Singapore Company Registration: FAQ and Guide
Singapore company registration is an easy process to incorporate your company in Singapore and start enjoying the many benefits of doing business in the country. However, there are still some important aspects of the registration procedure you must know to ensure you get through it without any hassle.
With some frequently asked questions, this post will clear your doubt about Singapore company registration so that you can complete the process quickly and efficiently.
1. What are the major requirements for Singapore Company Registration?
You need certain documents. Additionally, you must meet the criteria to incorporate a company in Singapore. Following are the major components of these requirements:
a. Shareholding
It is important for a company to have at least one shareholder. If a company exceeds 50 shareholders, it will become a public company in Singapore. The law allows shareholders to be natural persons or corporate entities, along with 100% foreign shareholding.
b. Share Capital
A company has the power to increase its share capital by injecting additional capital, but the minimum share capital to set up a business is S$1.
c. Directors
A company in Singapore can have both a Singapore resident and a foreign resident as the director of the company. However, corporate directors are not allowed, and it is important to have at least one Singapore-resident director.
d. Company Secretary
The law has made it compulsory for companies to hire a qualified company secretary within six months of incorporation. Only a resident of Singapore can act as the company secretary.
e. Name and Address
You must get a unique company name approved before the registration process. Furthermore, every company must have a local registered address in Singapore to keep all of the statutory documents.
2. How can foreigners register a company in Singapore?
Other than the application of the general rule for local residents, foreigners or non-Singapore residents have to consider some important factors before going through the Singapore company registration process.
First of all, it is important that you contact a professional firm to help you register a company to ensure maximum compliance with the law.
Moreover, if a non-resident is planning to move to Singapore, he or she must get an Employment Pass. Foreigners can complete Singapore company registration without visiting Singapore.
3. How do I get my company name approved?
The Accounting and Corporate Regulatory Authority (ACRA) is responsible for the regulation of business entities, public accountants, and service providers in Singapore. ACRA has computerized the company registration, so you can do it online.
The first step in Singapore company registration is getting your company name approved from ACRA. It is a simple and quick online process. If you follow the instructions, you should have no issue getting the approval.
Some important things to keep in mind are that your company name should be unique, and it must not be obscene or vulgar. Similarly, it should not copy any other trademark, or it should not be reserved by any other company.
4. What are the documents required for company registration?
You must submit the following documents to ACRA:
- Company Constitution to provide details about the company terms and conditions. ACRA also provides a standard company constitution that is applicable to the majority of the businesses in Singapore.
- Signed Consent Act as a Director and Company Secretary.
- Address details for every shareholder and officer of the company.
5. Where to submit the documents required for Singapore company registration?
Once you have received the approvals from ACRA and prepared the required documents, you can submit all of them at the registration portal of ACRA. Generally, it is a quick procedure, but if your documents need further vetting by another government agency, then it can take up to a few weeks.
6. How will I know when my company has been successfully registered in Singapore?
After the successful completion of company registration, ACRA will send you an official email for confirmation. The email will consist of the company registration number and an official certificate of incorporation.
Now ACRA does not provide a hard copy of the incorporation certificate for free. Instead, you will have to get it for S$50 per copy after the completion of the registration process.
In a Nutshell
These are some of the most fundamental aspects of Singapore company registration. By following the instructions carefully, you should have no issue getting your company incorporated in Singapore.
Overall, it is a straightforward and quick procedure that you can complete by following the instructions above.
