Singapore Company Incorporation
What You Need To Know Before Setting A Business In Singapore
Company Incorporation In Singapore Is A Must For Business Start-ups
Singapore offers a lot of opportunities for people who want to put up businesses in the country. With its strong economy, there is an assurance of a market and the continuous growth of businesses. The country has become a major financial hub in Asia. Tourism in Singapore is also excellent and the industry provides varied opportunities for businesses. Manufacturing is also a key pillar in Singapore’s economy. This also goes to the construction industry. Any companies around the world are eyeing Singapore as a strategic location for setting up business for the Asian linkages.
What You Need To Know In Company Incorporation In Singapore
The most common type of business in Singapore is the limited liability company or simply a “company.” In Singapore, a company is considered to be a separate legal entity from its owners. A company is also the most advanced and flexible business structure, with an efficient tax system and the ease of raising capital as perks.
When you decide to incorporate a company in Singapore, then you have to register it first. It is best to hire a professional firm to assist you in company registration procedure. This is a requirement for all foreigners who wish to set up a business in Singapore. Even local entrepreneurs rely on the services of a professional firm because of the legal nature of a company and the set of compliance requirements for company registration are varied.
Steps in Company Incorporation You Must Know And Follow
You must know that the process of incorporating a company in Singapore involves two main procedures: (1) registering the company and (2) incorporating the company. Here are the two steps you must undergo:
STEP 1: Registering Company Name. The first step in incorporating a company is for you to secure a name for your business from ACRA. Your company name must be approved first before anything else follows. Approved company name can be reserved for 60 days upon application. You can apply for extension of 60 days upon request, just before its expiry date.
STEP 2: Company Registration. When your company name has been approved, the next step is filing the incorporation request and obtaining approval from ACRA. This can take only a few hours if your documents are ready and are duly signed by the directors and shareholders of the new company. After registration, the Company Registrar will send you a notification via e-mail confirming the incorporation of your company. The e-mail will also notify you your company registration number. This will serve as your certificate of incorporation in Singapore.
For company incorporation needs, remember to hire a professional firm. A professional firm can assist you in the process of incorporation without the stress and hassle. Many agencies and firms in Singapore provide a one-stop service for your company administration needs. This is way more efficient and more reliable.