Are you planning to incorporate a business in Singapore? Well, many foreigners plan to open a business in Singapore, but they do not know how to incorporate one. In this case, they need to seek help from reliable agents who will walk them through the process. It is also prudent to research and understand the procedures that are followed and the requirements.
Whether you are relocating your business from abroad to Singapore, opening a new branch, or starting a new business, the process can be overwhelming if you have no idea what to do. Fortunately, you are in the right place. Read on to learn more.
Prepare the Requirements
ACRA (Accounting and Corporate Regulatory Authority) is the institution tasked to register all Singapore businesses. Before the agent starts the process, it is prudent to prepare the necessary paperwork and documentation. Here are the most important:
- Share capital – All businesses that are about to start in Singapore must have a minimum capital of S$1.
- Shareholders – The minimum shareholding is one person or entity while the maximum is 50. You are required to prepare their details.
- Directors – Before attempting to register a business, you must have one local director, while the rest can be foreigners. Again, their details are needed.
- Local secretary – Although this is not an immediate requirement, the business is required to have one within the first six months.
- Company name and address – Choosing a unique name is not only a requirement but it will also be used in the marketing of the business. A local address is also needed to incorporate the business.
Approved agents will guide you on how to go about this, and since they also deal with immigration processes, they will also get you and your employees all of the needed work permits. So, you could try these out as one package for the biggest value.
The Process of Incorporating a Singaporean Business
When the documents are ready, you will need to get the business name approved by ACRA. When the name does not have controversies with other trademarks, it is unique and it does not portray vulgar language, this online procedure will be simple and straightforward. In less than one hour, your company name will get approval.
The next step is doing the paperwork. This is the most sensitive part, but an approved agent will take you through it. Fill out the necessary forms, which will then be submitted electronically by the agent. Here, the business constitution, consents by the secretary and directors, identifications, and registered address are the main documentation that is needed.
If all requirements have been made and the forms are filled appropriately, ACRA will then review and process your business registration. It is also required of you to stay within the guidelines set by Singapore authorities for your business to avoid trouble.
As you can see, the incorporation process requires a professional approach. That is why using approved agents is highly recommended whether you a foreigner or local. However, the state has eliminated any delays if all of the requirements have been met.