Do you have an idea of starting a business in Singapore? Do you have enough understanding of the process involved in the company registration in Singapore? Do you know the time required to start your business after getting approval from corresponding authorities? If not, then keep reading the things mentioned in the article. It helps you gain enough knowledge of how to start the business in Singapore and how long need to wait to get approval.
Just like other countries, Singapore also has several requirements for company registration. You should go through them prior, prepare well to come over all the steps quickly, and get the approval to start the business. Many people wish to operate their business in Singapore as the Singapore government offer many benefits to them in terms of taxes and easy procedure to incorporate the company.
How to register the business in Singapore
Keep in mind that Singapore Registrar of companies is entirely computerized and even keeping red tape to the minimum. Thus, you can submit your duly filled applications with all the required documents in an hour, and registrar can incorporate your company on the same day. You can even reserve your business name and register your business simultaneously. Read out below section to get a clear understanding of how to do company registration in Singapore.
– Reserve your company name
Singapore Government should approve your company name before you register it. You should pick the name, which is different from existing business, not already reserved, and not infringe with any trademarks. The company registrar will oversee the entire process and approve the name immediately when everything is correct.
– Register company
After name approval, they will process your company incorporation application and related documents within few hours. Ensure all the papers appropriately signed by the company directors and shareholders.
Time duration to do company registration
It is always vital to submit identification documents and complete details about your company to the registration authority to avoid delays for compliance approval. Sometimes, the compliance team may request additional documents for further verification. Therefore, you should keep all the essential records to register a company beforehand. If you have any doubt in collecting the necessary documents, then you can ask help from the company, which provides company registration service in Singapore.
Generally, company name reservation takes 20minutes, and you will get three possible outcomes – name approved, referred, or rejected. The company name you suggested would be dismissed in case of it is similar to the already existing one. When the company name is considered to be extremely sensitive or includes specific references to the regulated industries, the relevant authority will go through the application for approval. It takes from seven days to two months for getting approval.
Once you get the approval, the name will be reserved for 60days. In that period, you should perform the company incorporation. If you fail to do for various reasons, then you can apply for another 60days extension. In such a case, perform company incorporation without any delay to avoid hassles.
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