Process That You Must Follow for Successful Company Incorporation in Singapore
In the Asia-Pacific region, Singapore is viewed as a business-friendly nation as it attracts entrepreneurs to its shores. By eliminating bureaucratic obstacles, this country makes it easier to set up companies with well-designed procedures in place. Before setting up your business in Singapore, it is advisable that you conduct in-depth research and acquaint yourself with the prevalent laws of the land.
How Does the Process Begin?
Those providing company incorporation services in Singapore always suggest you finalize the name of your company and decide on your service offering at the very outset. This comes in handy while approaching investors and other relevant authorities. The key steps to follow for successful company incorporation in Singapore are enumerated here:
Understanding Requirements of Incorporation
To begin with, you must be aware of the basic requirements you need to fulfill to successfully incorporate a company in Singapore. These are:
- Getting on board at least one Director who is a legal and local resident of Singapore and above 18 years of age.
- The company should have a local physical registered address for legal purposes.
- Existence of sufficient paid-up capital (a minimum of Singapore $1) which refers to the capital paid up by corresponding investors and shareholders.
- Appointing at least one company secretary to meet audit compliances within six months from the date of incorporation.
- Conforming to the Anti Money Laundering (AML) and Know Your Customer (KYC) checklist mandates.
Reserving Company Name
Your company name should first be approved by ACRA (Accounting and Corporate Regulatory Authority) which is the national regulator of business entities in Singapore. The approval process is quicker when the name selected is unique, does not include any obscene word, and is devoid of copyright issues.
The company name once approved is automatically reserved for up to 60 days from your date of application. You can only apply for company incorporation after your company name has been duly approved.
Completing Requisite Formalities
Company incorporation services in Singapore will ideally guide you with respect to completing the online incorporation form and preparing the necessary documents for submission. The set of required documents includes the following:
- Copy of Passport in the case of foreign entrepreneurs and Singapore identity card for local residents
- Residential address proof which could be in the form of your latest utility bill
- Registered company name
- Brief description of your business activities
- Details of local company address
- Particulars of directors, company secretary, and shareholders
- Memorandum and Articles of Association to be submitted by foreign companies
The entire procedure of incorporation will not take time provided your documents are all in order. Once duly incorporated, you can open your corporate bank account and commence your Singapore business operations.