AComprehensive Guide to the Step-by-Step Process of Company Registration in Singapore
One of the most well-known and highly regarded places in the world in which to run a company is Singapore. And doing so is remarkably simple and fast to accomplish. Read our comprehensive guide that will walk you through each step of the Singapore Company Registration process so that you can start doing business there in a matter of days.
Instructions for Registering a Company in Singapore
Step 1: Select a Registered Singapore Company Incorporation Service Provider to Serve as Your Agent.
First things first, the government of Singapore requires all prospective companies who are based outside of Singapore and seek to register their business in Singapore to utilize a Singapore company registration service provider that is properly registered in Singapore.
This makes it easier for your new business to comply with the requirements of the Accounting and Corporate Regulatory Authority of Singapore (ACRA), which is a government agency in Singapore.
The Singapore company registration service that you choose will also walk you through each step that we outline in this article to ensure that the process is as streamlined and efficient as it can be.
After you have decided which company registration service to use, that firm ought to provide you with an online Singapore company setup onboarding form that you can fill out.
Step 2: Carrying Out Your Research Before Using the Singapore Company Registration Service
As soon as they obtain your information, they will do the necessary checks to ensure that everything is honest and above board.
This helps protect your interests as well as the interests of the company registration service provider that you work with. It is essential that there is a fair playing field for everyone in Singapore, despite the fact that Singapore is one of the most open and honest places in the world in which to conduct business. You won't run into any problems at this point so long as the onboarding form that you fill out is completed in an honest and accurate manner.
Step 3: Select the Company Registration Package That Suits You in Singapore
The majority of Singapore company registration services will offer a variety of service packages for you to choose from. These service packages can range from the most fundamental to the most comprehensive, and some full-service packages will even include an introduction to the manager of a local bank.
You will find here an online Singapore business incorporation wizard that can modify an existing package to meet your specific requirements.
If you go with a trustworthy service provider for Singapore company registration, they could be able to get your business registered and ready to go within a day, allowing you to begin lawfully conducting business in Singapore.
Step 4: Reserving Your Preferred Company Name in Singapore
You can supply ACRA with the name of your firm through the Singapore company registration service provider you use, and they will handle all of the necessary follow-up on your behalf.
When you are registering the name of your company in Singapore, there are simply a few things that you need to keep in mind:
• The name of the business cannot be similar to that of any other company registered in Singapore.
• The name of the firm cannot be offensive or suggestive.
• The name of the company must not violate any trademarks.
• Another company must not already have the name of the company reserved.
If your proposed company name in Singapore meets those requirements, the ACRA will often give its approval within an hour's time.
The one and only exemption to this rule is if your Singaporean business operates in a sector that calls for a valid license, such as the practice of law, medicine, or accounting, amongst other sectors. When these circumstances arise, it may take the ACRA a few weeks to verify that you are qualified to work in your profession as a practitioner.
After the ACRA has given its approval to the name you have chosen for your Singapore business, they will hold it in reserve for you for up to one hundred and twenty days, but after that, they will make it available to whoever wants it.
The fifth step is to sign your company's registration documents in Singapore.
The Accounting and Corporate Regulatory Authority of Singapore (ACRA) needs to see the following documents in order to give their approval for your Singapore business registration. Once more, the service provider that assisted you in registering your Singapore company will guide you through this procedure.
The Necessary Documents for the Registration of a Singapore Company
• A Consent to Act form that has been filled out and signed by each of your company's Directors in Singapore
• A Consent to Act form that has been filled out and signed by your company secretary in Singapore
• A Constitution for the Company. You are free to draft your own constitution, or you can make use of the one that has been provided by the government of Singapore.
Anti-money laundering due diligence, often known as "Know Your Customer" (done by your service provider); • Proof of address for all executives and shareholders of your Singapore Company
If all of the documents required for your Singapore business registration are complete and accurate, the Singapore company registration provider you choose should get this approved with ACRA within the same day.
Step 6: Register Your Singapore Business with the Accounting and Corporate Regulatory Authority
After this has been completed, all that is left to do is hand in the final paperwork to ACRA for your Singapore business registration. This can be accomplished within an hour or less through the use of the internet.
Step 7: Ensure the Legal Continuity of Your Business in Singapore
That wraps it up! You will be able to lawfully conduct business in Singapore as long as everything goes according to plan, which it typically does. The process of registering a company in Singapore may be completed in a single day, which is excellent news, provided that you have planned ahead and prepared all of the necessary information and papers.
There will be some follow-up procedures, such as banking and other supporting paperwork, however the provider of your Singapore business incorporation will assist you with all of those steps.
