Are you planning to set up a business in Singapore? Well, it’s a good idea.
This country has a strong business reputation for welcoming tax laws and favorable intellectual property regulations. When considering starting a business here, you must register as a private limited company. Therefore, you have to understand the procedures to register your new business. To make things easier for you, here’s an ultimate guide to registering a company in Singapore.
Business structure
The most popular type of business structure is a private limited company. This is true for all foreign and local entrepreneurs wishing to begin a company in Singapore. However, you should understand the regulatory and legal requirements to get your business registered. The process takes some bit of work and time. Luckily, you can entrust a professional agency to submit your company formation details in your behalf to apply for registration.
Professional business registration agency
This is an assigned firm handling registration and incorporation of companies in Singapore. According to the law, local and foreign individuals don’t register their own companies. Luckily, you can operate a company regardless of whether you reside in Singapore or not. However, you must have a permanent physical address with an office for your licensed and registered company. This is where your staff and company representatives can manage company operations even in your absence.
Accounting and Corporate Regulatory Authority
Every new company has to register with the ACRA. This body requires that all new Ltd companies should have a specified amount of capital to register. Additionally, you also have to obtain other documents including licenses, employment passes, and visas. To make the process easier for you, consider hiring a professional agency offering company formation services in Singapore. These offer professional services such as
- Assistance with bank account opening
- E-notice of incorporation
- Company profile documentation
- Drafting memorandum and articles of association
- First director’s resolutions-
Understand the steps to company formation
You’re required to get your company name approved. To make the approval process easier, ensure that the name is not vulgar or similar to an established company in Singapore. Additionally, your name should not infringe on another company’s trademark or is reserved by another entrepreneur. The trick is to find a unique catchy name for your business.
After name approval, the next step is to apply for a Certificate of Incorporation after payment of a registration fee. Then, the next step is to file documents including the Memorandum of Association and Articles of Association. These outline your company’s by-laws, activities, and structure. Other documents to file include:
- Certificate of identity
- Declaration of compliance
- Registered office hours
Regardless of the documents required to register your company, a reputable agency can help handle all the work on your behalf.
Overall…
Other requirements might be required to register your company in Singapore as a private limited company with 1 to 50 shareholders. These can be nationals or foreigners but the company director has to be a Singapore resident or with a foreign employment pass. The company secretary has to be a Singaporean. Ensure to hire a professional agency to handle all the paperwork to your company formation.
