Singapore Company Registration
Singapore Company Registration Guidelines
Singapore Company Registration Steps
Singapore is a favourite business location of both local and foreign business investors for several reasons. One of which is the relatively easy process of incorporating a business in the country. The fast and straightforward Singapore company registration procedures make it more enticing for entrepreneurs to start their business here. But to keep the legitimacy of the business industry and discourage fraudulent accounts, the country makes sure that the implementation of the rules and policies is strictly enforced.
If you are planning to register your business here, you would need to follow a few steps. The first one is having your selected business name approved by the Accounting and Corporate Regulatory Authority. Unless the name you chose is undesirable, is identical to another existing company name, or similar to a name or trademark of an already well-known company, then ACRA will grant its approval. And unless ACRA finds any objections to the proposed name or if it needs a further review from other authorities, then it can authorise the name in as little as three hours.
The whole process can finish in just one whole day. You can incorporate the business within the same day after your business name has been authorised. Just make sure that the papers have the complete signatures of your company’s directors and shareholders. For the initial members of your team, you would need at least one resident director and one shareholder to sign the registration papers. Also, your resident director must have a permanent residency or citizenship in the country, or at least someone who holds an EntrePass, Employment Pass, or Dependent Pass. Your company secretary must have his or her principal place of residence in Singapore within six months of registration.
The Difference Of Singapore Company Registration For Local And Foreign Investors
There aren’t many differences in the steps for company registration for local citizens and foreign investors. Local residents have an option, though, to hire a company offering professional corporate services or not. As for foreigners, they are required by law to hire such company to act on their behalf.
The minimum paid-up capital requirement is just $1, whether you are a local entrepreneur or a foreign national. Unless ACRA needs additional information about your directors and shareholders or there should be any objection to your business name, then you can finish the whole Singapore company registration steps in just one to two days.