Entrepreneurship in Singapore is very promising. The country is renowned for efficiency, global connectivity, and business friendliness. However, before you get to business, you will have to undergo the due process of registering your company.
Not to worry, as it is not as daunting as it sounds. And here is the step-by-step guide that breaks it all down for you.
Select Your Business Structure
The first step for company incorporation in Singapore is to choose the form of business you desire. A majority of the entrepreneurs choose a Private Limited Company (Pte Ltd), which provides these benefits:
· Limits your personal liability
· Provides tax benefits
· Provide a professional image.
There are also sole proprietorships and partnerships, but they do not provide liability protection. A Pte Ltd is the solution to most serious ventures.
Choose and Hold Your Company Name
Your company name is not only a tag. It is a kind of brand. Approval of Business Names is carried out by the Accounting and Corporate Regulatory Authority (ACRA).
Ensure that the name you choose is:
· Unique
· Devoid of abusive words
· It does not violate the trademarks.
After you have been approved, your name is locked down (reserved) for the next 120 days as you finalize registration.
Fulfill the Minimum Requirements
Prior to setting up your business, you must ensure that you are compliant with the incorporation requirements of Singapore:
· A minimum of 1 shareholder (may be an individual or a company)
· 1 local resident director (Singapore citizen, PR, or other specified pass holders)
· 1 company secretary (to be appointed within 6 months after incorporation)
· Local address (physical point of presence within Singapore, not a P.O. box)
· Minimum share capital of SGD $1.
Gather the Needed Documents
There are a number of documents you will require with ACRA:
· Company constitution (previously known as the Memorandum & Articles of Association)
· Information about shareholders and directors
· Proof of registered address
· All officer identification documents.
Another condition you might have to meet if you are a foreign entrepreneur is a nominee director and a registered filing agent.
List Your Company With ACRA
ACRA has a digital portal known as BizFile+, where you may register your company online. Most often, it is approved in less than a day. But if your application requires clearance by another governmental body, it may take more time.
As soon as it is accepted, you will get an Incorporation Certificate via email, and that is the official confirmation that your company really exists.
Open Up a Corporate Bank Account
Now that you are incorporated, you will want to open a corporate bank account. This makes it easy to divide personal and business finances, meaning both accounting and compliance will be much easier.
Closing Remarks
It is simple to incorporate your business in Singapore, provided you are ready. Using these steps, it is possible to move an idea to a fully incorporated business within a matter of days. That said, working with a compliance consulting expert can make the process even smoother.