Do you want to get into business in Singapore? The first step to go ahead is to register the business with the authorities, after which you can set up the operational side to earn revenue. For many of you, thinking about business incorporation in Singapore brings in fear of long processes and documentation; it is partially true. You’ll need the correct document for getting Singapore company registration services. Still, the process is quick, especially when you have a professional company by your side.
This article presents a complete guide for the business registration in Singapore. So, let’s start:
Prerequisites for Company Registration Services in Singapore:
The first and foremost thing you’ll require for registration of business Singapore is the company’s name. Think of a nice catchy name depending upon your niche and get it registered before you can apply for the company registration.
Besides, the company director is one of the integral positions for which you must at least have one resident director over 18 years without a prior track record of bankruptcy or malpractices. You can include as many resident or non-resident directors in the company apart from the compulsory resident director.
The presence of shareholders is a must. The number can vary from 1 to 50 depending upon your needs. Neither of the shareholders has to be a director nor a local citizen. Once the company is incorporated under the law of Singapore, transfer of share is possible.
The secretary is another position that needs to be filled up within six months of the business incorporation. A secretary has to be a resident other than the directors or shareholders.
The minimum paid-up capital required to get company registration in Singapore is S$1. You can always increase your capital once the registration is completed.
Here are the essential documents you must produce before you get the company incorporation services Singapore: Company name, description of business activities, Shareholders’ details, Directors’ details, secretary’s details, company’s constitution, and registered address.
Process of Business Registration in Singapore:
Once you have settled all the earlier positions and got the essential documents ready, it is time to understand the step-by-step process.
- Reserve your name:
The first step in company formation is the reservation of your name. In most cases, you can pass this stage within 24 hours. Singapore Accounting and corporate regulatory Authority (ACRA) will analyze your provided name against the existing database and accept or reject your name accordingly. Trademark infringement, name similarity, obscenity, and existing reservation are a few reasons for rejecting a particular name.
If your company is in a niche where third-party approval is required (like banks and financial institutions), it might take longer.
This process allows you to reserve the name you want to use as your company name. It is valid for the next four months.
- Company registration:
After the approval of the company’s name, the process is pretty simple, and the government authorities will do it on their own.
You must submit the approved name with the duly signed documents mentioned above. The authorities will process it within a few hours.
However, there can be a few cases where the government authority needs additional information about the directors, shareholders, or company secretary. It is usually possible when the directors or shareholders are foreign nationals. Even in the case of foreign nationals, not all nationalities require time to approve the company incorporation services. There could be certain countries where the procedures are strict and might require extra investigation. Even in that case, the decision about the approval or rejection is made as soon as possible.
- Get the official document:
Once the business incorporation is successful, the director will get a confirmation email from ACRA. This email will contain a company registration number. It is an official document that works as the certification of incorporation.
Although you won’t need a hard copy of this certificate, if you need this certificate in paper form, you’ll have to pay $50 per copy and collect it from ACRA’s office the next day. Similarly, the PDF Version of the vital company details is also available. But you’ll have to apply for it too with a nominal fee and get it within an hour of requesting it.
- Open company back account:
After feting the official document from ACRA, you can now open the bank accounts under the company’s naming depending upon your business needs. In some cases, the bank might require all the directors and secretaries to visit the bank personally. But it is not an essential requirement by every bank, so if you can’t visit the bank, you can choose a different one, and your problem will be resolved.
- Start doing business:
If you do not need any other license from the government, then you can start with the revenue generation activities right away.
- Summing up:
Getting company registration services in Singapore is easy. You just have to follow the process entirely, and you can start your business within hours.