Singapore is recognized as a highly urbanized area that attracts many investors to set up a business. It offers various benefits such as stable currency, investment, tax exemption benefits, and a corruption-free environment. Even the government offers several schemes to startups in their initial days. Before register new company Singapore, learn all you need to know!
In Singapore, the Accounting & Corporate Regulatory Authority (ACRA) conducts the process of company registration. Every business owner must fulfil all of its adherence requirements. If you are a foreigner or local business owner, employing an agent for business registration will be beneficial.
Soho is Singapore’s renowned business registration company that provides the precise solution. With their team of experts, they make your significant process straightforward. As we know, foreigners need to attain a Singapore work visa. But with the expertise or knowledge of the agent, you can get an exact solution for your company set up that saves your valuable money or time.
In this blog, you will learn about everything related to company registration!
Types of Business Structure for Company Registration
It’s significant to determine the suitable business structure instead of starting a business in a hurry. ACRA provide the three important types of business structure, which are as follows:
- Private Limited Company (Pte.Ltd.)
- Sole Proprietorship
- Limited Liability Partnership (LLP)
Know the Requirements for Setting-Up a Company in Singapore
If you are a newcomer and want to know where to start. Then this checklist will surely help you!
- You should have an approved company name that is registered under ACRA.
- Require atleast one director who is a citizen of Singapore, permanent resident holder, or EntrePass holder.
- The company hire minimum one shareholder and maximum 50.
- A company should also have a local registered address in Singapore.
- It’s a condition that you have to appoint a company secretary within the 6 months of incorporation.
- The minimum amount for initial paid-up capital should be S$1.
Register New Company in Singapore with Key Steps
We have curated some significant steps to open a company in Singapore. Let’s have a look!
Approval for Company Name by ACRA
We all have a suggested name for the company. Then to set up a company in Singapore, your first step is ACRA must approve your company name. To obtain approval from ACRA, you have to file an application. It would be best if you kept these things in mind to increase the chances of approval:
- The proposed name must be unique, meaningful, and easy to read. Avoid any vulgar and coarse words.
- Free from any copyright issue.
- Suppose your company name includes words like bank, media, finance, educational, etc. Then you should get approval from a higher authority.
Once the company name is approved, it’s reserved for 60 days from the date of application.
Documentation for Setting Up Business
Here is the list of vital documents you need to prepare:
- Registered company name with ACRA
- Summary of your business activities
- Singapore registered company address
- Description of shareholders, directors, or company secretary
- Submit a copy of your passport and overseas address if you are a foreign entrepreneur
- Singapore residents must submit their identification card
- Article and Memorandum associations submit by foreign companies
Application Submitted to ACRA
Last but not least, you need to submit the application to ACRA. After approval of the company name, you can apply for the registration of the company.
Documents will be issued after Company Registration in Singapore
After confirming the company incorporation, ACRA will issue important documents. We have mentioned the list!
Company Incorporation Certificate
ACRA sends an official email to confirm the incorporation of your company. The email includes the registration number, which will be your incorporation certificate in Singapore. The certificate is not issued in a hard copy as it doesn’t require in Singapore. If a company prefers a hard copy, you can make an online request to ACRA.
Business Profile for Company
You can attain a business profile for a company after opening a company in Singapore. The company profile can be downloaded in PDF file format containing relevant company details.
The following particulars that include in the company business profile:
- Name and registration number of company
- Date of registration
- Particular business activities
- Pair-up capital
- Registered address
- Details of shareholders/ directors/ company secretary
- Any previous name of a company (If any)
License and Permit of Business
Many businesses, like restaurants, financial services, educational institutes, etc., need a business license. If you also want to acquire a business license for a recently incorporated business, it depends on the nature of the activities. Obtain one before commencing business activities.
Apply for Goods and Service Tax (GST) Registration
If your company’s annual turnover is more than S$1 million, you must register for GST. You are responsible for collecting 7% GST from your clients.
The company’s official stamp is engraved with the company name and registration number. The company rubber stamp makes the official documents look more professional.
A share certificate is issued to each shareholder by the company secretary. The certificate is proof of shareholding, showing the number of shares issued to the shareholder.
Resolution of First Board
After registration of the company, you need to arrange the first board meeting. They need to pass the resolution to appoint one director for business activities. In their first board meeting, they need to appoint other officials such as auditors, company secretaries etc.
Now, you know starting a business is a straightforward process in Singapore. But sometimes, many issues occur, so you need assistance from experts. Soho is a corporate and Accounting Services Provider in Singapore that empowers several startups. Their expert team will ensure you meet all the requirements and regulations to register a new company in Singapore.
We specialize in setting up your business easy; if you need any help, you can contact us!