Things You Should Know When Setting Up a Company in Singapore – Registration Guide
Setting up a company in Singapore is following a series of paperwork and documentation processes. Well, you can do it seamlessly and 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 efficient tax corporate body.
What to Do Before You Register Your Company
Before you begin 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 – You need 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 business must appoint one qualified secretary within the first six months of its incorporation. This is as 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 should have to engage the services of a professional firm to help with the registration process.
- Documents you will need – Name, a brief describing your business and its activities, the shareholder’s and director’s particulars, a registered address, and the secretary’s particulars.
What Happens During the Registration Procedure?
Here are the steps of the registration procedure:
- Reserve your company name. The proposed name 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. Register it. The filing of the request and the approval from the Registrar of Companies can usually take within a few hours to complete 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. This email will include the registration number and act 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 business is in. If they require you a business license, you would need to apply for one before you can commence any business activities.
- Goods and Service Tax (GST). You need 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.
For more information and assistance on Registration Guide to Setting Up a Company in Singapore and the licensing types and procedures, contact Corporate Service Provider – 3E Accounting Pte Ltd, Singapore and our panel of experts will be more than happy to assist you with any queries you have.