Relocating Your Office in Singapore: Here is What You Need to do to Change and Legalize Corporate Address
Generally, business persons make some common changes after registering their companies, and a change of corporate address in Singapore is one of them.
As per section 142(1) of the Singapore Companies Act, all companies in Singapore are required to have a valid local registered address for receiving company documents and if you do not have a valid registered address, you are liable for conviction and heavy penalty.
Company secretarial services in Singapore if outsourced can make this corporate address change process simple and relieve you of lots of unnecessary headaches. It also saves you lots of time and money.
While deciding on a new company address, the prime factors normally considered are
- More convenient location for better ease of access.
- Availability of amenities e.g. nearness to banks or post offices during working hours
- Higher costs of renting and hidden costs.
- Provisions for additional services including telephone line and WIFI network.
There are more lucrative alternatives available now requiring no physical space renting especially for small companies. A virtual office is possible now.
For HDB flats under the Home Office Scheme, it is mandatory to submit a Home Office Application via the Housing & Development Board website for a change of corporate address in Singapore.
For any other private residential property, under the Home Office Scheme or Home-Based Small Scale Business Scheme, you need to submit a Home Office Application via the Urban Redevelopment Authority website.
For virtual offices, no such approval is required for a change of corporate address in Singapore.
Passing a Board Resolution for the change of corporate Address in Singapore
The company’s board of directors needs to pass a Board Resolution for changing your corporate address in Singapore.
A Board Resolution includes
- Written documentation of resolution to change the company address.
- Fixing the date for a board meeting and informing all directors of a proposal to pass the resolution for a change of corporate address in Singapore.
At the meeting, more than 50% of the directors on the Board or subject to clauses of constitution have to agree to the resolution for it to be passed.
Informing ACRA of Change of Corporate Address
Once the change of corporate address in Singapore is confirmed, you need to file a “Change in Company Information (Change in Registered Office Address and Office Hours)” transaction with ACRA via the BizFile+ website within 14 days from the date of change of address.
Any director or company secretary of the company can apply online by logging into the BizFile+ website with the company’s CorpPass account and avoid late filing that attracts a fine of SGD 300.
You will need to provide the new address of your company, as well as the date of the change, along with any other supporting documents, e.g. the HDB/URA application form for your home-based office.
While changing your registered address, you will also need to plan your company’s relocation.
You should first check the tenancy agreement of your new place and initiate termination of your existing tenancy agreement. Also, terminate or transfer any relevant service contracts for services and utilities.
Notifying other Stakeholders
On updation of your company’s address on ACRA, you must notify the IRAS separately for updating its records.
Additionally, you shall need to notify other government agencies like the Ministry of Manpower (MOM) and the CPF Board.
Apart from notifying the relevant authorities, for a change of corporate address in Singapore, you must inform your suppliers, banks, customers including updation of your new address on your company website and social media platforms.