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Process of Company Registration in Singapore

Process of Company Registration in Singapore

The process of Company Registration in Singapore can be summarized in a very simplified process but before we move forward there are things that are to be kept in mind which can be termed as Essentials of Registration. They are as follows:

  • ACRA approved Company Name
  • Minimum Paid-Up Capital ($1 & Above)
  • Local Resident as Director
  • Local Registered Office Address in Singapore
  • ACRA approved Hiring Agent / Company Secretary
  • Authorized Shareholders (Min.1 to 50)

The main aspect is to climb the 4-step staircase to Successfully Register Your Company in Singapore.

There are 4 simple steps to follow:

Let’s Discuss this in Detail.

1: ACRA Approval of Company Name:  To start registering a new company the applicant needs to first get it approved by ACRA. The official website for it is BizFile+, a web portal maintained by ACRA. The name of the company should Free of any copyright issue or should not clash with companies with similar names. It should not infringe on any trademark.

2: Preparation of Documentation:  It is mandatory to follow the International AML Regulations which is required by ACRA. The authorized Agent must conduct a Due-Diligence & a Know Your Customer (KYC), along with that the following documents must be submitted.

  • Company name registered with ACRA
  • Details of Registered Company Address
  • Details of Directors
  • Details of Shareholders
  • Details of Company Secretary
  • Brief description of business activities
  • Singapore Residents must submit a copy of their Singaporean Identity Card
  • Foreign Companies must submit Memorandum & Articles of Associations
  • Foreign Entrepreneurs must submit a copy of their passport and residential address proof (overseas address)

3: Submission of Application to ACRA: Once the company name is approved, you can apply for the company registration. It should not take much time to accomplish the process, assuming documents are in order. To register your Singapore company online visit https://www.ascgroup.in/international_desk/singapore/

4: Obtaining Certificates, Licenses & Permits The following are the mandatory documents Post Company name registration and are required for the Registration of a Company.

  • Certificate of Incorporation
  • Company Profile
  • GST Registration
  • Company Stamp
  • Share Certificates
  • Filing of Annual Returns
  • Annual General Meetings / Extraordinary General Meetings & Board Resolutions
  • Proper maintenance of Accounts
  • Acquiring other Licenses or Permits (if required)
  • Compliance for Singapore Companies

Once, your company has been successfully registered there are Mandatory Tasks Post Registration which has to be done to start your business activities. These are as follows:

  • Opening a Corporate Bank Account
  • Applying for Business Licenses (If required)
  • Applying for a Suitable Visa (In case of Foreign Company Personnel)
  • Following Compliances of ACRA Singapore

Remember, even after you have your company registered and incorporated and are successfully starting your business Post -Registration steps are equally important & sometimes it may get difficult to follow them.  That’s where we come in, at ASC Consulting we would take care of your taxation & Compliance which are to be followed by the companies as mandated by ACRA in order to conduct your business smoothly and thoroughly without any hiccups.

 

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Seethalakshmi

Really thanks for the sharing such an informative article regarding process of company registration and company formation in Singapore.


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