Starting a business in Singapore might sound easy, but you need to undergo many processes to achieve your goal. Having enough understanding of the field, you wish to enter, and things required to get a license to operate is highly essential. Many people face hassles in finding the checklist, which needs to fulfill to do company registration in Singapore. By keeping those people in mind, this article has been designed. Read the article until the end to know the checklist of the Singapore company incorporation.
Singapore company registration checklist
Take a glance at the essential requirements of the company registration in Singapore. As soon as you decided to start a company, you should ensure the things accessible in the checklist done correctly. It helps you to make your business operate in the ground easily and quickly.
- Name approval
ACRA (Accounting and Corporate Regulatory Authority) is the registrar of the company, which gives you permission for company incorporation. All the companies in Singapore should be registered with ACRA and accept by the Companies Act. The ACRA should approve the proposed name of your company in Singapore before incorporation.
Your company should have at least one resident director and have no limits on foreign directors or additional local directors. Remember that the directors should be above 18years of age.
The company should incorporate a minimum of one shareholder and a maximum of 50shareholders. The shareholder and director of the business can be the same or different person, which is according to your business norms. The shareholder can be a corporate body or an individual. The Singapore business act allows 100% foreign shareholding.
- Company secretary Singapore
You should appoint the company secretary within the six months of your company, incorporation. The secretary should be a natural person who resides in Singapore, not the corporate body. The shareholder or sole director cannot act as the secretary.
- Registered address
Keep in mind that the company you are going to operate in Singapore should have a local registered address. It is not allowed to have P.O Box address. Having the Singapore registered address is the vital aspect to fulfill to get the approval of your company registration.
- Paid-up company capital
To register the company, you should have a minimum of $1 paid-up capital. There is no need for authorized capital, which can be in any currency and tangible or intangible asset.
- Documents needed for incorporation
You should have documents such as passport copies of the directors and proposed shareholders along with the residential address proof. In case, the shareholder is the corporate entity submit the information of the parent company.
- Get business license/permit
According to the type of business you wish to start up, you require the business license to operate. For applying for a business permit, you have to fill up the application form and attach the needed documents. Sometimes, you are required to pay some fee based on the specific type of license you need because the complexities involved different from one license to another. You can visit this site to find out more, https://www.companyregistrationinsingapore.com.sg