Forming a business is easier when you have the correct information. If you want to register your business in Singapore, you’ve come to the right place. Singapore is the second-best country worldwide in terms of ease of doing business; therefore, forming a company in this country is relatively straightforward.
This post will take you through Singapore’s business registration process, outlining the required documents, capital, and various business structures. Keep reading to learn more about registering a business in Singapore.
#1 Comply with Singapore’s Business Registration Requirements
The Accounting and Corporate Regulatory Authority (ACRA) is the government body that regulates business registrations in Singapore. The body determines if your company complies with the local rules and procedures and approves it. Suppose you’re uncertain about how to register your business in this country. In that case, you can consider hiring the services of professional business registration companies like A1 Corp. Click a1corp.com.sg to find out about the available offerings.
Here are the main requirements for registering a business in Singapore:
- The company must have a minimum number of one shareholder and a maximum of 50 shareholders – the business can have 100% foreign shareholding if it is a private limited company
- The lowest paid-up capital to form a business is 1 SGD – businesses can inject extra capital as and when required
- Although Singapore and foreign residents can become directors of a Singapore business, at least one director must be a local resident
- Businesses in Singapore must employ a competent company secretary within the first six months of incorporation
- Every new company registered in the county must possess a local address – and it cannot be a PO Box number
#2 Determine the Business Structure and Obtain Supporting Documents
The next step after complying with Singapore’s business registration requirements is determining the company structure. There are different business structures, including private limited companies, sole proprietorships, general partnerships, and limited liability companies, each with its benefits and drawbacks.
In addition, you must decide who the company’s shareholders will be and the percentage of shares they will own. If you create a new venture, you and your partners will be the company’s shareholders. On the other hand, if you’re forming a subsidiary company, the sole shareholder will be your existing foreign or local company.
You also must determine the company’s directors and who will act as the Singapore-resident director.
Singapore business registration requirements stipulate that background and identification information about the directors and shareholders be obtained and verified by the agency incorporating the business.
#3 Receive Approval for your Business Name
Before registering your business in Singapore, ensure you have a unique business name distinct from existing business names in Singapore. Another individual or entity must not have reserved this name as the name can only be reserved by a single person or entity at a time. Furthermore, your business name should not infringe a copyright or trademark you don’t own. Lastly, the name must not contain vulgar or obscene words.
You can consider using ACRA’s business name search feature to determine if your company name is available. Once you select your company name, you’ll submit it electronically through BizFile+ – the government body’s online information retrieval system.
If your business name complies with all the requirements, the name approval process should last a few hours. The applicant must register a business under that name in 120 days if approved. If they fail to register that name in the stipulated period, a different person or entity may reserve it.
#4 Complete the Company Registration Documents
After your business name has been approved, the ACRA requires you to file specific documents to register your company, including
- Company constitution – you can adopt the regular Singapore company constitution that the ACRA recommends.
- Signed consent forms from every company director to fulfill the responsibilities of a director
- Signed consent from the company secretary to fulfill the responsibilities of a company secretary
- Declaration of the company controllers
- Description of company activities
- Address and identification details of every shareholder
- Paid-up capital information
- Business address
#5 Incorporate the Business and Open a Banking Account
After the company documents are ready and signed, you can register your business with Singapore’s company registrar at the Accounting and Corporate Regulatory Authority. The business registration process is done online and often takes less than an hour.
After ACRA approves your company’s registration, they will issue these official documents:
- E-Certificate of incorporation. This e-certificate is a formal electronic document that confirms you’ve registered a business in Singapore. The certificate indicates the company’s name, date of incorporation, and the unique identification number (UEN) – the business registration number.
- Business profile. A business profile indicates the company structure and contains information such as the company’s primary activity, shareholders’ and directors’ details, registered address, and the shareholding structure.
Once you’ve formally registered your business, you can find these official electronic documents on your online portal. You can also begin conducting business under the registered name.
How can I register my business in Singapore? We hope you now have your answer. Forming and registering a company in Singapore is relatively straightforward and can be carried out online in a short period. Comply with Singapore’s company registration requirements, determine your company structure, obtain approval for your business name, and complete the incorporation documents.
Once you complete these steps, you can incorporate your business and start conducting business under the registered name. However, you need to keep in mind several things to complete this process successfully. Use this guide to register your business in Singapore successfully.