Guide of How to Incorporate a Company in Singapore
Singapore is among the nations which provide a great environment for running a company. Singapore legislation allows native residents and foreigners to incorporate an enterprise. By doing this, there are present regulations and prerequisites that must be followed. Foreign business owners who wish to incorporate an enterprise must get hold of the assistance of an experienced agency considering that they simply cannot do this by themselves as per Singapore legislation.
When registering private firms in Singapore, the permitted type are private limited company. This type of corporation could just issue fifty shares. Additionally, the liability of shareholders in relation to company deficits is restricted to the amount of their share in the corporation.
Using a completely computerized system, registering a new company is quick and efficient. The same likewise applies when converting a current enterprise to a corporation. In one to two days, it is possible to get an enterprise registered. The procedure to register an enterprise in Singapore comprises these simple steps and prerequisites.
- Be prepared to register a firm. To incorporate a private limited company (Pte Ltd), a firm needs to:
- Have no less than one director and also no less than one shareholder. The two could be the same man
- Have a one of a kind company name which is going to be approved by the registrar
- Have a local address for your office which must not be a PO box.
- Be able to select its Singapore Standard Industry Classification (SSIC) code for right classification of the enterprise
- Not have medisave liabilities or have made payment arrangements.
- Turn in the company name for authorization. A recommendation prior to submitting the application for enterprise name approval is to think of two more possible enterprise names. It is possible that the enterprise name you submit will not be approved. Hence, it is advisable if you have alternate enterprise names straight away thus you do not waste time submitting once again.
This task commonly requires at least an hour or so till you obtain a notice of approval or rejection. There are cases that the approval is extended to days or weeks because of the needed acceptance from all other government authorities. Enterprises like banking institutions, finance, law and press may well experience this case.
- Have the enterprise registered. It's essential that you register your enterprise within sixty days from the time your company name was official.
The registration involves submitting an application and filing of a number of documents such as the Memorandum and Articles of Incorporation. For the registration to proceed, pay to the Singapore Registrar of Companies the registration fee of S$300.
There is another venue where businesses could submit registration applications referred to as the Online Business Licensing Service or OBLS. It is advisable for businesses which need to have additional certifications and licenses to sign up through OBLS. With OBLS, these two-step process is done at one go.
Well done if the Accounting and Corporate Regulatory Authority approves your registration. However keep in mind that certain things that this company still needs to carry out.