Registering a Company in Singapore: A Comprehensive Guide
Singapore has grown to become one of the most attractive destinations for international businesses. With its strong economy, political stability, strategic location, skilled workforce, robust legal framework, and low taxes, it’s no wonder that many entrepreneurs choose to Register company in Singapore. In this article, we will provide a step-by-step guide on how to register a company in Singapore.
Step 1: Choose a Company Name
The first step in registering a company in Singapore is to select a unique and distinctive name. The name should not be offensive, identical to an existing company, or infringe on any trademarks. It is advisable to check the availability of the desired name on the Accounting and Corporate Regulatory Authority (ACRA) website.
Step 2: Determine Company Structure and Shareholders
Next, you need to decide on the structure of your company. The most common options in Singapore are Private Limited (Pte Ltd) for small and medium-sized enterprises and Limited Liability Partnership (LLP) for professional services. Additionally, you must identify the shareholders and their respective ownership percentages.
Step 3: Appoint Directors and Company Secretary
Every company in Singapore must have at least one local director who is a Singapore citizen, permanent resident, or an employment pass holder. The director must be at least 18 years old and should not have any criminal records. It is also mandatory for every company to appoint a qualified company secretary within six months of incorporation.
Step 4: Prepare Required Documents
To register a company in Singapore, you will need the following documents:
1. Memorandum and Articles of Association (MAA): This document outlines the company’s purpose and internal rules.
2. Consent to Act as Director: This form is required for each director and must be signed and dated.
3. Declaration of Compliance: A declaration stating that all the requirements of the Companies Act have been adhered to.
4. Identification and Residential Address: Copies of identification documents, such as passports, and proof of residential addresses for all shareholders and directors.
Step 5: Register with ACRA
Once all the required documents are prepared, you can proceed to submit your application to ACRA. This can be done online through the BizFile+ portal or by engaging the services of a professional firm to assist you with the registration process. The application process typically takes one to two days.
Step 6: Post-Registration Formalities
After your company is successfully registered with ACRA, there are a few post-registration formalities that need to be completed. These include:
1. Opening a corporate bank account: This is important for managing financial transactions.
2. Registering for Goods and Services Tax (GST): Companies with an annual turnover exceeding SGD 1 million must register for GST.
3. Obtaining necessary licenses and permits: Certain industries, such as banking, finance, and healthcare, require special permits or licenses.
Registering a company in Singapore offers numerous benefits, including access to a global marketplace, an attractive tax regime, and a stable business environment. By following the above steps and ensuring compliance with the relevant regulations, you can successfully establish your company in Singapore. Remember to seek professional advice and assistance, as the process can be complex. Good luck with your business venture in Singapore!