Singapore is one of the biggest economies globally, with a gross domestic product of nearly $400 billion, or $73,000 per capita, and is famously ranked number one for ease of doing business by the World Bank. These factors make it an attractive place for entrepreneurs worldwide, and this article will show you how to go about company registration in Singapore.
What Do I Need to Know before I Set up a Singapore Company?
A private limited company is the most common type of corporation businessmen incorporate in Singapore. It has a separate legal identity from its owners, meaning the owners wouldn-t be personally liable for any debts or claims accrued by the firm. The number of shareholders is less than 50 and the shares aren-t publicly traded on a stock exchange.
The Accounting & Corporate Regulatory Authority (ACRA) is the government agency responsible for corporate registration, and you must comply with their requirements and laws.
What Are the Minimum Requirements to Register a Company in Singapore?
- A name approved and reserved by ACRA;
- At least one shareholder (it can be an individual or another corporation);
- At least one director who is of local residence;
- A registered office address where you can receive business-related mail;
- At least S$1 of share capital;
- A Company Secretary appointed within 6 months of registration.
What Do You Need to Provide Your Service Provider before You Can Incorporate the Singapore Company?
1. A Company Name
You must choose a unique name for your business and get approval from ACRA. The agency will reject a name if it is:
- Already taken by another firm;
- Similar to an established trademark;
- Contains vulgar or offensive language.
After approval, ACRA will reserve the name for 120 days during which you must incorporate your firm or lose the name.
2. Shareholders
You need at least one shareholder to incorporate a company in Singapore, and it could be an individual or another corporate entity. You must provide details on all shareholders, including names, proof of residence or incorporation, and contact details. Shareholders could be local or foreign-based.
3. Directors
Singapore law dictates that every registered firm must have at least one local resident as a director; other directors can be foreign-based. There is no limit on the number of directors you can appoint, but note that every director must be at least 18 years old and not bankrupt or have a criminal conviction.
You need to provide details on every appointed director, including residential address, contact details, and names.
4. Company Secretary
You need to appoint a secretary whose primary role is to ensure that the firm complies with regulations. The secretary must be a resident of Singapore.
5. Share Capital
You must put up at least S$1 of share capital and divide the number of shares between all shareholders as agreed.
6. Registered Address
Companies must have a valid physical address where they can receive business-related documents.
7. Constitution
A “constitution” is a document that clearly states the rules that the corporation will abide by.
How Long Does it Take to Register a Company in Singapore?
It usually takes between 1 and 14 days but can extend to up to two months if your application is referred to another government agency for clarification.
What Are the Procedures to Register My Company in Singapore?
- Sign up on Osome and complete your onboarding.
- Provide the required documentation.
- Pay the fee for our registration service.
- Review the incorporation documents and sign them electronically.
After completing the above steps, Osome will take care of the application and send your Certificate of Incorporation once ACRA approves and formally acknowledges your registration.
What Do I Need to Do after Successfully Registering a Business in Singapore?
- Open a corporate bank account to receive payments from customers and pay suppliers.
- File annual financial reports with ACRA.
- You can sell and issue shares to new investors.
- Apply for business licenses, e.g., food shop, import and exports, building and construction, etc.
Conclusion
We have written a comprehensive guide for company registration in Singapore. Osome can help you through all steps of the process and save you a lot of stress. We make it easier to form a business in Singapore to benefit from the local market or Asia at large.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- Source: Plato Data Intelligence: PlatoData
