Company Name Registration Singapore
Dealing With Company Name Registration Singapore Rules
The same factors that make Singapore a desirable place to open a business may appear as obstacles to those who do not understand the rules governing Singapore businesses. Singapore is a business friendly, politically stable, and safe environment for both local entrepreneurs and international companies to operate. This is partly due to the strict regulations that protect businesses from encroaching on each other’s rights or tarnishing one another’s good name. One way this is accomplished is via the strict company name registration Singapore enforces.
Company Name Registration Singapore, ACRA’s Role
One characteristic of Singapore business is that although businesses may not be burden with an abundance of restrictive and confusing regulations, those regulations that do exist are strictly enforced. The agency in Singapore that supervises all business affairs, including the approval of company names for registration is Accounting and Corporate Regulatory Authority (ACRA). Only business names that meet ACRA’s stringent standards are approved.
For this reason, it is a good idea to proceed with caution, and if in doubt, seek local help in registering a company name. When it comes to company name registration Singapore branches of foreign companies will find a local business specializing in handling business registrations a necessity.
The first step in the process is obtaining a SingPass and identification number, after which an online application may be submitted thru BizFile. Each step in the process is straightforward but exacting; BizFile is accessible from any computer but to streamline the process many businesses choose to seek professional help.
Company Name Registration Singapore Standards
The ACRA standards forbid the use of what it terms undesirable names such as names that are in bad taste or are offensive on moral, religious, or political grounds. It denies applications with names identical to existing business regardless of whether the other business is a small sole proprietorship, a large conglomerate or somewhere in between.
Confusing to those who are not versed in company name registration, Singapore legislation such as the Business Registration Act, Companies Act and the Limited Liability Partnership Act contain reserved names that are also prohibited. Additionally, there are names directly placed off limits by order of the Minister.