Company Formation In Singapore
Business Steps: Company Formation In Singapore
Company Formation In Singapore Guide
As a global business hub, Singapore offers entrepreneurs benefits and assistance to help their businesses succeed. It adopts a pro-business stance, accommodating the needs of entrepreneurs, which include world-class infrastructures, straightforward registration process, tax treaties with other countries, and incentives and initiatives for starting and established companies. It’s no wonder many investors around the world prefer to have their company formation in Singapore.
There are several business structures recognised in Singapore, which include sole proprietorship, partnership, Limited Liability Partnership, Limited Partnership, and company. The most popular structure is Private Limited Company, which has a separate legal entity from its shareholders and directors. And as a separate entity, it can sue and be sued as a company and can own properties. Its shareholders and directors also have limited liabilities when it comes to the losses of the company.
Steps On Company Formation In Singapore
In forming a new company, the first thing to do is to decide on a business name and register it with ACRA, or Accounting and Corporate Regulatory Authority. Avoid names that are identical to another registered business name and those that are offensive and obscene. To ensure that their proposed name hasn’t been taken yet, entrepreneurs can run a directory search on the ACRA website and check the uniqueness of the name.
They can then submit their incorporation application at the BizFile website, www.bizfile.gov.sg. BizFile is ACRA’s online filing and information retrieval system. They would need to enter their identification number and their SingPass to log in. After payment, the registration can be completed in 15 minutes, though it would take at least 2 weeks if the business application needs further review and approval by another government agency.
Once the company formation in Singapore is successfully completed, the company will be given a Unique Entity Number or UEN, an identification number given to all entities registered in Singapore. They should keep in mind, though, that all companies must ensure that the information they lodged with ACRA is always accurate. They must file any change in their company and lodge necessary annual filings, including annual returns.