Singapore ranks highly in the key metrics used by the World Bank to rank countries’ ease of doing business.
Necessary Documents for Company Registration in Singapore
These include ease of starting a business, permits, getting credit, enforcing contracts, and protecting minority investors. What’s more, the country boasts a robust economy, skilled workforce, favorable tax laws, incredible infrastructure, political stability, and more.
If you want to set up a business in the country, it’s advisable to first understand the registration regulations.
The Singapore Companies Act allows any person (foreign or local) above the age of 18 to register a company in the country. The streamlined company registration in Singapore occurs through the Accounting and Corporate Regulatory Authority (ACRA).
This post looks at the minimum requirements to register your company in the country.
Why Use a Company Registration Service?
While the country has one of the smoothest company incorporation processes, engage a company registration service if you’re a foreigner.
Local investors can also benefit a lot from Voplus company incorporation with tailored registration help, secretary services, registered address, nominee directors, and accounting solutions to mention but a few of the services offered.
Pre-registration Requirements for Company Registration
Before you begin company registration, here are some minimum requirements:
Company Name Approval
Your new business requires a unique name approved by ACRA. The process entails a search at BizFile+ to find out if the intended business name has already been taken.
The name approval goes through fast unless your business name has names such as bank, finance, law, and media. Such companies require approval by other government bodies and may take a few weeks. To guarantee your business name goes through, here are some factors to consider:
- Don’t pick a name too similar to existing company names in your industry
- The company name should not be vulgar
- Your business name should not infringe on copyright or trademarks
- The company name should not be reserved
Approval for a name that meets the ACRA requirements takes less than an hour. After the approval, you can reserve the name for up to 120 days within which you should complete the incorporation process.
If you fail to incorporate, ACRA releases the reserved company name for use by another person.
A company needs a minimum of 1 shareholder and a maximum of 50. The shareholder can be an individual or a corporate entity. The Companies Act, Chapter 50 allows 100% foreign shareholding, which is one of the major attractions for foreign investors in the country.
Your business can issue new shares or investors can transfer existing shares to another person once the company goes through the incorporation process.
To set up a business in the country, you require a minimum paid-up capital of S$1. You can increase the share capital afterward with the injection of more money as your business grows.
Your company requires directors who can either be Singapore-resident or foreign-resident persons. The Company Act doesn’t allow corporate directors.
For registration, your company must have at least one Singapore-resident director. A Singapore-resident description entails a Singapore citizen, a Singapore permanent resident, or an Employment Pass holder.
Your new company must appoint a qualified secretary within six months from the registration date of the company. The secretary must also be a resident of Singapore.
Registered Local Address
To start the company registration process, your company must provide a registered Local Address in Singapore. This address cannot be a PO BOX.
The registered address must be a physical address, either a commercial or residential address. Before you use a residential address, you must seek approvals from the HDB’s Home Office Scheme.
Required Documents for Company Registration in Singapore
ACRA requires the following documents for company incorporation in the country:
- Company Name
- Company Constitution: Previously known as Articles of Association. There’s a standard Singapore company constitution as available from ACRA which makes things easier for new businesses
- Shareholders’ Particulars: Residential Address Proof (Any document with name and address on it such as utility bills, tax notices, and contractual agreements), professional Background such as a Curriculum Vitae (CV)
- Brief description of business activities
- Registered local address
- The last day of the company’s proposed fiscal year-end
- Directors’ particulars
- Company secretary’s particulars
- Signed consent to act as company secretary
- Signed consent to act as a director
Submission of Company Registration Application
Once you have met all the requirements and collated the required documents, it’s time to register your company. You must have the approved company name by ACRA for this process and all the documents. The submission is online through the BizFile+ portal.
You’ll receive a confirmation email from ACRA of the successful incorporation of the company. This is the official certificate of incorporation in Singapore, but you can request a hard copy at a fee.
Ready to start a business in one of the most robust economies? With a Singapore incorporation service, getting started with your company registration just got easier.
These professionals remove the hassle from the process and ensure you get custom help to get your company on its feet.