A Guide to Singapore Company Formation More and more businesses are becoming interested in Singapore company registration and that’s not surprising because it’s a center for trade and commerce. While the country has a streamlined bureaucracy, there are specific processes you need to follow to register your company. What are the Requirements? The first step in a company registration Singapore process is to decide if it’s going to be sole proprietorship or a partnership. The next step is to submit the required documents for registration at the Accounting and Corporate Regulatory Authority (ACRA), Singapore’s official business registration center, or you may access BizFile, an online service provided by ACRA that helps you better understand the whole process. If you’re a resident of Singapore you need to provide your NRIC No., and if you’re a foreigner you have to obtain an MOM (Ministry of Manpower), which the government grants to entities that plan to start up a company in the country. In addition you need to provide the SingPass PIN (also provided by the government) before you can access BizFile. While you can do this on your own you can also employ the services of a professional consultancy service that will help you with business registration Singapore. Expenses and Other Considerations Once your registration application has been approved a fee of S$50 for business registration and a S$15 fee for name approval have to be paid, and payments can be made at ACRA, ACRA kiosks, credit card or BizFile. If you hire a company incorporation service there will be additional fees, but the advantage is they’ll do the legwork and make sure everything is done correctly. The approval time can take anywhere from 20 minutes to a couple of months depending on the kind of business you intend to open. Approval might also take a while if your business requires further review from the Ministry of Education or other government bodies. It will also take longer if you fail to submit the proper documents, which is why most people prefer to hire an incorporation service as it can save you a lot of trouble. If you decide to go this route, get in touch with the company first and learn as much as you can about it.
If youâ€™re interested in learning more about Singapore company formation you can go to http://www.singaporeincorporation.net/. This website provides plenty of information about registering a Singaporean company and offer various related services. The first step in a company registration Singapore process is to decide if itâ€™s going to be sole proprietorship or a partnership. For more information click on the link Singapore Company Registration.