Company registration in Singapore is a simple task. Singapore being among the biggest business hubs, probably you would like to know how to get started on registering a company. The Singaporean government has made it a less complicated process and has offered tax-exempts to businesses and schemes to companies starting up. The Accounting & Corporate Regulatory Authority, which is commonly known as “ACRA,” is responsible for overseeing the process of company registration in Singapore.
To register a company as a foreigner in Singapore, you must have a Pass or a Work Visa. Here are the requirements and procedures that are followed when registering a company in Singapore. Take a look.
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Documents Required for Company Registration in Singapore
Before looking at the procedure of registering, let us first look at the documents that you must-have for your company to be registered:
- Company Name that ACCRA registers
- One or more directors
- Paid-up Capital
- One resident director
- Company secretary
- An address that is registered in Singapore
- An Auditor unless a company that is exempted from hiring one.
Steps undertaken while registering a company in Singapore
To register a company in Singapore the following steps should be followed. Let’s take a look at each step in details:
1. Getting the name of the company approved
Before starting the registration process in Singapore, a company should first have its name approved by the ACRA. This procedure is simple and can be done online; the following applicable guideline should be followed.
- The name selected should not resemble one of an already existing business in the country
- It should not infringe on any available trademarks
- It should not be vulgar or obscene
- Should not be reserved by any other company If the name passes all of the requirements, the company should reserve it for up to 120 days. Failure to release the name after that period it is free to be used by any other company.
2. Preparation of registration documents
Once the company name has been approved and before starting the registration process, here are some of the documents that a company must have as required by ACRA:
- The company constitution/Articles of Association
- A signed consent indicating each director agreed to act as the company director.
- Provision of signed consent from the secretary that they agreed to act as the secretary.
- Residential addresses and identification of each of the shareholders and officers of the company.
- All these documents must be in English.
3. Registration with the Company Registrar of Singapore, ACRA
This is a very crucial step during company registration in Singapore. After preparing all the required documents for the company’s incorporation, the next step is registering the company officially with ACRA. It is a process that is done online and can take less than one hour. Then, in some circumstances, it can be subjected to another agency for further vetting, which can take some weeks.
Other considerations are required for foreigners.
A foreigner, who is considering Company registration in Singapore, may need to fulfill some things to get started.
- A foreigner may need to obtain a Visa or a Pass to set up a company in Singapore.
- It will be necessary to employ a nominee director to bring your company employees to Singapore.
- To hire professional help to get the company set up for you, Singapore is a bit strict and does not allow foreigners to register a company themselves.
- A foreigner will have to travel to Singapore to open a corporate bank account in Singapore. This is because most banks require the physical presence of a person before setting up an account.
Company registration in Singapore is quite easy, provided that all the necessary documentation is required. Residents can opt to do self-registration of the company, but foreigners are restricted, and they will have to hire a registration agency to do it for them. Therefore if you want to start and set up a business in Singapore, above is the procedure that should be followed in a nutshell.