Achieving your dream of owning your own business here in the local scene is a lot more attainable than you'd think! As long as you are able to pay attention to the standard requirements set and make all the preparations beforehand, there is a very high chance you'd be able to breeze through the whole process without problem when you register a company in Singapore.
To help you out, here are a list of things you should be doing before you start business registration:
Reserve and Get Your Company Name
Before you can go ahead with opening a singapore business, you will first need to make sure that you already have a company name that has been approved for you to use. To check if the names you wanted are available, you can visit the official UEN website and see if the name is already being used by someone else. Once you're sure no one else is using it, you can fill out applications or get service providers to help you apply for it.
Compiling Your Documents
Now you'll need to be sure to have the details of your company directors, shareholders and corporate secretary compiled with no errors. Make sure you've also researched into the minimum requirements posed for each sector. For example, you must appoint at least one resident director to meet the requirements. But they have to be over 18 years old, with no suggestions of bankruptcy or criminal records.
You will also need to make sure that you have a working address that can be used to register your singapore business with. Fortunately enough, you can use either residential or commercial addresses when you're registering it as your location. But also be prepared to apply for additional schemes like the Home Office Scheme if you want to conduct small scale businesses using your residential address. Submit your application through either the HDB or URA (depending on your property) for them to review.
Plan Your Paid Up Capital
You will also need to get ready to specify your paid up capital but don't worry! You only have to put in a minimum $1 to register a company in Singapore. After you've succeeded in registering your company, you can increase it at any given time.
Moving On Ahead
If you've gotten to this part and you're sure you have everything prepared, you can officially begin registering. All that's left to do is fill up the singapore company incorporation form and get all of your directors, as well as shareholders, to sign them. You can then upload and submit your application through the BizFile system. Once it's approved, you'll be notified through BizFile too so remember to check from time to time!
There you have it, a simple guideline you can refer to so as to prevent from missing any steps. Are you ready to begin your new journey as a business owner? What are your future plans?
