Reserving the Company Name
The first thing you must do is get the company name approved from ACRA. It is an easy step but needs a bit of attention. It is advisable to select the name that reflects and delivers a clear picture to the clients. Also, keep in mind not to use vulgar language in the name as it can be rejected. Also, it can delay the application process.
You can follow these guidelines when making the name selection;
- It should be unique
- It should reflect your business idea
- It needs to be different from the existing companies
- It should not oppose the government’s rules and laws
- It should not use any rude language
- If you observe all the rules set by the government, your company name will be approved by ACRA within 60 minutes.
- If your company name contains any regulated business words, your application will be transferred to another name approving approval authorities. This will cause a delay in approval.
- If your company name gets approved, you can reserve it for 4 months. After that period, if it is not used, it will be assigned to someone else on the waiting list.
Preparing the Documents
After the name gets approved, You need to work on the necessary documents. At Soho, our team will ensure that all the documents are correct and signed by the concerned authorities.
Registering the Company
After proving the documents, our team will send an application to the ACRA for the final registration. The online is entirely online and will be completed in one hour approximately. However, in case of any errors in the documents, the process might get delayed.
After your company is registered with ACRA and has fulfilled all the formalities, you can start your business legally. However, there are a few things that will need your attention afterward;
Opening the Bank Account
After the registration and incorporation process is completed, you will be required to open a separate bank account for the company. Not to worry; Soho is here to help you in this too. We will direct you to make the process easy for you at each step.
Getting the Visa
Getting the visa requirement is only for those foreign individuals who want to settle in Singapore. Again, you can take the help of Soho in this aspect too.
Getting the License
If your business needs a license to work, you need to apply for it. Soho will apply for the license and let you know if there are any complications.
Documents Required for the Registration Process
Following are the documents required to register new company Singapore;
- Approved company name document
- Aim or objective of the company
- The registered address of the owner
- Certificate of incorporation
- Details of the company secretary
- Details of the shareholders
- Details of the directors
- Details of the nominee directors
- National identity card of the owner
Requirements for Singapore Company Registration
For registering a company, you will be required to have some shareholders. The shareholders can vary from 1 to 50. You can also have foreign shareholders.
The paid-up capital of S$1 needs to be there to begin the incorporation. In case your capital exceeds, it is entirely normal. No need to be concerned about it at all.
Your company needs to have at least one local director. However, foreign directors are also allowed.
The company secretary needs to be a citizen of Singapore and should be appointed within 180 days of the incorporation process.
The government also requires a local registered address of the company.