Much like all the other regional markets around the world, Singapore has some specific rules…
Starting a new company is not an easy feat, and anyone venturing into the realm of start-up business will undoubtedly encounter some challenges. However, the scenario is quite different in Singapore. The Republic offers a pro-business environment that is conducive even for the new entrants. It has a prominent start-up ecosystem that attracts a huge pool of entrepreneurs from across the globe. And, Singapore company formation with the Company Registrar is the first step they take before starting business operations.
Singapore Company Incorporation: A Quick Overview
Company Incorporation Singapore process is administered and regulated by Accounting & Corporate Regulatory Authority (ACRA). The authority has made the formation process as simple and hassle-free as possible. All the steps and processes have been streamlined and can be accomplished using an online filing system called BizFile+ portal of ACRA. However, it is important to make sure that each step in the process has been done with due diligence.
All the required information vis a vis Singapore company registration are easily available in the portal. Nevertheless, you need a SingPass ID (An ID and Password for Online Services) to get access to the BizFile+ portal. And only the residents of Singapore are entitled to have the SingPass ID.
ACRA suggests the foreign individuals to take the assistance of professional incorporation specialists to avoid the complexities. Apparently, getting help from the professional is advisable for both locals and foreigners alike. It is helpful if you do not have adequate time to investigate all the particulars of Singapore business incorporation.
A Step-by-Step Guide to Singapore Company Registration:
There are six types of business listed in ACRA’s website, and an individual is allowed to operate any of the business structures depending on his business requirements. Nevertheless, the private limited company is preferred by a majority of individuals to incorporate their business, due to its advanced and flexible nature.
Two simple steps have to be undertaken to get the final consent of ACRA for operating your business in Singapore. 1) Company Name Approval and 2) Company Registration with ACRA (filling of application along with the supporting documents).
Company Name Approval:
Select 2 to 3 desired name for your company and check their availability in ACRA’s website. Make sure to pick the name that is simple, meaningful, unique and easy-to-pronounce. The approval of the name is subject to availability with ACRA. It will be rejected if it infringes on existing companies. If everything is in order, it takes hardly an hour to the get the company name approved from ACRA. In the case of rejection, the applicant is allowed to submit an appeal to refer another name for approval. The approved company name can be reserved for 60 days.
Singapore Company Registration:
After the approval of company name, the applicant can complete and submit the registration application along with supporting documents. A professional corporate firm can carry out the entire process on your behalf. The registration process can be completed in 1 to 3 days unless the application will be reviewed by the external authorities (which can take up to 15 days to 2 months). Once your application is approved, you will be notified by ACRA via an email. The e-mail will include the soft-copy of your incorporation certificate along with the registration number. This is the official announcement of your successful company incorporation Singapore.
Minimum Requirements for Singapore Company Formation:
ACRA has laid down a set of minimum requirements for every individual, which must be met or fulfilled before you take the final plunge.
Appointment of minimum one local director (at least 18 years of age), who must be a local citizen, permanent resident or holder of any of the passes (EP, EntrePass or Dependent’s Pass).
The number of shareholders must range between 1 to 50. A shareholder can be a person or a corporate entity. 100% foreign shareholding is allowed.
The minimum paid-up capital is SGD 1. The amount can be raised anytime after the incorporation of the company. For EntrePass holders, the minimum paid-up capital is no less than SGD 50,000.
A local Singapore address must be presented as registered company address. It can be a commercial or residential space. P.O. Box address is not accepted.
A qualified company secretary must be appointed within six months of company incorporation. He/she must be a local Singapore resident.
You are ready to take the business off the ground once you fulfill the above-stated requirements. Singapore company formation has long been known for its fast, simple and easy processes. Get the help of a trusted professional firm to get a simplified company incorporation experience that you can cherish for a lifetime.