Singapore Company Registration: A Seamless Way to Incorporate

Needless to say, Singapore is one of the most preferred business destinations in Southeast Asia by entrepreneurs from all across the globe. As a matter of fact, the island country is well endowed with all the necessary factors which make the business ecosystem of the nation versatile. A lucrative market, wide options of investments, pro-business policies, world-class infrastructure and talented workforce, are to name a few. As a result, the demand for Singapore company registration among global aspirant is on the rise.

If you are planning a new company registration, Singapore would be the best bet. It would be a great idea to appoint an experienced Singapore incorporation services provider to handle the task. This island country is deemed to be the gateway to Southeast Asian market. You would get access to many emerging and established markets through this smart move of company incorporation. Surprisingly, the process of company registration Singapore is easy and simple. The prospect of growth and development in business is high in this economy.

The benefits of registering a company in Singapore are manifold. The important perk is the progressive tax regime which comes with low tax rates, incentives, schemes, and benefits. Strong IP protection, Government’s funding assistance, strategic position (easy accessibility from all parts of the world), highly skilled labors are the other advantages.

Singapore Company Registration: What is the Process?

The process of company registration has to be done with the authority called ACRA (Accounting & Corporate Regulatory Authority). It is governed by the Singapore Companies Act, Cap 50. The applicant must follow the rules and regulations of the authority strictly so that he can experience smooth and seamless registration process. You just need to take two steps of incorporation — 1) Company Name Reservation and 2) Company Registration (filing of application form). Both of the steps are fully computerized. Thereby, the process is fast, convenient and reliable.

Let us leaf through the both process to further know about its ins and outs:

1.Company Name Reservation: The first step of company name reservation has to be done before filing the application form with ACRA. Ideally, one must select two to three company names of his choice and ask your incorporation services provider to check their availability. Please note that the approval of the company name is subject to availability with ACRA. You could avoid the possible refusal of the authority when you have provided two-three names during the application process.

It takes very less time in getting the name approved given the name does not require approval from the external authority. Once the name is approved, it would be reserved for 60 days; you can incorporate the company within this period. If in any case the process of company registration gets delayed, you may appeal for extending the reservation period of the name to another 60 days.

2. Company Registration: The second and final step of Singapore company registration is the filing of application form along with necessary documents with ACRA. You must furnish a set of necessary documents as per the requirements of the authority. Upon the successful filing of the application, you will receive an email from ACRA notifying the competition of incorporation process. The mail will include the soft copy of the certificate of incorporation and registration number (UEN) of your company. Since the complete process is online, there is no scope for red tape activities.

Set up Company in Singapore: What are the Minimum Requirements?

The authority i.e. ACRA has laid down a set of minimum requirements for applicants wishing to set up a company in Singapore. Following are requirements which you must fulfill before filing the application.

1. Directors: There must be one resident director who is ordinarily resident in Singapore (Citizen, PR or holder of Employment Pass). The minimum age of the director must be 18 years. He must not have any record of unlawful act or bankruptcy.
2. Shareholders: The number of shareholders must be ranged between 1 to 50. Both individual and corporate can act as the shareholder. 100% foreign or local shareholding is allowed.
3. Initial Paid-up Capital: You can incorporate a company in Singapore with an amount as less as S$1. It is the minimum paid up value required for incorporation.
4. Registered Office Address: You must have a locally registered office address, be it residential or commercial. However, the address of P.O. Box is not accepted. For residential address, you may require taking prior permission from the concerned authority.
5. Company Secretary: Every Singapore-incorporate company must appoint a qualified company secretary within six months of incorporation.

You, especially if you are a foreigner, should hire a third-party firm to accomplish the process of Singapore company registration. Although it is an easy and simple procedure than the registration process in many other jurisdictions, the expert assistance and advice are always recommended to avoid the hassles of documentation and statutory regulations.

Contact us:
SBS Consulting Pte. Ltd.
Visit: https://www.sbsgroup.com.sg
Phone:+65–6536 0036:
Email: info@sbsgroup.com.sg