Starting your own company is fast and easy in Singapore as complied with by the company laws. One needs to follow the proper steps and procedures for doing so. Singapore has been ranked one for doing business. If you are dreaming of starting your own company in Singapore but are unaware of the procedures, this article is for you. This guide will explain the requirements to do so by covering up every necessary detail about Registration, documents, and incorporation.
Requirements for Singapore Company Registration
The foreigners are required to register with the corporate service provider of Singapore. The same goes for local entrepreneurs. The best would be to take the help of Singapore incorporation services providers.
How to register a company in Singapore
There must be a minimum of one and a maximum of 50 shareholders. Corporate entities or natural persons can be considered as shareholders. The law gives an allowance of 100% foreign shareholders also. There must be a minimum paid-up capital of S$1, which can be increased at any time. The directors can be a local or foreign resident of Singapore but should not be corporate directors. The company is required to have at least one Singapore resident director who must be a citizen there. The company is required to appoint a qualified secretary with six months of the incorporation who must be a resident of Singapore. The companies are registered with its local address in Singapore with all its statutory documents. The company should get approval before the Registration of the company.
Company Registration Requirements
The registration process remains quick and easy. It involves the approval of name along with Registration of company and document preparation. One needs to pay the name and company registration fee along with.
Step 1: Get the Company Name Approved
Before the registration process, the name of the company must get approved by ACRA. It can be done with simple online procedures. The name must not be identical to existing companies in Singapore and should not infringe any trademarks. It takes less than an hour to get the name approved, but if the word carries finance, legal, or law along with it, then it may take a few more time to get approval with other government authorities. After the approval, the name can be reserved for 120 days, and the company must get incorporated within the period. If not, the same name can be reserved by someone else.
Step 2: Prepare the Company Registration Documents
Once the name gets approved, the company must be prepared with the following documents for the registration process. The company must comply with all the standards of the company constitution. The director and company secretary must sign the consent to Act with the details of their residential address detail. The same is required by all the shareholders to follow.
The corporate service provider will conduct a KYC due diligence, which would require information regarding the address proof and professional background of the stakeholders. The documents mentioned above must be in English.
Step 3: Register with Singapore Company Registrar, ACRA
Once the documents are ready, the company can proceed for being officially registered. The individual’s shareholders would be required to produce a copy of their passport along with their resume and Linkedin link. The shareholder as a company entity would require a Certificate of Registration and the jurisdiction of the company. It would need the information, including the company’s name, registration number, business activities, paid-up capital, etc.
While registering, the company must comply with MAA, a model company constitution provided by the Singapore government. The company must express the liability of its limited members. They also need to state that the shareholders will propose the company according to the constitution’s terms along with the number of capital they agree to take. After the incorporation, an E-certificate would be issued through mail consisting of the company being incorporated and the issue of UEN. It will help in opening bank accounts or transactions with other parties.
One can also take the help of Singapore incorporation services providers who will help you incorporate your company efficiently through online procedures. One will be informed about each step through e-mail without any wastage of time. The identification of documents can be conducted through video conferencing after the successful payment is made to the service provider.