Singapore has one of the best and most straightforward company registration procedures in the world. Maybe the relatively straightforward process is one of the reasons why entrepreneurs all over the world has the nation first in mind when thinking of expanding their trade. The meticulous implementation of rules and policies is for the benefit of both the businesses and the government so they can keep the legitimacy of the trade industry in the country.
If you are planning on incorporating your business in the country, there are a number of steps you must follow. The first is to get authorization for your company's name from the Accounting and Corporate Regulatory Authority (ACRA). There are three circumstances when ACRA can reject your chosen name, namely if it is undesirable, identical to another existing company name, or has name or trademark much like established names. Otherwise, it will only take two to three hours for the authorization of the name unless it needs additional review from external authorities or if the ACRA finds any other objections to the selected name.
After the name permission, you can now organize incorporation files and register the business within the same day if the documents already have the the signature of the directors and shareholders. You need one resident director and one shareholder to sign the papers. For the resident director, he or she should hold a citizenship or a permanent residency, or an Employment or EntrePass or Dependent Pass.
You would need to hire a secretary who has a chief place of residence in Singapore within six months of registering your company. If you are a local resident, you have a choice of whether or not to employ a professional corporate services business to help you with the process. But if you are a foreign entrepreneur, it is a prerequisite to hire a corporate services company to act on your behalf.
The minimum paid-up capital requisite of registering a company is only $1. After successfully registering your company, you can open bank accounts up to two weeks after. Unless there are objections to the proposed name or if ACRA requests additional details about your directors and shareholders, you can successfully complete the process in one to two days.
If you are planning on incorporating your business in the country, there are a number of steps you must follow. The first is to get authorization for your company's name from the Accounting and Corporate Regulatory Authority (ACRA). There are three circumstances when ACRA can reject your chosen name, namely if it is undesirable, identical to another existing company name, or has name or trademark much like established names. Otherwise, it will only take two to three hours for the authorization of the name unless it needs additional review from external authorities or if the ACRA finds any other objections to the selected name.
After the name permission, you can now organize incorporation files and register the business within the same day if the documents already have the the signature of the directors and shareholders. You need one resident director and one shareholder to sign the papers. For the resident director, he or she should hold a citizenship or a permanent residency, or an Employment or EntrePass or Dependent Pass.
You would need to hire a secretary who has a chief place of residence in Singapore within six months of registering your company. If you are a local resident, you have a choice of whether or not to employ a professional corporate services business to help you with the process. But if you are a foreign entrepreneur, it is a prerequisite to hire a corporate services company to act on your behalf.
The minimum paid-up capital requisite of registering a company is only $1. After successfully registering your company, you can open bank accounts up to two weeks after. Unless there are objections to the proposed name or if ACRA requests additional details about your directors and shareholders, you can successfully complete the process in one to two days.
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