How To Register Your Company During Lockdown
The COVID-19 pandemic has adversely affected both existing and new businesses. Many people who wanted to register their companies also faced difficulties during the pandemic.
However, the Accounting and Corporate Regulatory Authority (ACRA) of Singapore has introduced certain measures to make it easy for new entrepreneurs to register their companies during the lockdown.
The purpose of this post is to discuss these measures in the Singapore company registration process so that you are familiar with all of the available resources you can use to register a company.
One of ACRA’s most important steps is that the deadline for conducting the general shareholders meeting and filing annual returns has been extended. Moreover, the process of completing the BizFile online form has been changing to reduce the amount of time it takes for the applicants to complete the form.
Supporting Companies in COVID-19
Authorities like ACRA take all the necessary steps to ensure the companies can function smoothly even during the pandemic. ACRA has moved a lot of its services online, like Singapore company registration.
Moreover, new guidelines are being introduced in terms of the AGMs and filing annual returns so that both existing and new companies are supported in the best way possible. Companies also have the option of hiring the services of accounting firms in Singapore to get help from experts in different matters.
Requirements for Company Registration
You will be eligible to register your company in Singapore when you fulfil the following conditions:
- The company must have at least one shareholder or 50 shareholders at maximum.
- The company must have at least one director who is a resident of Singapore.
- It is the responsibility of the company director(s) to hire a company secretary within six months.
- Every company must have a local address at the time of registration.
- The company name must be approved in the first step of registration.
Singapore Company Registration
The Singapore online company registration is a smooth and efficient process. All you have to do is follow some simple steps to complete the process. You should also keep in mind that you will have to submit a S$15 fee for the company name application and a S$300 fee for the registration of the company with ACRA.
The steps involved in registering your company online in Singapore are:
1. Company Name Approval
Before the registration process, every company in Singapore must make sure that they get their name approved from ACRA. The following conditions are considered in this step:
- The name of your company must not be the same as any other existing business in Singapore.
- The name should be decent and respectable.
- The proposed name should not be reserved for any other business.
Getting approval for your company’s name is an easy and quick process if you follow the rules and regulations set by ACRA. Many applicants get approved within one hour of the application. However, if the name is ambiguous or there is some other issue in it, you will have to wait a few days before getting the approval.
2. Gather Documents for Company Registration
You will need certain documents in the Singapore company registration process. ACRA requires the following documents:
- Company Constitution, which is basically a document that shows the rules and regulations set within the company.
- Signed Consent to Act as a Director.
- Signed Consent to Act as a Company Secretary.
- Details like names and addresses of the shareholders and officers of the company.
You might also be required to produce other documents, depending on the nature of your business. If you face difficulty in gathering such documents, you should consider contacting a professional accounting firm in Singapore to help you out.
3. Registration with ACRA
Once you have prepared and gathered all the required documents, the next step is to register your company officially with ACRA. The entire process can be performed online quickly. In some cases, you will have to contact another government authority for further vetting.
However, if you follow the steps discussed above, you should have no issue registering your company online during the lockdown if you are still facing issues in Singapore company registration.
In a Nutshell
Starting a new business can certainly be an overwhelming process for most people. You can easily get through the Singapore company registration process by going through each step one by one. In this way, you will not miss anything and will get your company registered in a short period of time.
For more information, feel free to get in touch with me.