Opt for a Company Incorporation Singapore, Think Big!

Last modified: March 23, 2016

Opt-for-a-Company-Incorporation-SingaporeSingapore has progressed leaps and bounds over the last couple of decades. It has offered political stability, corruption-free, and safe society to the businesspersons. The Company incorporation Singapore in the form of a private limited company is still a sought after option for them. The prevalent lower tax regime in Singapore continues to attract investors and corporate from all over the world.

Singapore has signed more than 70 double taxation avoidance treaties with other nations, which immensely simplifies cross-border trade for the businesses entities operating under its jurisdiction. Yes, the economic slowdown has affected the market, but, it has not, yet, stopped people from dreaming of being successful and opting for Singapore company incorporation.

Process of Singapore Company Registration

The locals, as well as the foreign entrepreneurs, find the process of Singapore company registration an easy one. It involves only two procedures: a) selecting the name for the company and getting approval for it, and then, b) applying for the registration of new company.

The firms that provide the Singapore incorporation services, as is the practice, assign a competent individual to oversee the process. The process does not require the physical presence of the entrepreneurs, provided they have supplied the firm with all the incorporation documents.

Visit BizFile+ Portal for Your Company Name

ACRA (Accounting and Corporate Regulatory Authority) of Singapore has offered the services of a portal called BizFile+. The owners need to supply, at least, 3-4 names (company names) to the incorporation firm which then can check for their availability by submitting them to the portal. Locals can complete this procedure on their own by paying the required fee and using their Singpass ID to log on the portal.

You must remember that ACRA, the Company Registrar of Singapore, is very strict about maintaining the uniqueness in the names of the companies. It rejects the names that are vulgar or are offending. It reserves the right of rejecting a name on various grounds and the owner needs to start the process again.

Apply to ACRA for the Registration of Your Company

The ACRA intimates the owner or the incorporation firm if it approves the name of the proposed company. After that, it is possible to apply for the registration of the company to the Company Registrar.

The pre-registration requirements that the owners must complete are as follows:

  • At least 1 shareholder
  • Minimum S$1 of paid-up capital
  • At least 1 local nominee director
  • At least 1 company secretary
  • Physical registered address for the company office
  • Memorandum and Articles of Association (M&AA)

Post Registration Activities

ACRA, on granting approval to a company, emails relevant data to the owner or the incorporation firm. The email is valid as the Certificate of Incorporation in Singapore. By paying a small fee, the owners can obtain its hard copy. The owner then needs to get the company seal and stamps made.

The newly incorporated company needs a corporate bank account. The owners’ physical presence in Singapore is required for it. Many of the incorporation firms help their clients in opening corporate bank accounts in the local banks.

There are a few business activities in Singapore that need licenses and permits. The new company, if needed, should apply and acquire these before starting its activities.

A foreign entity wanting to trade in Singapore stands a better chance if it collaborates with a local partner after the company incorporation Singapore. The arrangement works effectively, as it gains ready-made local contacts and an access to an established business network. It also enables the entity in providing better support to its clients.

Leave a Reply

Your email address will not be published. Required fields are marked *