Company Registration Process in Singapore is quick, simple, and unrestricted of needless red-tape. Singapore is invariably indexed as one of the decent spots in the world for performing business.
Foreigners incorporating in Singapore must commit to the assistance of a corporate service provider to enroll a Singapore corporation. Even local entrepreneurs are instructed to do the similar as they may not be completely aware of the Singapore company statute and compliance regulations.A great tip to note is that if you ever get involved in any form of corporate dispute, you can look for litigation support services in Singapore.
Ø Company Registration Procedure
The Company Registration Process in Singapore method is online, timely, and productive and comprises of the following key tasks:-
- Company name authorization with ACRA
- Preparation of firm registration papers
- Corporation registration with ACRA
Company registration government payments comprise of:-
- S$15 government fee for firm name application with ACRA
- S$300 government fee for enrollment of the firm with ACRA
Step 1: Get the Company Name Approved
Before registering, all Singapore corporations must first have their names authorized by ACRA. The name authorization is an easy online method and the firm name is accountable to the next guidelines:-
- The name cannot be similar to a prevailing business in Singapore
- The name must not violate on any brands
- The name cannot be improper or vulgar
- The name must not have been leased by another firm
Main facts to maintain in mind for the name approval process:-
- If a company name pursues ACRA’s regulations, it is commonly authorized in less than an hour.
- A name may be cited to another government council for additional authorization if it includes specific regulated business phrases such as “finance”, “legal”, “law”, “broker” or “school”. This can halt the name approval procedure by a few weeks.
- Once authorized, a company can withhold the name for up to 120 days. If it does not integrate the name within that interval, the name is published and can be stocked by another individual.
Step 2: Ready the Company Registration Documents
Later the name approval and before pertaining for company registration, a corporation must get the subsequent papers ready.Documents needed by ACRA:-
- Company Constitution, lately recognized as Articles of Association. You have to accept the standard Singapore company constitution as accessible from ACRA, which is adequate for maximum companies and consists of words that are deemed to be reasonable for all groups comprised in the incorporation.
- Accepted Consent to Act as a Director for each director.
- Approved Consent to Act as Company Secretary by the company secretary.
- Marker and residential address details for each shareholder and officer of the firm.
- In obedience with the international AML laws, your Corporate Service Provider (CSP) is expected by ACRA to administer a Know Your Customer (KYC) due diligence and will commonly need at least the subsequent supporting information:-
- Confirmation of identification and address evidence papers
- The professional ground of stakeholders and administrators of the proposed firm
These documents are also required by strike off company services in Singapore like Hey Sara to assist you in striking off your business entity in a legally binding way.
Note that the same roster of required papers may differ from CSP to CSP established on their interior protocols.
Note: All papers must be in the English language or officially interpreted into English.
Step 3: Register with the Singapore Company Registrar
Once the incorporation papers have been readied, a company can be officially enrolled with ACRA. The registration procedure is performed online and needs a limited time than an hour.