Singapore is very friendly for investors. For starters, it is very easy to register a company in Singapore. Adding on to that, the government provides tax exemptions to start a new business and offers different schemes to help flourish the business.
According to the companies act, Chapter 50; the Accounting and Corporate Regulatory Authority (ACRA) is the company registrar. It looks after the registration of the company in Singapore. You must comply with all the requirements of ACRA for the registration of a company in Singapore.
Both locals and foreigners can start their own business in Singapore. It is simple and easy to process for registration and startup by hiring a registered filing assistant.
For foreigners, they cannot register a new business by themselves. They should have a local work visa or pass. Also, they should hire a Singapore company registration services provider. With the services’ extraordinary proficiency and reliable advice, investors have enough guidance to register the company in Singapore. They help save investor’s money and time.
Step by Step Process to Register a Company in Singapore
Here is the stepwise process you must follow to register your company in Singapore:
Select Your Business Type: Usually, people go for a private limited company (Pte. Ltd.). Similarly, Sole Proprietorship, Limited Liability Partnership (LLP) are also registered by ACRA. Before you jump to start a business, take your time to select the right choice of a startup.
Major Requirements For The Registration Of Your Company: After the selection of the business structure, you have to fulfil the following requirements:
- Name of company: you should approve your company name and get it registered with ACRA. The name of the company should not violate any trademark and should be out of copyright issue. The name should be meaningful, distinctive, and should not contain nasty words.
If your company name incorporates media, finance, bank, etc., you may require the consent of a higher authority.
- Nominee director: you will need at least one local citizen or permanent resident or EntrePass holder as director to start a company in Singapore. Foreigners must hire a nominee director to start a company.
You can contact nominee director Singapore to hire and know the details about the role, responsibility, and benefits your company receives from the nominee director.
- Registered regional address: you need it for the office of your company.
- Shareholders: you need 1-50 shareholders and their particulars.
- Secretary: In less than six months, you need to appoint at least one secretary after the registration of your company. You also need their details.
- Initial paid-off capital: you need initial paid-off capital of at least S$1.
Foreign startups should provide memos, articles of association, copy of passports, and proof of overseas residential address. Likewise, local residents should submit a copy of their identity card.
To sum up, after the approval of your company name and preparing the documents in order; you can go for registration of your company. It will be easier for you if you hire an expert, as they will go through the entire incorporation process for you.