Singapore is recognized by the World bank as consistently the world’s best place to make business. Every year, more than 60,000 new companies are considering company registration singapore in the country based on the Accounting and Corporate Regulatory Authority (ACRA). Whether you’re a permanent resident, Singapore citizen, or foreigner, company setup singapore is hassle-free, fast, and free from any hidden fees and red tape.
As a business owner, you have to know some things when incorporating a company in Singapore.
Check out the least requirements for registering a company in Singapore
Resident and Non-Resident Directors
- You need to appoint one resident director for the process of company registration. Once it’s completed, you can choose a limitless number of resident and non-resident directors.
- Approved name of the company
- Before you start with the company registration process, the name must be approved by ACRA.
- Registered Address
- A local Singapore address is needed for the registered company’s address. It should also be a physical address either commercial or residential yet not a PO Box.
- Appoint a company secretary
- You must appoint a company secretary 6 months after it completed the company registration.
- Share Capital
- A $1 worth of issued share capital is the least capital needed.
Important steps to follow in company registration
Unlike other countries, Singapore makes it easy for foreign and local entrepreneurs to register their new businesses.
Step 1: Get approval for your company name from the ACCRA
- Business owners who like to register their companies must approve their company’s names first by ACRA. This can process can be done online, the names must not be alike to any existing company or business in Singapore.
Step 2: Prepare the needed documents for Singapore Company Registration
- Once it approves your company name, ACRA needs the documents below for the company registration process:
- The company Constitution is also known as the Articles of Association. You can use the standard template of the Singapore constitution made available by ACRA. Or the professional firm you capture would be able to advise and draft one accordingly.
- Residential address and Shareholder’s identification details
- Every appointed director must sign a Signed Consent to Act as a Director
- An appointed company secretary must sign a Signed Consent to Act as Company Secretary
Step 3: Register your business with ACRA
- Once the name is approved and when the documents are prepared, you can register a new company officially with ACRA. You can do this step online and complete it in an hour or less.