Setting up a company in Singapore is ideal for entrepreneurs since it has a pro-business environment. Whatever the correct step any local or foreign investor takes, the process will just be smooth. Here is a quick guide to get you started.
Step 1; Selecting the business framework
Choosing the business structure is the initial step to take into consideration when starting a business venture. Opting for a Private Limited Company (commonly known as Pte Ltd) is widely favored, because of its limited liability feature and distinct legal entity status. Alternatively, other available options encompass proprietorships and Limited Liability Partnerships (LLPs). It’s crucial to select a structure that harmonizes with your business objectives.
Step 2; Sign up your company name
Ensure that your company name is distinct and different from any businesses in Singapore by checking its availability, on the Accounting and Corporate Regulatory Authority (ACRA)s BizFile + portal and submitting it for approval there. The approval process is usually fast. It might take longer if your chosen name contains specific restricted terms.
Step 3; Get all the required paperwork ready.
To Register a Company in Singapore officially and legally registered with the authorities in your region you must gather paperwork including the official company rules and regulations the names of individuals who own shares in the company and those responsible for its management,a valid business location for official correspondence and appointing an individual to handle administrative tasks within the company. Make sure all these documents comply with the requirements outlined by ACRA to prevent any potential delays, in the registration process.
Step 4; Establish individuals to serve as directors and hire a company secretary, for the organization.
In order to comply with regulations, in Singapore law every business should have a director who’s a resident of Singapore and also hire a competent company secretary within six months of establishment to take care of legal and regulatory requirements.
Step 5; Send in your application to ACRA.
Please complete your application via the ACRA BizFile + platform where you need to pay a registration fee of SGD 300 and expect approval within a time frame of 1 to 3 business days upon submission of all necessary documents, in order.
Set up a business banking account, for your company.
Upon completing the registration process you can proceed to establish a corporate bank account by submitting your company registration documents and a formal board resolution.
By following these steps, you can efficiently register a company in Singapore and tap into its dynamic business environment.
