How to Register your Business in Singapore
How to Register your Business in Singapore
Looking for a trusted partner to help you with corporate accounting services, payroll services, corporate tax service and corporate secretarial services?
By outsourcing these services to a trusted partner will help you, business owners, to focus more on strategically growing your businesses and maximising your profits and at the same time, remaining compliant to the rules and regulations of Singapore’s law.
If you’re looking to register your new company in Singapore, here is how we can step in to help make it much simpler and easier for you. With an extensive network of buyers and sellers, Singapore is a neutral competitive environment where no company can fully monopolize the market. This makes Singapore a very attractive country for companies to settle down in.
It is relatively easy to set up a company in Singapore as Singapore has minimal, or negligible, red tape or registration formalities to be dealt with as compared to other countries. However, there are still some rules that you’d need to follow to set up a company in Singapore. This is where we can come in to help make the whole process of registering your business in Singapore a breeze.
Steps You’d Need to Take
Before registering your business, it is required for you to seek the help of a lawyer, chartered accountant or registered professional to help deal with the required paperwork and documentation process. The Companies Act is set in place to make sure that all companies would need to appoint 2 individuals to conduct and proceed with the business proceedings on behalf of the business in Singapore.
The name of the company should be unique and not identical to other businesses in Singapore. If you are planning to carry out trading, business-related transactions, manufacturing or any other commercial activity, it is also mandatory for you to register a subsidiary or branch office with the Accounting & Corporate RRegulatory Authority (ACRA). You should also be aware of the rules and guidelines to be followed during your operational period in Singapore.
It is also highly recommended that you should plan ahead and define the audience your business will be targeting before business registration in Singapore. Market conditions in Singapore can be highly competitive and thus, it will be wise to consider your business strategy and profit margins before you enter the market.
Key Conditions to be Fulfilled to Set up a Company in Singapore
Company is to have a minimum of 1 Shаrеhоldеr + 1 Director + 1 Соmраnу Sесrеtаrу. The director of the company must be a Singaporean Citizen or Permanent Resident. He/She may also be a Singapore Employment Pass holder. He/She must also be 18 years of age and above and must not be bankrupt nor have any prior record of malpractice.
The company is allowed to have a maximum of 50 shareholders. These shareholders may be individuals or corporate entities. The aforementioned director can be a shareholder of the company or they can be separate individuals.
According to SCA, all businesses in Singapore require a company secretary. The company secretary has to be appointed within 6 months of company incorporation and he/she must be a resident of Singapore.
- The company muѕt also hаvе a minimum initiаl раid-uр share capital iѕ S$1.
- The minimum paid-uр capital fоr registration of a Singapore company is S$1 unlеѕѕ if уоu are an EntrеPаѕѕ hоldеr in which case the раid-uр сарitаl will be S$50,000.
- Thе Singapore company setup must hаvе a Singapore registered оffiсе аddrеѕѕ. Thе оffiсе address must bе a Singapore registered аddrеѕѕ and addresses with a PO Box аrе nоt allowed.
This is where we can step in to help aid you in the process of business incorporation in Singapore. We will not only assist you in registering but also throughout the entire process where your business is being incorporated. By going through the whole process with you, we are able to guide you and fill you up on the necessary details, rules and regulations you should know when you are setting up your company in Singapore.
We will ensure that you will be receiving the right information, documentation and the right resources needed to successfully set up your company.