The city state of Singapore consistently ranks as one of Asia’s top destinations for doing business. With minimum red tape, strong investment and trade opportunities, and a low corporate tax rate, it is an attractive destination for foreign investors and entrepreneurs.
A Singapore company must have at least one resident director, who must be a Singapore citizen, permanent resident, or EntrePass holder. Companies must also have a registered address that is not a PO Box.
Selecting a company name
When you are ready to register a company in Singapore, one of the first things you need to do is choose a name. This step is easy and usually takes less than an hour on the Bizfile portal, provided that the name adheres to ACRA regulations. However, your chosen name may be referred to another government agency for verification if it contains regulated business words such as “lawyer” and “finance.” This will add time to the process.
The next step is to select a suffix. The suffix will determine the type of company you register. For example, a Pte Ltd means you are registering a private limited company, while an LLP indicates that you are registering a limited liability partnership.
Once you have selected a name, you should apply for it through the Bizfile+ portal. If your company name is approved, you will need to prepare a Company Constitution and other critical documents for registration. To make this process easier, consider hiring a registered agent like Mighty Glory. They offer bundled services for Singapore company formation.
Getting a registered address
A registered address is a mandatory requirement for registering a company in Singapore. It is the official business address where all communications and notices from statutory agencies will be addressed to. It is also where the company’s registers and records will be kept. A PO box is not acceptable.
Companies and LLPs must provide their registered address in Singapore while filing with ACRA at the time of incorporation. This address should be accessible to the public for at least three hours during office hours each business day. It must not be the same as the place of business operations.
All foreign companies must have at least one local resident director. This person can be either a Singaporean citizen or permanent resident, or a work permit holder (Employer Pass, S Pass, or Entrepass). They must also appoint a company secretary who will help them prepare and file all the required documents. They must also have at least S$1 in paid-up capital, although this can be increased any time post business registration.
Getting a business license
When establishing your business in Singapore, it is important to understand the country’s licensing requirements. Compliance with these regulations ensures legal legitimacy and fosters consumer trust. It also minimizes the risk of costly fines and business closure.
The first step is submitting your company name to your agent who will log into ACRA’s BizFile+ system to check whether it is available. If the name is available, your agent will register it for you. It will then provide you with a letter of approval and an invoice for $15.
Next, you will need to appoint a company secretary. This person must be a resident of Singapore and should have the knowledge and experience to handle the company’s administrative tasks. It is a good idea to engage a professional company secretary to fulfill this role. You will also need to submit your paid-up capital, which can be increased any time post incorporation. The minimum amount required is S$1. A registered address in Singapore is mandatory.
Getting a company secretary
When it comes to registering a company, Singapore is one of the most business-friendly places in the world. Its strategic geographical location, effective tax system, professional workforce, and eased incorporation process are just a few of the factors that make it an ideal place for foreign entrepreneurs to set up their businesses.
It is a mandatory requirement for companies to appoint a corporate secretary within six months after their Singapore company registration. The corporate secretary must be an ordinary resident in Singapore and cannot be a director or shareholder. This position can be filled by either a Singapore citizen, Permanent Resident, or EntrePass holder.
A good company secretary should have a thorough understanding of the Singapore business laws and regulations. They are expected to be familiar with the required annual filings and keep track of regulatory changes. They should also be able to advise the company on government grants and incentives available. A company secretary who is regularly updated on new schemes and benefits can help the company save money on compliance costs.how to register a company in Singapore
