If you are planning to start your own company in Singapore and looking for step by step guide on company registration then this article is here to help you out.
Singapore is considered as one of the best destinations where incorporating a company is an easy task due to the simple online application option and low initial capital requirement.
Things you need to know before incorporating your company in Singapore
Registering your company can be a simple process but still, you need to get prepared for a few things. Below-stated is a list of requirements that you should consider before starting your company in Singapore.
Before the incorporation process, the company name needs to be accepted.
The minimum share capital or the paid-up capital required for establishing your company in Singapore is almost S$1. However, once the company is incorporated successfully, this value might also increase.
Always remember that an unlimited number of local or foreign directors can be selected in your company but it is important to have at least one Singapore resident.
However, Singapore residents can be anyone like Singapore citizen, employment pass holder, or permanent holder.
Your company in Singapore can have shareholders anywhere from 1-50. The shareholders can be both local and non-local individuals or companies and can also be made up of completely non-local shareholders. However, shares can also be transferred after your company has been established.
Within the 6 months of incorporation, your company has to appoint a qualified company secretary. Make sure that the person who is appointed for this is a Singapore resident and not the shareholder or the sole director of your company.
It is important for you to know that while incorporating a company in Singapore, you must have a local or physical address. The registered address should not be a P.O. box but a residential or commercial.
3 easy steps to incorporate a company in Singapore
All the companies in Singapore should be registered through the Accounting and Corporate Regulatory Authority services. There are three things that you need to do include:
Get your company name approved
Get your company name first approved by ACRA and this procedure will be completed within an hour. If you want your company name gets approved quickly then ensure:
- Your company name is not reserved
- It is not alike to any existing business or company in Singapore
- Does not include any kind of vulgar language
- Does not invade on copyright
Gather your incorporation documents
Once your company’s name is accepted, you need to get the following documents ready including:
- Company name
- Description of business activities
- Company constitution
- Director’s particulars
- Shareholder’s particulars
- Company secretary’s particulars
- Address proof documents
Registration with ACRA
Once you have prepared all the above-stated documents, visit the ACRA website to establish your company successfully.
All the registration work is done online which takes less than one hour. Therefore, after incorporating your business you also need to open a business account in Singapore.