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Step-By-Step Business Registration In Singapore
Whether you are a resident or foreigner, starting a business in Singapore is one of the wisest investment decisions you can make. Unfortunately, company formation isn’t one of the easiest projects to undertake, especially if you are not a citizen. However, after reading his guide you will have learnt the necessary steps that can be followed to set up a company of your choice. One of the very first things you need to do is to research on the available categories of companies. This will help you identify where yours will lie and then you can proceed with the company registration process.
Before you rush to find out how you can register a company in Singapore, it is mandatory that you meet all the stipulated company formation requirements. These include:
- Company name: It is impossible to register a company in Singapore without having come up with a name. The name you choose must not only be the one you like but a unique one for the business registration to go through. You will have to do a name search with the Directory of Registered Entities so you don’t end up forwarding another company’s name.
- Directors: For your company to be registered in Singapore, you have to name a nominee director who is a resident. This means they should either be a Singaporean citizen or possess an employment or dependent pass. He or she must have a clean criminal record and be above 18 years in age.
- Shareholders: You will also need to have a minimum of 1 and a maximum of 50 shareholders for the company.
- Company secretary: Six months after company incorporation, you have to employ a Singaporean citizen to serve as the company secretary.
- Address: Your company must have an official address that will have to be local for sure.
In addition, the shareholder capital has to be fully paid by shareholders. The minimum capital shareholders can pay in Singapore in $1.
Two Steps to Company Formation
Once you have all the necessary requirements, there are only two steps remaining in the company registration process. There are:
1. Approval of company name: Choosing a name for the company is not enough since you have to wait for it to be approved. You can complete the verification electrically thanks to the Accounting and Corporate Regulatory Authority in Singapore, widely abbreviated as ACRA. After approval, the name still has to be reserved for 60 or so days after application.
2. Company incorporation: Finally, you have to fill a request for incorporation and wait for it to be approved. As long as you have all the other requirements, this could easily take a few hours. The document that accompany the incorporation request have to be signed by the nominee director as well as the shareholders.
If you are dealing with offshore company formation, then even more stringent BVI company formation requirements will be applied. However, this comes with flexible corporate features that ease operations, control as well as maintenance. Explore further advantages of setting up an offshore company in Singapore.
Watch Marc Accetta- Singapore Business Breakthrough