Company Incorporation in Singapore: How to Do it Right
Singapore is known for its robust economy and thriving industries. It welcomes local and foreign entrepreneurs and investors to become part of its dynamic growth. Other than the numerous business opportunities in the country, aspiring business owners can also benefit from the quick and easy company incorporation in Singapore. In fact, online incorporation services are available for better convenience.
Here is a step-by-step guide to registering your company in Singapore.
- Step 1 – Choosing an incorporation service provider
Start by finding yourself a registered company singapore incorporation service provider. This is part of the Singaporean government’s requirements for foreigners who want to put up a business in the country. By working with a registered company, you comply with Singapore’s Accounting and Corporate Regulatory Authority (ACRA). Your chosen company registration service should provide you with a Singapore company setup onboarding form you can fill out online.
- Step 2 – Ensuring legitimacy
Services in Singapore are guided by the values of transparency and fairness, so you also have to do your part in making sure things are truthful and legitimate. Complete your onboarding form truthfully and accurately to speed up the process and, most importantly, to avoid any problems down the road. This step is important in protecting your interest as well as the interests of your chosen company registration service provider.
- Step 3 – Choosing a company registration package
Companies offer various service packages designed for the unique needs and requirements of their clients. These packages range from the most basic registration service to comprehensive ones that even include introduction to a local bank manager with referral. Some full service packages can have you legally operate out of Singapore in just a day.
- Step 4 – Reserving your company name
When registering your Singapore company name, make sure you chosen name meets the following standards:
- Unique from any other Singapore company
- Not rude or obscene
- Not infringing on any trademarks
- Not currently reserved by another company
ACRA can approve your company name in less than an hour if it follows these standards. In the case of companies operating in the fields of law, medicine, or accountancy, however, the name approval may take a few weeks. These fields require special licences and ACRA has to check if you are a legitimate practitioner in your field.
Approval means the company name is reserved for you up to 120 days. In case your registration does not push through, the reservation expires after that duration and the name is available to anyone interested.
- Step 5 – Signing documents
For ACRA to approve your company registration, you have to secure and complete the following documents:
- Singapore company registration documents
- Consent to Act form, signed by each of your company directors
- Consent to Act form, signed by your company secretary
- Company constitution (You can either tailor your own constitution or use government-provided template.)
- Proof of address of all officers and shareholders of your company
- Anti-money laundering due diligence, known as “Know Your Customer”
Your company registration service provider should help you complete all these documents. The anti-money laundering document, for instance, will be done by your service provider on your behalf. Once all documents are completed, your service provider should have them approved with ACRA in a day.
- Step 6 – Incorporating your company with ACRA
The final submission of your company registration to ACRA is done online and typically takes no more than an hour.
- Step 7 – Operating your company in Singapore
Once registration is approved, you can start operating your Singapore company legally. There will be follow-up processes such as submission of banking and other supporting documents, but your company registration service provider should help you with that.
Registering your company in Singapore is quick and easy. When you have all pertinent documents prepared in advance and when you choose a reputable company registration service, you can finish all steps in just a day and start operating.