Top 7 Steps for Company Incorporation and Registration in Singapore

If you are intending to expand your business wings in Asia, which country will be suitable to set up a new business branch or headquarter? If you choose Singapore for new company incorporation or business setup, your decision is right. Singapore is one of the sought after business destinations across the Asia Pacific, where you will find ample opportunities to grow your business and earn revenue for it along with international clients. Nowadays, many small to mid-size businesses in the world are incorporating their new branches and head offices in Singapore. They have recognized several benefits of incorporating a business in Singapore, as the country is full of business growth opportunities, a good commercial environment, impressive infrastructure, supportive government, low tax rates, business security, and more. All these potential reasons make Singapore an ideal destination in the world for global brands and businesses to choose for their business expansion or new business deals with international clients. So, if you also want to take advantage of such things, you should know the rules of incorporation of company Singapore through standard procedure. For this aim, you can consult the leading business service agencies in Singapore. 

Company Incorporation and Registration in Singapore

Here are some significant steps involved in the process of a new company incorporation and business registration in Singapore.

1. Type of Company or Business

When you decide to incorporate a company in Singapore, you should be clear about which type of company or business you are going to set up. In Singapore, you will find diverse options to set up business types such as Sole Proprietorship, Private Limited Company, Public Company, Limited Liability Partnership Company, etc. So, you have to decide which type of company you want to incorporate in Singapore and follow their rules too. Usually, many entrepreneurs do prefer to incorporate a Private Limited Company in Singapore which has quite an easy procedure to follow. To know more about it, you can contact authorized business consultants in Singapore. Moreover, you can take the aid of licensed agencies of company registration services Singapore which will help you set up a new company as per your desired type and ACRA rules. 

2. Select A Professional Company Name

Your next step in the process of company incorporation is to select a company name that should be professional and does not match with names of other organizations in the country. Before you choose the name, you should check for the availability of the company name on the website of ACRA or Accounting and Corporate Regularity Authority. On the website, you may find some unique names for your company that you can choose by paying a fee that will be applicable for 120 days. 

3. Company Director’s Details

In the process of business incorporation, it is essential to verify the details of the company director as well. Make sure, you have appointed a director of the company, who is a Singaporean or has PR of Singapore. Also, the company’s director should be professional and has completed 18 years of age. Do not forget to check the director’s background to that he or she has no criminal record or bankruptcy history. All the details of the director should be genuine to trust him for reliable operations of the business. 

4. Minimal Shared Capital

It is a necessary step that you have a minimum shared capital of S$1 before going to set up a new company in Singapore. So, you need to accumulate enough funds for business registration and incorporation in Singapore. If you have more than the required fund, it is always good for easy setup of the company in the city-state. 

5. Open Company Corporate Bank Account

In Singapore, every company or business has to open its corporate bank account. For this purpose, you need to follow up on all bank account opening process that includes steps like form filling, company documents verification and registration, company policies, business capital details, and more. You need to submit all details to the bank for verification and opening a new corporate account for the company. In Singapore, you can choose local to international bank accounts for your business to make transactions and corporate fund transfers. 

6. Get a Relevant License or Permit

Your process of company incorporation in Singapore is incomplete till you apply for the legal license or permission for the business to operate. If your business lies under a category that requires a legal license or permit, you should not skip to raise this step and follow the necessary rules to acquire a license for the company in Singapore. For instance, if you are in the food and beverage industry, you need to obtain a legal license or permit to run a business from the NEA (National Environment Agency) in Singapore. If you are unaware of the process of getting a license, you should consult the company registration services Singapore agencies too. 

7. Appoint Company Secretary

Do not forget to follow this mandatory step, as you have to appoint a professional company secretary within six months of company incorporation or registration in Singapore. A skilled company secretary is responsible to manage all operational, administration, and legal works of the business. Also, the company secretary may take part in meetings with the board of directors of the company to resolve business issues. Make sure, you have appointed an experienced company secretary who has a good track record to serve the business as per ACRA rules in the country.

Thus, you have to come across all the above relevant steps during the process of incorporation of company Singapore by following genuine rules of the Accounting and Corporate Regularity Authority in the country. 

If you are unable to manage the company incorporation and business registration process to follow on your own, you can better take the services of authorized business registration service agencies in Singapore. 

There are many licensed business registration service agencies operating across the country. They are involved in serving all types of company incorporation and registration procedures and legal steps to take according to ACRA authority in Singapore. Before you apply services of any agency, you should have to check its credentials to ensure its reliability. For this objective, you have to recognize some points as follows:

You should take the services of a licensed and reputed business registration service company in Singapore. Make sure, the agency has a good service track record and a number of satisfied clients too. 

The business registration agency should provide all types of legal and documentation services involved in business incorporation to the registration process as per the ACRA rules in Singapore. 

There should be professionals in-house at the agency who can handle all company incorporation to the registration process of client’s new business in a professional and legal manner. 

The company should be flexible to apply for and obtain a license for the client’s business before incorporation or registration as per need. 

Do good research and compare the company incorporation service agency in Singapore in terms of services, reviews, service records, and fees. 

Check for the scope of personalized works or service options available at the company registration service agency in Singapore. 

Try to avoid dealing with a new or inexperienced business registration agency or professionals in Singapore for any sort of company setup or registration services. 

Finally, you should compare the fees or charges of business incorporation to the registration of a company in Singapore as per industry rules. 

Thus, you should not skip recognizing all the above credentials of business registration service agencies in Singapore to identify their worth to deal with for any sort of company matter. For more details, you should refer to websites of leading corporate companies or business registration service firms in Singapore or consult with experienced business consultants in the country.