Set Up A Company
Set Up A Company In Singapore
The ACRA or Accounting and Corporate Regulatory Authority (ACRA) is a statutory board serving as the national regulator of businesses entities and public accountants. Every company seeking to apply for incorporation in Singapore must pass through the ACRA. This is the first step in the standard procedure of setting up a company in this Asian city-state.
There are exemptions to the rule though as stated in the Business Registration Act. Nonetheless, the applicant or the business entity itself can always ask for the assistance of a corporate services provider to perform work on its behalf during the process of applying for incorporation.
Set Up A Company: Submission Of The Constitutional Documents
Upon registration, the applicant will have to pay for the name approval fee as well as the business registration fee. Afterwards, the applicant may then formally submit the Memorandum of Association as well as the articles of association to the proper authorities for certification. The former specifies the proposed company name and the amount of share capital if applicable. It also describes the liability of the members as either limited or unlimited. The latter, on the other hand, details how the company is regulated and governed.
The other important documents that must be submitted include the statutory declaration of compliance, certificate of identity, pertinent details of the directors, shareholders and secretaries as well as the consent to act as the director or secretary of the business entity applying for incorporation.
Set Up A Company In Singapore: What Else Do You Need To Know?
The law requires all companies to have a registered office address in Singapore. Every company must also appoint at least one ordinarily resident in Singapore as its director. The same rule applies to the appointed company secretary. In addition, the company with one shareholder is considered qualified to apply for incorporation. Its shareholders can either be an individual or a corporation. There is no statutory requirement stating that the shareholder must be a Singapore resident.