Like how people process their Singapore work visa, registering a company in the country can also seem too intimidating and daunting, given the numerous established businesses and massive competition against the market. Setting up and structuring the entire company is one of the first things a new business owner needs to decide.
If you are highly determined to work on your business registration in Singapore, here is a quick step-by-step guide.
1. UNDERSTAND THE REQUIREMENTS
Before registering your business, know about the Singapore company incorporationrequirements. Everything you need to have is pretty straightforward:
- At least one shareholder for business registration in Singaporewho are an individual or another company
- With a capital of S$1 or a Singapore dollar
- Must have at least one director who resides in the country, a Singapore-resident or foreign residents
- A company secretary responsible for ensuring your company obliges with regulations, financial fees, schedules, and filings.
- In Singapore, a company incorporation address is vital, so your business must have a registered address in SG.
2. DEDICATE CORPORATE STRUCTURE AND GATHER DOCUMENTS.
Besides the business registration papers in Singapore, you also need to manage your corporate structure, including the number of proposed shareholders, the percentage of shares, the directors of your company, and the like.
3. OBTAIN COMPANY NAME APPROVAL.
Registering your business with ACRA (Accounting and Corporate Regulatory Authority) for Singapore company incorporation is a legal requirement. Once you have all the mandated requirements, you can file your business registration on their portal. To help increase the chances of approval, here are things to take note of:
- The company name under the business registration in Singaporemust be unique, unreserved, meaningful, and easy to read.
- The name must be free of any vulgar or obscene words.
- There should be no trademark infringement and be free of copyright issues.
4. SIGN INCORPORATION DOCUMENTS.
Once your name and business registration in Singaporeis approved, you can sign your incorporation documents filed with ACRA. When you process these four steps, your way to successful business registration in Singaporeis getting nearer. You will need to wait for your business profile and e-Certificate from ACRA. After that, all is good. You can now incorporate your company, open your bank account, and hire employees.
Are you keen to learn more about businesses and EP in Singapore? With over 20 years of experience, you can count on Paul Hype Page & Co. Visit their website to contact one of their team members!