.
The position of company secretary must not be left vacant for more than 6 months. The sole director of a company and the company secretary cannot be the same person.
Chief Executive Officer and/or Managing Director
A company can choose to appoint a Chief Executive Officer (CEO) and Managing Director to manage and oversee all or part of the company’s business. It is not compulsory to appoint either CEO or Managing Director with ACRA.
Every company must appoint an auditor within 3 months of incorporation, unless it is exempted from audit requirements under relevant sections of the Companies Act. Read more about the small company concept for audit exemption here.
Foreigners Who Wish to Incorporate a Local Company in Singapore
Foreigners wishing to incorporate a local company in Singapore must do the following:
- Engage the services of a registered filing agent (e.g. a law firm, accounting firm or corporate secretarial firm) to submit the online application.
- Employ a director who meets the requirements described in the above section on Directors.
You may choose to reside outside Singapore after setting up your local company. However, if you wish to be present in Singapore to manage the company operations, you must seek approval from the Ministry of Manpower (MOM).