Incorporating a company in Singapore is fast, easy, and free from unnecessary red-tape. In this guide, we walk you through all the steps to register a new Singapore company. If you are ready to incorporate now, click the Get Started button.
Key Takeaways
- Review and understand Singapore’s company registration requirements thoroughly before proceeding.
- Determine the corporate structure and gather all necessary supporting documents in advance.
- Ensure your desired company name is available and complies with Singapore’s naming guidelines.
- Sign all required incorporation documents to formalise the registration process.
- Complete the incorporation and open a corporate bank account to start your business operations.
Review and Understand Singapore’s Company Registration Requirements
Before we embark on the journey of registering our business, it’s crucial to take some time for thorough planning. Every limited company in Singapore must register with the Accounting and Corporate Regulatory Authority (ACRA), the national regulator of the Companies Act. Failure to register with ACRA can result in fines or even imprisonment, which would undoubtedly hinder our business operations.
Determine Corporate Structure and Collect Supporting Documents
In this step, we need to decide on the corporate structure of our company. This decision will significantly influence how our business is governed and managed. It’s crucial to outline the relationship between shareholders and the company to ensure smooth operations. Additionally, we must gather all necessary supporting documents, which will be required by the Accounting and Corporate Regulatory Authority (ACRA) before we can proceed with the registration process. Taking the time to carefully consider and document these aspects will set a solid foundation for our business in Singapore.
Confirm Availability of Desired Company Name
Before we proceed with the incorporation, it is crucial to confirm the availability of our desired company name. We can do this by utilising ACRA’s Bizfile+ web portal. It’s advisable to have a few alternative names ready in case our first choice is not available. Once we have selected our preferred name, we need to submit an online application for name reservation through ACRA’s system and pay the associated fee. Typically, approval from ACRA takes less than an hour. Upon approval, the name will be reserved for 120 days, during which we must complete the incorporation process.
Sign Incorporation Documents
Now that we have secured a business name, it’s time to make things official by signing the necessary incorporation documents. The Accounting and Corporate Regulatory Authority (ACRA) requires us to provide and sign several key documents, including the particulars of our directors and company secretary, as well as our Memorandum of Understanding and Association. These documents are legal declarations, so it’s crucial to ensure all information is accurate and complete. Taking this step seriously will help us avoid any future complications.
Incorporate Company and Open Its Bank Account
Once we have all the incorporation documents signed and ready, we will proceed to register the company with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). The registration process is conducted online and typically takes less than an hour. After ACRA accepts our application, our business will be officially incorporated. The next crucial step is to open a corporate bank account. It is essential to carefully evaluate the features of various banks’ corporate accounts to select the one that best meets our company’s needs. Remember, these documents are legal declarations, so ensure all information is accurate.
Incorporating your company and opening a bank account in Singapore has never been easier. With our professional services, we ensure a seamless process, allowing you to focus on your business planning. Visit our website to learn more about how we can assist you in setting up your business efficiently.
Conclusion
Incorporating a company in Singapore is a streamlined and efficient process, thanks to the country’s business-friendly environment and robust regulatory framework. By following the five essential steps outlined in this guide, you can ensure a smooth and successful registration of your new business. From understanding the registration requirements to opening a corporate bank account, each step is designed to facilitate your journey towards establishing a thriving enterprise in Singapore. With the right preparation and guidance, setting up your company in this vibrant city-state can be a straightforward and rewarding endeavour. We hope this guide has provided you with the necessary insights and confidence to embark on your business venture in Singapore.
Frequently Asked Questions
What Are the Requirements to Register a Company in Singapore?
To register a company in Singapore, you need at least one shareholder, one director who is a resident of Singapore, a company secretary, a registered office address, and initial paid-up capital of at least SGD 1.
How Long Does It Take to Incorporate a Company in Singapore?
The incorporation process in Singapore is conducted online and typically takes less than an hour, provided all documents are in order.
Can a Foreigner Incorporate a Company in Singapore?
Yes, a foreigner can incorporate a company in Singapore. However, at least one of the directors must be a resident of Singapore.
What Documents Are Needed to Incorporate a Company in Singapore?
You will need the company’s constitution, identification and address proof of directors and shareholders, and details of the company’s registered address.
How Can I Check if My Desired Company Name is Available?
You can check the availability of your desired company name through the Accounting and Corporate Regulatory Authority (ACRA) website.
Do I Need a Company Secretary for My Singapore Company?
Yes, every Singapore company must appoint a company secretary within six months of incorporation.
