Wondering about the steps of company registration in Singapore? You have come to the right place.
In Singapore, the company registration process for businesses is simple and quick. Hence, there's not much to worry about even if it is your first time navigating through the steps of business registration in Singapore.
Singapore is open for both foreigners and Singaporeans for business all the same.
So, since surely you can't wait to know what to prepare for Singapore company formation, here goes the list of it:
1. Business Type
The very first thing that you need to prepare is the type of business that you want to start in Singapore.
This is very important because it affects the tax regulation, liability, and limitations that you will be responsible for as the founder of the business.
If you are a foreigner, you can either register a representative office, subsidiary company, or a branch office.
The decision is entirely up to you, depending on your capability and goals.
2. Company Name
After deciding on the type of business and making the plans for it, you will need a company name. This company name must be registered and approved by ACRA before you can proceed further with the registration steps.
For a great company name, you will have to come up with one that is unique and easy to remember to differentiate your business with others.
Also, it is important to watch out for any copyright infringement or usage of improper words.
3. Company Officers
To run a business, surely you need people to help you with it.
The minimum requirement for a Singaporean company formation is to have a local director, a secretary, and a shareholder.
The local director must be at least 18 years old and has the status as a Singapore citizen, resident or a holder of Employment Pass to get approved.
As for the secretary, the minimum age is also 18. However, the person must be a native and has a suitable background to do the day-to-day task as a secretary.
The requirement for the shareholder is simply for them to have paid-up capital of at leash S$1.
4. Company Registration Documents
After all the previous requirements are met and fulfilled, the next thing you have to do for Singapore company registration is to prepare the necessary documents to be submitted.
For it, you will need:
– Company constitution
– Details of residential address
– Shareholders and company officers' IDs
– Signed consent to act as a secretary
– Signed consent to act as a director
All the submitted documents must be in English to ensure a smooth process.
In some cases, you will be asked for more documents. If that happens, all you have to do is submit accordingly.
The registration process usually does not take very long. Once everything is submitted, you might need to wait several working days to a few weeks. To make sure that it can be quicker and free of complications, you have to make sure that everything is right and fulfilled before they are submitted.
If you are looking for a Singapore company registration consultant, visit https://www.a1corp.com.sg/singapore-company-formation
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