Registration Guide to Setting Up a Company in Singapore
Setting up a company in Singapore is following a series of paperwork and documentation processes, which can be done seamlessly and rather quickly if you understand every step that you’re going through and what needs to be done. A successfully set up and properly structured company will be a and efficient tax corporate body.
What to Do Before You Register Your Company
Before getting started on the registration process, ensure that you have all the following information listed below ready and prepared:
- Your company name – Check that is available and approved.
- Directors & Shareholders – Your company needs at least a minimum of one resident director. A private limited company can have anywhere from one to 50 shareholders, with the limit being 50.
- Registered address – You must have a local Singapore address that your company is registered to.
- Company secretary – Every company is required to appoint one qualified company secretary within the first six months of its incorporation, per the Singapore Companies Act.
- Engage a professional firm – This is applicable to foreign investors. As Singapore law does now allow foreign investors to self-register a company, they are required to engage the services of a professional firm to help with the registration process.
- Documents you will need – Company name, a brief describing your business and its activities, the shareholder’s and director’s particulars, a registered address, and the company secretary’s particulars.
What Happens During the Registration Procedure?
The registration procedure to set up a company in Singapore is summarised in the following steps:
- Reserve your company name. The proposed name of the company must be approved first and foremost, before any other steps can be taken moving forward. If you don’t have an approved registered name, you won’t be able to proceed any further.
- Register the company. Once the name has been approved and is good to go, you may then proceed to the next step. Getting your company registered. The filing of the request and the approval from the Registrar of Companies can usually be completed within a few hours if all the documents have been prepared and are ready.
- Once that has been completed, the next step would be the Company Registrar sending an official email notification confirming the incorporation of the company. This email will include the company registration number, and will be treated as the official certificate of incorporation.
- Opening a bank account. Once you have successfully registered your company, you would need to then proceed to open a corporate bank account in any of the major banks in Singapore.
- Getting a business license. This depends on the type of activities your company is involved in. If a business license is required, you would need to apply for one before you can commence any business activities.
- Goods and Service Tax (GST). You are required to register for the GST if your company’s projected revenue is going to exceed SGD 1 million.
Read more about Guide to Singapore Company Registration from 3E Accounting Pte Ltd, Singapore.
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