Incorporation Singapore is one of the most convenient and efficient ways to start a business. With minimal red tape, a new company can be established with a minimum of one shareholder, one director, a local company secretary, and $1 in share capital in less than three days (subject to compliance approval) through Singapore’s Accounting and Corporate Regulatory Authority.
The first step in incorporating your business is choosing the type of legal entity you would like to establish. In Singapore, there are several options available to entrepreneurs based on their specific needs and goals. These include sole proprietorships, partnerships, and limited liability companies, which can provide various advantages and benefits.
Once you have decided on the appropriate business structure, you should prepare the necessary paperwork. This will include a Company Constitution document and other documents. The Constitution document can be prepared yourself or by a professional.
A company constitution outlines the rules that govern how a company is run and its members will interact with each other and with the public. It also identifies the rights and privileges of its members and officers.
As with any other legal document, it is important to review and read the Constitution thoroughly before signing it. This https://www.cfoacc.com.sg/services/incorporation-of-company will ensure that you don’t sign something that could cause problems down the line.
Choosing a Company Name
A proposed company name must be approved by the Accounting and Corporate Regulatory Authority of Singapore. This can be done by submitting your name to ACRA’s online portal BizFile+, where it will be checked against the registry to verify that it is not already taken by another person.
When a name is approved, it remains valid for a 120-day period and can be reserved with ACRA again by submitting the requisite documents/information again within the stipulated time frame. If the requisite documents/information are not submitted within this period, then the proposed name becomes available for public registration and the process of obtaining the approval again begins.
Once a company name is registered, it must be displayed on all business-related materials including the website, signage and marketing material of the company. It must also be reflected in all documents of the company, including its bank account.
Depending on the business nature, the company can choose up to two Business Activity Codes and pick a financial year end. It must also select its registered address, which can be a commercial or residential location.
Incorporating a Business in Singapore is the first step in getting your business up and running in this vibrant international trading hub. The country’s openness to global capital, support for free-market competition and investment-friendly policies have made it one of the world’s most popular business centers.
If you are a foreigner who wishes to incorporate a business in Singapore, it is best to outsource the entire task to an expert company. They will walk you through the entire process from start to finish, and they will ensure that your business is incorporated in accordance with all the relevant requirements.