Singapore is a country with vast business opportunities for both local Singapore residents and foreigners. The process of opening up a business in the country is quick and easy as long as the applicants follow the guidelines and provide all the documents needed. Undoubtedly, Singapore is one of the best places for entrepreneurs to conduct business and gain profits. Now in order to start, here are a guide on how to have your company registered in Singapore.
1. Registration Requirements
There are a couple of basic requirements that needed to be fulfilled in order for your business to be regarded as an official entity in Singapore. First, you must have a minimum of 1 and a maximum of fifty shareholders. These shareholders can be locals or foreigners and can be natural persons or corporate entities. Next, they must have paid-up capital at a minimum of S$1. Then, a director of the company must be appointed. A director can be a Singapore resident or a foreigner. But the director must reside in Singapore. Someone who is a Singapore resident, a Singapore permanent resident, or an Employment Pass holder is considered a Singapore resident. The company must then appoint a secretary within a maximum of six months after the company incorporation. The requirement for the secretary is that they must be a natural person and a resident of Singapore. The company must first have a registered physical address within Singapore in order to keep all of the statutory documents. One of the most important things is to have an approved company name. The company name must be approved by ACRA before proceeding with the company formation in Singapore procedures.
2. Registration Procedure
In general, there are three steps of registration namely name approval, document preparation, and company registration. In order to have your company registered, there are fees to pay, that is name approval fee for S$15 and company registration fee for S$300.
Name Approval Application
A company name must be approved by ACRA. It doesn’t take up much time to get approved as long as the applied name is not identical to any existing business in Singapore, does not infringe on any trademarks, is not obscene or vulgar, and has not yet been reserved by a different company. It is important to keep in mind to avoid words such as law, legal, broker, finance, or school in the company name to avoid complication and delay in the name approval. If delayed, it can take up to weeks from an original couple of hours’ time that is usually needed to approve a name. Once approved, that means the company has reserved the name for 120 days. Now the company has about three months to incorporate the business before the name gets released and open for reservation by another company. You can view the complete information by visiting this website.
Singapore ACRA has listed necessary documents as follows:
- Company Constitution
- Signed Consent to Act as a Director
- Signed Consent to Act as Company Secretary
- Identification and residential address details of shareholders and company officers
All the documents must be submitted in English.
After getting the company name approved and submitting all the necessary documents, a company can be registered with ACRA through an online portal. Usually, this process takes less than an hour but can also take up to a couple of weeks.