Businesses have many considerations when looking to register a company. Whether it’s deciding on a name, where to register, or how to set up your corporate structure, there are many things to consider. This is why you need an expert on your team! You’ll need someone who knows the ins and outs of what’s best for your business and can help guide you through the process.
Successful businesses are built on solid foundations. To get started, here’s a list of everything you’ll need to know when registering a company in Singapore.
Why do you need to register a company in Singapore?
Why do you need to register a company in Singapore? If you want to do business in the country, you’ll have to register. The process of registering a company in Singapore is straightforward. Registering your company helps you comply with Singapore’s laws and regulations. It also helps protect your assets from any debts your company may incur during its lifespan.
Registering a company is necessary for businesses who wish to conduct trade or business in Singapore. The process of registering is primarily governed by the Companies Act (Cap 50), which outlines how companies should be set up, what they can and cannot do, how they must operate, etc. If a business doesn’t want to adhere to the rules set out in this Act, it will not register as a company here.
What is the difference between a limited liability company and a sole proprietorship?
A limited liability company offers the best of both worlds. It gives a business owner complete control over the company while also protecting that person financially.
A sole proprietorship is different from an LLC in that it does not provide you with any protection from liabilities that stem from your assets. In other words, if you get sued for something your business did wrong, as a sole proprietorship owner, you are liable for those damages.
What are the most commonly used business structures in Singapore?
You can use a few different business structures when registering a company in Singapore. The most popular is a private limited company.
Private limited companies have these two characteristics:
- The capital of the company is divided into shares, which are bought by the owner and other investors
- The shareholders form the board of directors, responsible for running the company and appointing its senior executives.
Another popular option is an open public limited company. These companies have all of the following characteristics:
- Shares are offered to the public and are traded on stock exchanges.
- The company’s management team is appointed by a single body known as “the board.”
- Directors must promote long-term interests instead of short-term profits.
There are many reasons you might choose one type of business structure over another. So it’s essential to consider what works best for your business before deciding on your final decision!
How do I find my trade name?
To find the perfect name for your business, you’ll need to do research. There are a few places where you can start looking:
- Google: type in “find a good trade name” and see what pops up
- Company Name Registrar: this website will show you if the trade name is available to register
- The Intellectual Property Office of Singapore: find out if the trade name is available
- Domain names: check whether the domain name is available
How do I submit my application for registration?
The first step to submitting your registration application is to sign up for an account by filling in the “Register Now” form on the Singapore Company Registration website. You will then be asked to provide a company name and submit your details. You will also need to appoint at least one director, specify the company type and provide a list of shareholders who are interested in investing.
There are three main steps you have to follow To have your company registered. These steps simplify the entire registration process. Follow the steps below to have your company registered quickly.
Step 1: get ACRA to approve your company name.
The name you choose for the company has first to be approved before you can proceed to register the company. To ensure that your company name is quickly approved, you should have a name that is unique, easy to read, and meaningful. The name should also be void of any vulgarity. It also helps if the name is void of any copyright and trademark infringement issues. If your company name includes words like Bank, Education, and Finance, it will need authorization from the higher-ups.
Once ACRA approves your company name, they will reserve the name for the next 60 days, within which you have to register your company. You can request an extension if you cannot register your company within this time.
What is ACRA?
We have mentioned ACRA several times in this article, and you may begin to wonder what ACRA is. For those who may not know, ACRA stands for The Accounting and Corporate Regulatory Authority. It is a statutory board that is part of the Ministry of Finance of the Singapore Government. The ACRA regulates business entities, corporate service providers, and public accountants in Singapore, ensuring they meet all State requirements and are duly registered.
Step 2: Prepare the necessary documents for setting up a business in Singapore.
Once you have registered your company name, you can proceed to step two. You will have to provide the following documents as part of the application process:
- Registered Company name
- Brief description of business activities
- The registered address of the company
- Particulars of company secretary
- Particulars of shareholders
- Foreign companies would have to present memorandums and articles of association
- Foreign entrepreneurs would be required to submit a copy of their passport and residential address
- Residents of Singapore will need to include their Singapore identity card as part of the required documents
When registering a company, you may also need to provide the following documentation. If you are unsure which documents to offer, check on the institution’s website for clarification.
- Certificate of Incorporation
- Listing of Directors and Secretaries
- Resolution appointing signatories for resolutions
- List of Shareholders
- Resolution appointing auditor and specification of auditors’ remuneration
- Tax Identification Number (TIN)
- Directors and shareholders
- Accounting system
- Annual return
- The company’s constitution or memorandum of association
Step 3: Submit your application to ACRA
Assuming your documents are in order and your company name is registered, you can submit your application for company registration to ACRA. The office will inform you once the process has been finalized. You will also be issued a document that proves your company has been registered.
How long does it take to register a Singapore Company?
Registering a company in Singapore may take a few hours or a few days. The entire process depends on a few factors. One of those factors is working with a company secretary. The timeframe will depend on how quickly each shareholder and director can have the required documents ready and delivered to the secretary for verification. Such documents include residential address and proof of identification. The process may also delay if ACRA finds that your papers do not check out. You may need to replace them or include documents as per their request.
You’ve done your research and found the perfect business name for your new venture. Now it’s time to get all the paperwork in order.
Registering a company in Singapore is a straightforward process. You’ll need to submit an application for registration, which will be reviewed by the Ministry of Manpower (MOM) and the Accounting and Corporate Regulatory Authority (ACRA). You can choose from several company structures and complete your registration online. Once you have your company set up, you’ll be able to start doing business in Singapore. We hope you find the information in this article helpful.