For individuals who plan to set up a company in Singapore, they should prepare all the legal documents and requirements stipulated by ACRA. It is not an easy task to set up a business. Below are some steps that will guide interested individuals on how to set up a company in Singapore.
Business Registration in Singapore: Initial Steps
Appoint a Director to the Company
Appointing a director is the first step. The minimum age of the person you appoint as a director has to be 18 years or above. You are allowed to appoint yourself as the director of the company.
The maximum number of shareholders you are allowed to appoint in your respective business is 50.
Appoint a Company Secretary
You are required to appoint a company secretary within six months of incorporation. If you fail to carry out this task, you can concede a hefty fine. It is not permissible to appoint yourself as the company’s secretary.
You are required to pay a minimum of S$1 for your company’s registration.
Local Registered Address
You have to provide a local physical address to register your business in Singapore.
After you have completed the pre-registration steps, completion of required documents should be ready before you start the final steps of your business registration in Singapore.
List of Required Documents
- The name of your company
- A small description of all activities related to your business
- Particulars of the shareholders
- Particulars of the directors
- A registered address in Singapore
- Particulars of your Company’s Secretary
- The company’s chain of command
- Last day of your company’s proposed financial year-end
Final Steps to Register Your Company
Choose the Name and Address of Your Company
You are required to first fill out an application with ACRA that will approve the name of your company. Before this, a small search on BizFile will be carried out to check if another business is registered under the same name. Think of a unique name for your company that does not infringe on any trademark. This will assists in speeding up the process. It will take a maximum of 60 days to receive approval of the name of your company.
A document of the company’s constitution needs to be submitted to ACRA. It must include the structure, shareholder relations, the governance of the company, and other managerial regulations. This is a very crucial document for the formation of your business and is an important one for professional lawyers.
Register via BizFile
After you have completed all the steps above, you can continue by filling out other details. You will pay for a registration fee of S$315, and within 15 minutes after you have made the desired payment, the registration is complete.
A few documents will be issued by ACRA that will confirm the registration and formation of your company. Here is a list of those documents:
- Certificate Of Incorporation
- Company Business Profile
- Business license and permits
- Service Tax registration
All the steps above will guide you on how to set up your company in Singapore. You are advised to go through them to avoid any chances of submitting a wrong document that could cause your company to get disapproved or your registration approval delayed.