When people think of Singapore, they think of a country that has a booming economy and many established companies. This Southeast Asian country has become a business center among its neighbors which lead it to become a gateway for foreign business ventures in Asia. One of the factors that contributed to the success of Singapore in the business world is its less stringent company incorporation Singapore process.
To incorporate a company in Singapore, you don’t need to have a lot of money. You don’t need several directors and shareholders. Moreover, you will not wait for ages to get your company registered. Once registered, your company will receive lots of benefits that the government has reserved for businesses in Singapore. The treatment is the same whether you are a Singaporean business owner or a foreign one. To know more about this, here is how company incorporation is done in Singapore.
Step #1 – Prepare all the company incorporation Singapore requirements
As mentioned, the company incorporation Singapore process is simple and will not take long. However, it can take weeks if you have not prepared your requirements beforehand. You must have all the necessary documents in hand so you only have to upload them during the application process.
The documents that you need to submit will depend on what type of company you are planning to register. However, there are five main requirements that you need to complete first. To incorporate company in Singapore, you need the following along with their respective documents:
- A registered Singapore office address
- At least one corporate director that is a citizen of Singapore
- A registered corporate secretary that is also a Singaporean citizen
- SG$1 starting paid-up capital
- At least one shareholder that can be a Singapore citizen or a foreigner
Step #2 – Register company name for the reservation
Once you have prepared the company incorporation Singapore requirements, the next step is to get your company name pre-approved. This can be done through the BizFile+ portal which will submit all applications directly to ACRA. In registering the company name, you need to prepare at least three names. This is in case your first two names have similarities with an existing registered company. The best way to avoid the same company names is to refrain from using terms similar to a famous trademark.
When you incorporate a company in Singapore, you will have to determine first if your company will be a private company or a public one. That is because you will have to include the proper suffixes in your company name. Lastly, make sure that there are no inappropriate words that can lead to the rejection of your company name.
Step #3 – Register to incorporate a company in Singapore
The next step is the easiest in the company incorporation Singapore process which is the registration process. Through the BizFile+ portal, you can register your company online and upload the needed documents. It only takes an hour to complete the form, upload the documents, and submit everything. However, keep in mind that only Singaporean citizens can apply on their own.
Foreigners are required to hire a registered filing agent to apply on their behalf. Thus, if you are a foreigner, after preparing your business documents, your next step is to find a filing agent. A good place to start looking for one is by searching for firms that assist businesses to incorporate a company in Singapore.
Step #4 – Receive company incorporation Singapore documents
It will only take a few minutes to know if your company incorporation Singapore application is a success. This is the reason why many businesses are emerging fast in a country like Singapore. After the successful application, your next step is to obtain proof that your company is already registered in ACRA. The most important document that will prove this is the Certificate of Incorporation.
The Certificate of Incorporation will be sent by ACRA via email. This certificate will contain the registration number of the company, registration date, and so on. The soft copy alone is widely-accepted by government agencies as well as private companies. However, if you want a hard copy, you can always apply and pay ACRA to issue the certificate.
There are other documents that you can get from ACRA such as the official company’s Business profile. However, you will have to pay a small fee to be able to download the PDF file. These documents are important not only when you incorporate a company in Singapore, but also availing company benefits like opening a business bank account, tax exemptions, and so on.
Incorporate a company in Singapore
That is how a company incorporation is done in Singapore. As you can see, it is relatively easy. Furthermore, it can be a lot easier if you acquire the company incorporation Singapore services. If you are looking for the easiest and surest way to register your business, contact WLP Group now!