Learning Tips on How to Incorporate a Company in Singapore That You Need to Know Before You Make an Application.
Are you an aspiring entrepreneur with plans to incorporate a company in Singapore? Now, if you are brace yourself to learning how to go about the process without breaking a sweat. Launching a company may seem tedious on the fact that it involves several steps, but you’ll find out that it’s not as you may think.
The Process of Setting Up a Company in Singapore
The process all begins by searching for an appropriate business name before submitting the name at the Accounting & Corporate Regulatory Authority (ACRA) for approval. The better part is that you can incorporate a company in Singapore online through BizFile an online platform under ACRA portal. You’ll only be required to have a SingPass ID to gain access to the website, and the process only lasts a record 15 minute.
Remember, the process may take a fortnight or two months in case the application requires referral to other agencies for approval purposes.
Now, the moment you have a SingPass ID it easier for you to secure a business license through LicenseOne upon payment of an administration fee of approximately S$20. You may be a foreigner and have plans to incorporate a company in Singapore. If that’s the case, you must first acquire an employment pass which is eligible between one to two years. You can secure the employment pass from the Ministry of Manpower followed by an EntrePass.
A constitution controls a company, and according to Singapore’s Companies Act, you’re required to submit the constitution to the Registrar. In case it’s a Private Company Limited by shares, you’re constrained to the rights to transfer its shares and limited to only 50 members.
When your company has directors, the Company Act requires the proposed constitution endorsed through a consent via online under 4 months from the date of name application and approval time. The business name reservation can only last for
a maximum of 120 days. Upon submission, the company directors alongside other officials to report an alternative address with the Registrar at a nominal fee of S$40.
Afterward, the Registrar assigns you with a system-generated Unique Entity Number (UEN). Your UEN number serves as an identification number that will assist you when transacting with government authorities. As part of the requirement, opening a bank account follows upon completion of registration. All that you’ll need is a copy of a Singapore IC or passport (non-citizen). During this entire process, all submitted copies must be certified factual copies by the notary public.
Now, when your citizen or a permanent resident to incorporate a company in Singapore minimum paid-up capital is at S$1. Besides that, it’s imperative to have the right shareholders agreement to stay out of any inconveniences. Again, your company should have a minimum of one corporate or individual shareholding. According to the Company Act, to incorporate a company in Singapore, the Registrar will issue you with an email confirmation on your company’s incorporation. Each company must have a registered address, and the usage of a residential address is not allowed.
Minimum Paid-in Capital
Now, when your citizen or a permanent resident to incorporate a company in Singapore minimum paid-up capital is at S$1. Besides that, it’s imperative to have the right shareholders agreement to stay out of any inconveniences. Again, your company should have a minimum of one corporate or individual shareholding. According to the Company Act, to incorporate a company in Singapore, the Registrar will issue you with an email confirmation on your company’s incorporation. Each company must have a registered address, and the usage of a residential address is not allowed.
To learn more about setting up a company in Singapore and seek related assistance, please contact us, we will provide you with high-quality services and a professional team.
