According to the World Bank of India, Singapore is considered the best place for doing any business. Statistics report from the Accounting and Corporate Regulatory Authority shows that over 50,000 new companies are registered in this country every year.
Registering your company in Singapore is an easy and straightforward process for everyone, whether you are a foreigner, a permanent resident, or a citizen of the country. The registration process here doesn’t involve any complex formalities or hidden fees.
- Minimum requirements you need to fulfill for registering your company
- One cannot register their company without fulfilling the minimum requirements. As a business owner, you need to understand the basic requirements need to register any company.
- Here is a simple guide which you must get through before registration:
Name of the company
You can’t just pick up any random name for your company. It is necessary to get the name of your company approved by ACRA.
It is essential to appoint one resident director for your company to register and run. Following persons are eligible to be appointed as resident director for a company:
- An EntrePass holder of Singapore
- Local citizen of the country
- A person having a true and valid Dependent Pass (DP) or Employment Pass (EP) is eligible. EP holders need to have LOC (Letter of Content) for becoming the resident director of a company.
- Permanent resident of a country
After the nomination of a resident director, you can appoint as many resident or non-resident directors as you want. For a person to be appointed as a director must have attained the age of 18 years, and he must be free from any charge related to malpractice in the past.
There is not any requirement of a minimum paid-up capital for a company to register. From the issued share capital, the person must hold a worth of SGD 1 in order to register their Singapore Company. There are different requirements of minimum share capital for the companies that are under the regulated industries.
Appointment of company’s secretary
First, let the registration process of a company gets complete. After six months of the registration of a company, you can easily appoint a company’s secretary. You can’t appoint the shareholders or the sole directors as the secretary of the company. If you are facing any difficulty finding the company secretary, you can also surf the web for the eligible persons for your corporate secretary.
For registration purposes, a local address of Singapore is needed. It is important to note that the registered address must not be a PO Box; it must be a commercial or residential permanent address.
What are the steps needed to register a company in Singapore?
The registration process of a company in Singapore is much easier than in any other country. There are only a few steps you need to follow for registering your company in Singapore:
Step 1: – Get approval for the name of a company
For starting any company in Singapore, you need to take the approval of ACRA. You don’t need to visit any office for registration approval as it can be taken through online mode. For getting the approval fast, a company needs to follow general guidelines, which are as follows:
- It must not violate any law, agreement, or an existing trademark
- It is recommended not to include any words like bank, school, legal, and any other regulated words in your company’s name.
- Make sure to use decent language and avoid using obscene or vulgar words in the name of a company.
- The name you have chosen for your company must not be similar to any other existing company or a business.
Step 2: – Prepare the necessary documents for registration of a company
After the name of your company gets the approval of ACRA, then it will require various documents that are needed in the process of registration:
- The details of the residential address of the company and the identification of the shareholders.
- The ACRA will provide a template of the Singapore constitution; you can either use that template or it from your professional firm. It is an important document as it is considered an Article of Association.
- Signed consent of company secretary is needed for acting as company secretary.
- Signed consent of directors is also needed to act as the director of the company.
Step 3: – Register with Singapore Company Registrar, ACRA
Once the name of the company is approved by ACRA and all the required documents are well prepared, then your company can
After this, your company registration process gets complete in few hours. This step doesn’t need your physical existence because it can be done online. There are some exceptional cases when the company registration process takes few more steps to complete.
Due to some changes required in the documents, it is further sent to other government authorities for investigation. The process of vetting or investigation takes few weeks to complete. Once you get the consent of government authorities, you can instantly start your company in Singapore.
If you plan to set up your company in Singapore, you don’t need to worry; just follow these above-mentioned steps and start your business in this world’s best business country. For any further queries, you can search on the web and get all your answers within seconds.