What Should I Know Before Registering My Company in Singapore?
If you opt for company registration in Singapore, you must apply to the Company Registrar. In Singapore, Accounting and Corporate Regulating Authority (ACRA) acts in this capacity. Here are a few things you should know before initiating the Singapore company registration process.
Key Facts of Company Registration in Singapore
As a Singapore citizen or Permanent Resident, you can apply on ACRA’s website for your company registration in Singapore. However, as a foreigner, you cannot do so. You need to appoint a registered filing agent or the Singapore company registration services provider for the task.
ACRA charges you S$15 to register your company name. And you have to pay S$300 to register your Singapore company. The fees charged by the registered filing agent differ. These firms also offer discounts on their Singapore company registration packages. However, you need to register your Singapore company only once. There are no renewal costs involved.
When incorporating your new company, you have to provide the information and submit your incorporation and KYC documents to ACRA. It is as follows:
Name of Your Proposed Company
You need to choose a unique name for your company. It should not contain any malicious or derogatory terms. It should also not infringe others’ trademarks or copyrights. Choose a company name that will hint at your main business activity.
Registered Office Address
You need to have a registered physical address for your company office in Singapore. The P.O. Box address is not valid for this purpose. The address is used by various government agencies to send you official mail. You may;
- Choose to rent or buy office space for your use
- Use your home address under the Home Office scheme for the purpose. You will need to take permission from the URA or HDB officials
- Pay for virtual address service
Officers of the Company
To accomplish your company registration in Singapore, you must appoint:
- At least one Local or Resident Director
- At least one qualified company secretary
- At least one auditor (unless exempted)
You need to submit these officials’ names, addresses, nationalities, and dates of birth with ACRA.
You need to set up a proper share structure, shareholding, or share capital for your company. You need to answer questions like, “Will you be the sole owner of 100% shares of your company? Or split the ownership or shareholding with someone else?
Defining share structure is important as the dividend disbursed to the shareholders is in the proportion of their shareholding in the company. Your provider of Singapore company registration services can help you with this task.
You need to submit to ACRA the details of your company shareholders: name, full residential address, types and the number of shares they own.
Register of Registrable Controllers (RORC)
You need to provide the details of Registrable Controllers or beneficial owners in your company. You need to set up RORC within 30 days of registering your company and share details of such an individual with ACRA.
You are a registrable controller if you own more than 25% shares in a company or hold more than 25% voting rights in it or can influence or control its decision making.
You need a constitution for your company at the time of registering it. It is a legal document that is adopted in the place of the Memorandum of Association and Articles of Association (M&AA).
Your Company Constitution defines the rules for the company’s operation. It also defines the scope of its activities, legal name, and the procedures for the interaction of its members and business. It details the rights and privileges of the company, shareholders and officers.
Standard Industry Classification (SIC) Code
Singapore authorities have given a unique SIC code to each trade/industry. You need to provide the appropriate SIC code in the application for your company registration in Singapore to describe the nature of its business.
After the successful Singapore company registration, you will need to take care of a few tasks before starting your business activities. Here is a list:
- Open corporate bank account
- Register for the Corporate Income Tax
- Register for the Goods and Services Tax
- Register for the Central Provident Fund
- Register with Customs Department
- Acquire Business Licenses and Permits
Before appointing an agent for your company registration in Singapore, discuss your needs with their representative. Know their fees and the assistance they will provide you with. You will learn more by checking out their promotional Singapore company registration package. Make sure there are no hidden costs.
SBS Consulting Pte Ltd is a registered filing agent in Singapore. Call us at +65-6536 0036 or email us at firstname.lastname@example.org to discuss your company registration in Singapore with our experts.