Considering setting up a company in Singapore but not sure what the requirements are? Or looking for guidance on how to register your company?
This article will bring you through five topics that will be relevant regarding the incorporation of companies in Singapore.
1. You have to meet specific requirements to register your company
You must meet the following criteria to apply to the Accounting and Corporate Regulatory Authority (ACRA) for registration.
- Director: Have at least one resident director
- Shareholders: Have 1-50 shareholders
- Initial paid-up capital: Have a paid-up capital of at least $1
- Company secretary: You must appoint a qualified resident company secretary within 6 months from the registration date of your company
- Registered local address: Have a local registered address in Singapore
- Company name: Have a company name approved by ACRA
2. How to get the company name approved?
Singapore companies must have their names approved by ACRA before registering. The procedure for name approval occurs online via BizFile+, and the application will cost $15.
Take note that the company name cannot:
- Be vulgar or obscene
- Infringe on any trademarks
- Be one that another company has reserved
- Be the same as an existing business in Singapore
Before completing the online application, applicants will have to:
- Decide on the company name (private limited companies must include ‘Private Limited’ as a suffix, companies limited by guarantee must consist of ‘Limited’ as a suffix, etc.)
- Decide on the company type
- Decide on the principal business of the company
- Decide on the first director to be registered
3. Documents required for registration of a company
After ACRA has approved the company name, applicants should prepare a few documents before registering.
These documents include:
- Company Constitution
- Particulars of directors
- Particulars of shareholders
- Particulars of company secretary
- Company name
- A short description of business activities & SSIC code
- Registered Singapore address of the company
- Company share capital details
- Proposed financial year-end date
4. Registering the company
After preparing the necessary documents, you may register with ACRA online via BizFile+ with an accompanying registration fee of $300.
Now that your company is incorporated, what tasks are there left to complete?
- Corporate bank account
Which bank best suits your business? There are several banks to choose from in Singapore to open a corporate bank account.
- Visa for employees who relocate to Singapore
- Comply with Singapore’s corporate regulations
If you wish to read more about the corporate tax system in Singapore, do check out A Summary of Singapore’s Corporate Tax System.
- Apply for any business licenses that regulations require
There seem to be many steps to complete and points to keep a lookout for. If you are not familiar with the Companies Act, it is advisable to seek professional assistance registering with ACRA under the Singapore Companies Act.
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