Incorporate Company Singapore
Guide To Incorporate Company Singapore Process
Incorporate Company Singapore Guidelines
Incorporating a company in Singapore is relatively easy. There are only a few steps to follow, and it can be finished within a few hours if there are no complications and if all the documents are signed and complete. Any person over the age of 18 can register a business, whether that person is a local citizen or a foreigner, although he or she needs an initial team of shareholders and directors to complete the Singapore company formation requirements.
Choosing a company name is the first step in incorporating a business. That name should be approved by the Accounting and Corporate Regulatory Authority of Singapore. ACRA will reject the name if it is undesirable, identical to another existing company name, or similar to established company name or trademarks.
The company’s initial staff must include at least 1 shareholder and 1 resident director. They can be the same person or different individuals. The shareholder may be a natural person or another legal entity while the resident director must be a natural person who is a local citizen, a permanent resident, or someone who holds an Employment Pass, EntrePass, or a Dependent Pass. Within 6 months of incorporation, the registered business must appoint a company secretary who is a natural person and is a resident of Singapore.
Companies are also required to have a registered local address. It can be a residential address or a commercial address but a P.O. box address is not allowed. Also, the minimum paid-up capital for registration is S$1 or the equivalent in other currencies.
After The Incorporate Company Singapore Process
Following the successful incorporation of the company, the Company Registrar will send an official confirmation through email, which is considered as the official certificate of the company’s incorporation. And as required, the owner should open a corporate bank account in Singapore for the company.
After completing the entire incorporate company Singapore process, it’s now time to register for various business licenses, depending on the activities and nature of the business. Obtaining licenses should be done before the company commences its operations. Registering for the Goods and Services Tax (GST) is also required for companies with annual taxable revenue of over S$1 million or at least those expecting to reach that amount.