If you are seeking for a country to start a business in with better opportunities with laws that are accommodating and location that is strategic, enforced with reliable infrastructure, facilities, and high quality workforce, then Singapore is the country that should really consider aiming for. Singapore is open for business for both locals and foreigners without discrimination, and you don't have to worry about not knowing anything about navigating through the steps of company registration in Singapore because there are many firms and services that can help you through it all. In fact, if you are a foreigner, it is mandatory to use one of these services for company registration.
Company registration in Singapore is simple and quick. It is straightforward and easy to follow. If you are willing to find out more about it, read further below.
1. Registration Requirements
There are basic requirements that you need to fulfill so that your company can get successfully registered in Singapore.
First, you need to have at least one shareholder for your company. The maximum limit of shareholders for a company is fifty people. Then, these shareholders must have paid-up capital of at least S$1.
Then, you need to appoint a local director for your company. This director must be either a Singaporean citizen, resident, or a foreigner that has already acquired an employment pass that resides in Singapore. Aside from a local director, your company also needs a secretary. You must appoint a secretary within six months after the company incorporation. The requirements for a company secretary that the person must be a native and resides in Singapore.
After that, you have to find an address for your company within the country. This address must be physical and it can not be a post office box.
And last but not least, the company must decide on a company name to be registered with the government. A company name must avoid any copyright infringement. Of course, it also has to be clean from any inappropriate words as well.
2. Company Incorporation
The steps of company incorporation in Singapore involve name approval, document preparation, and the company registration itself.
The name that you have decided for your company needs to be registered. The name is to be submitted through a website. The government will take some time to review the name and approve it.
The required documents for company registration are:
– Company Constitution
– Residential address details
– IDs of shareholders and company officers
– Signed Consent to Act as a Company Secretary & Signed Consent to Act as a Director
All the documents that are to be submitted must be in English.
After preparing all the necessary documents and have the company name approved, you can go for the step of company registration. In this step, you will be registering your company with ACRA through the available website portal. The instructions are clear and can be simply followed. The company registration step in Singapore usually takes only a couple of working days if you adhere to all the requirements.
Take the help of company registration service provider to get your company registered quickly in Singapore.