the procedures for registering
a company in Singapore if you are a foreign national?
Singapore's economy is widely regarded as the most developed in the entire Asia-Pacific region. The administration of the Island Nation has adopted policies that are business-friendly, which has contributed to the nation's thriving economy and high standard of living. However, these benefits are not restricted to only people with Singaporean citizenship. As long as they satisfy the prerequisites, nonSingaporeans are also permitted to register for a corporation in the city-state of Singapore.
In Singapore, the procedure for registering a company consists of several steps.
The following are some of the necessary procedures that must be completed in order for foreigners to complete the Company Registration Singapore. Let's take a look at each of them in turn.
Choose an Appropriate Business Structure for Your Company's Incorporation in Singapore as the First Step
The first thing you need to do is settle on the kind of business structure you want to register for your company. The following are some of the most often selected alternatives among those that are available:
Limited Liability Company Sole Proprietorship Private Limited Company Partnership in General Practice
Step 2: Appoint a Citizen or Permanent Resident of Singapore to Serve as a Director of the New Company Being Formed in Singapore
In Singapore, every company is required to nominate at least one local director. Examples of local directors include the following:
Employment Pass holder who is a Singapore citizen who is also a permanent resident
If a local director cannot be found, the applicant always has the option of hiring a nominee director instead.
Step 3: File an application with the relevant Singaporean authorities for your company to be registered.
The applicant, who must be a citizen of a country other than Singapore, is required to provide the Accounting and Corporate Regulatory Authority (ACRA), also known simply as "the Authority," with the relevant documentation in order to create a company in Singapore. The following information might be included in such documents:
Name of the Corporation: Business Operations
Directors' Information
Shareholders Details
Step 4: Acquire All Necessary Permits Before Beginning Business Operations
The type of the business operations that are being carried out will determine which government agencies the applicant must contact in order to secure the necessary permits.
The fifth step is to establish a corporate bank account in the name of the registered company.
After that, the newly formed business is required to register a Corporate Bank Account in Singapore so that they can better handle their accounting and audit processes.
The sixth step is to register the company with the IRAS so that it can pay taxes. Singapore
As part of the post-registration procedure, the Company is required to submit an application to the Inland Revenue Authority of Singapore (IRAS) to become tax compliant.
Step 7: Appoint Qualified Staff Members in Preparation for Company Incorporation
Every single registered company in Singapore is obligated to hire staff in a manner that is compliant with the applicable labor laws and regulations.
You have the option of working with a professional firm that specializes in company formation in Singapore. This firm will walk you through the process of registering your business and verify that it complies with all of the pertinent legislation.
What do you need to provide with your application for the Company Registration?
To support his application to incorporate a company in Singapore, the applicant is required to present the following documents, which are listed in order of precedence:
Documentation Establishing the Company's Trade Name Registration
The applicant is responsible for coming up with a distinct name for the proposed business. The name that is selected cannot be too close to any other company trade name or trademark of a brand that is already in use in Singapore.
The Address of the Registered Official Office of the Singapore Company Incorporation
The applicant is also required to provide specific information regarding the proposed company's registered address, which can be presented in any of the following forms:
Address for Commercial Purposes Address for Industrial Purposes
Residential Address
A list of the newly appointed Directors and Shareholders of the Company
In addition to providing information regarding its shareholders and directors, the applicant is required to give the following details:
Full Names
Numbers Serving as Identifiers
Nationalities
Memorandum of Association and Articles of Association (MoA & AoA) of the Applicant Company
The applicant for Company Registration is responsible for preparing both the Memorandum and the Articles of Association, both of which describe the goals, organizational structure, and operating procedures of the Company.
Description of the Organization
The individual who is applying for Company Registration is required to give a concise summary of the commercial endeavors that will soon be performed by her.
A copy of the appointment letter for the Company Secretary
Within the first six months after the company's incorporation with the Singaporean Authority, the applicant for Company Registration is required to hire a Company Secretary. The person who will fill the position of Secretary must call Singapore home.
Certificate of Paid-Up Capital for the Purpose of Maintenance.
The application for Company Registration is required to provide specific information regarding the initial paid-up capital of the proposed company. The minimum amount of paid-up capital required to participate is one Singaporean dollar here.
Documents Proving the Identities of Senior Company Officials
The application for Company Registration is required to present certified copies of the identification documents held by both the directors and the shareholders in the company. They are required to provide copies of passports for non-Singaporeans.
Declarations of Compliance with Filing Requirements
The applicant is required to sign and submit a declaration of compliance confirming that they have complied with all of the applicable conditions outlined in the Singapore Companies Act.
Once the applicant has taken care of the necessary papers, registering for a company with the Accounting and Corporate Regulatory Authority in Singapore is a straightforward process.
Residential Addresses