Singapore Company Registration: 7 Basic Elements to Consider
Are you all set to become an entrepreneur in the world’s most sought after business destination, Singapore? It is noteworthy that Singapore company registration could be completed only when you put forth a few basic elements. Likewise, a set of stringent laws administers the process and thus, compliance with the regulations is highly essential.
Prior to registration, you ensure that all essential documents and requirements are sorted. Every aspect has to be taken care of. Because the absence of one element may affect the whole process and leads to unwanted consequence, such as delay or rejection of your application. Now, you might be wondering what are those basic elements whose significance in company registration Singapore is so crucial. This blog will explain this aspect in detail.
1 Company Name:
Having a unique and meaningful name for the proposed company is a must for every business. The name has to be approved by ACRA (The Accounting Corporate Regulatory Authority). It is subject to availability with ACRA. You can check whether the company name you have selected is available using the BizFile portal of ACRA. The entire process of company name approval takes only an hour.
2 Directors Details:
You must have at least one local director who is above 18 years age. The director must be a Singapore resident (citizen, permanent resident or holder of an employment pass, entrepreneur pass or dependant’s pass). He/she must not be bankrupted or convicted in any court case.
3 Shareholders Information:
Can foreigners register a company in Singapore? Prior to incorporate a company in Singapore, you are required to have at least one or up to 50 shareholders. An individual or a corporate can be the shareholder of the company. There is no minimal requirement for local shareholders and 100% foreign ownership is allowed.
4 Local Registered Office Address:
Other than a P. O. Box address, you can use any commercial or residential space as the registered office address for your company formation. However, prior permission from respective authorities is needed for using residential spaces.
5 Business Activity:
ACRA has used a code to categorize the business activity of the companies. This code is called as SSIC (Singapore Standard Industrial Classification). You must search the right SSIC code for your business through online search engine made available by ACRA on its website. Get the right SSIC code before incorporating a company Singapore.
6 Share Capital:
This might be perhaps the best part of Singapore business incorporation. By law, the paid-up value of initial share capital is as low as SGD 1.
7 Appointment of Company Secretary:
You will have to appoint a company secretary within six months of incorporation. He/she must be highly qualified and ordinarily resident of Singapore. Ideally, the candidate must have sound knowledge of the Singapore Companies Act.
Soon after having the aforesaid seven basic elements in place, you can kick-start the process of Singapore company setup. In addition to it, make sure that you have met all the required criteria and prepared incorporation paperwork beforehand. ACRA strictly administers the process considering each and every factor minutely. The process may take just 1 to 3 days to complete unless your application needs to be reviewed by any external authority.
You can take the assistance of Singapore company secretary services providers also offering incorporation services, in order to avoid any hassles. More often than not, the process for setting up a company in this land of opportunities is easy, simple and straightforward.