Company registration Singapore is a crucial first step for entrepreneurs looking to start their businesses in this vibrant city-state. The process of getting your business up and running in Singapore requires several key steps to ensure compliance with the relevant laws and regulations. This article will walk you through the key requirements, helping you to set up your company with confidence.
The first step in the Singapore company registration process is getting your business name approved. This can be done online and should take an hour or less, provided that your proposed business name follows specific ACRA guidelines. Name approval is usually a straightforward process, but it may be more complicated if your business name contains certain words that are regulated, such as “legal”, “school”, or “bank”.
Once you have your company name approved, you will need to complete a set of forms and submit them to ACRA. These forms include your company’s Memorandum and Articles of Association (which have now been merged and renamed as the Company Constitution), details of all the shareholders, and their identification and residential address. You will also need to select your preferred business structure. The most common is a private limited company, which provides separate legal identity from its owners and offers limited liability protection. A limited liability partnership is another popular option, especially for professional services firms.
Most importantly, you will need to appoint a company secretary. While this is not a strict requirement, it is a good idea to engage the services of a professional to minimize any mishaps or fines in the future. Finally, you will need to open a bank account in your company’s name and comply with any other post-registration obligations, such as licensing and permitting, depending on the nature of your business activities. company registration Singapore