Even though commonly defined by its world-class infrastructure and brewing mix of cultures, Singapore is much more than that. The ever-developing country is Asia’s business epicenter and also a global business hub. If you have decided to opt for Singapore company incorporation, you have chosen right!
Thanks to its competitive workforce, strategic location, and forward-looking policies, Singapore is a pro-business environment. Has the surfeit of benefits convinced you to register your company in Singapore? Yes, but not sure how to?
Don’t worry, help is here! In this article, you can explore a detailed step-by-step guide to company registration in Singapore.
Step 1: Appoint a Singapore Company Registration Specialist
As a foreigner, you are required by the Singapore Accounting and Corporate Regulatory Authority (ACRA) to rely on a registered Singapore Company Incorporation (SCI) service provider. So, the first step is to hire a reliable and reputed SCI who can assist you through every step making your company registration a seamless journey.
After your collaboration is finalized, the company registration specialist will provide a company setup onboarding form. You may fill up this form online.
Remember, do not compromise with the quality of the SCI company just to save money. An inexperienced service provider can not only delay your process but may even lead to registration failure.
Step 2: Due Diligence by Singapore Company Registration Specialist
After you submit the completed form to the company registration service provider, they will conduct due diligence and ensure all required details have been provided. It is also under their job scope to check whether all your inputs are legitimate.
They are usually able to wrap up this step in less than 1 hour. This due diligence will not only help increase your chances of approval but also preserve a Company Registration Specialist’s reputation in the market.
Official procedures in Singapore are quite transparent. So, you will be rewarded with speedy approval for filling out the company setup onboarding form accurately and honestly.
Step 3: Select a Company Registration Package That Best Suits Your Requirements
Next is a short yet crucial step – Choosing a package. Your preferred SCI service provider will have several packages, from basic to elaborate full-service options. This means you can choose which areas of your company registration you require the third-party’s assistance.
Of course, full-service packages will demand very little involvement from your side as the SCI company will take care of most of the formalities. For clients who choose an elaborate package, the agency will go the extra mile to even arrange meetings with the local bank manager and provide a great referral.
Again, the right Singapore company registration agency could help you legally conduct business out of Singapore in as little time as one day. Therefore, you might want to select a complete package and let the professionals do their job.
Step 4: Decide a Name for Your Singapore Company
Reserving a unique name for your business is a major step. The Singapore Company Registration agency can help submit your selected company name to ACRA and also follow up on the approval on behalf of you.
To avoid rejections, you must make sure the name adheres to the following criteria:
- It is not already reserved by any other company
- It does not include any obscene or rude words
- It does not violate any copyright law
Usually, ACRA approves the name in 30 minutes if it abides by the aforementioned criteria. However, if your company requires a license such as medicine, accountancy, or law, the process may take up to a few weeks. Once approved, the name will be officially reserved for you for up to four months.
Step 5: Prepare Signed Copies of Required Documents
Next, you need to prepare a few documents and get them signed so that ACRA can approve your Singapore business registration. Of course, it is much easier than it seems – especially when you have a dedicated Singapore Company Registration specialist to help you out.
For your convenience, below is a list of documents required by ACRA for Singapore company registration:
- A Consent to Act form signed by all the directors of the Singapore company
- A Consent to Act form signed by the company secretary
- A Company Constitution following the Singapore Government’s template
- Proof of address for all the company officers and shareholders
- Know Your Customer or KYC
Step 6: Submit Your Request for Singapore Company Incorporation with ACRA
Once everything is ready, you can submit all forms and documents to ACRA. This final submission, which you can complete online, is one of the concluding steps to register your company in Singapore. ACRA will take about 1 hour to assess and approve your submission. Upon incorporation, you will receive a business profile and a Certificate of Incorporation from ACRA.
Step 7: Legally Conduct Business in Singapore
Congratulations! At this point, your business will be a successfully registered Singapore company. The business profile and certificate of incorporation will allow your company to legally operate in Singapore, and enjoy all of the benefits of the country’s business-friendly economy.
As long as you can present all the documents and details required by ACRA for Singapore company registration, reaching this stage is simple, especially if you have the expert guidance of an SCI agency. Your appointed SCI service provider will complete all other follow-up processes such as banking and submission of additional documents.
Conclusion
Without a doubt, company registration in Singapore is rather simple and hassle-free. All you have to do is choose an experienced Singapore company incorporation service provider, and they will take care of all the formalities.
Even though all SCIs are registered, clients may notice a variation in service quality from one service provider to another. If you can select an SCI agency that is willing to go the extra mile for you, you will have a pleasant company registration experience.
All you have to do is fill up a company setup onboarding form and provide supporting documents, and wait for your SCI company to get back to you with news of successful Singapore company registration. As easy as that, you are ready to operate out of the exciting business hub that is Singapore.
Timcole can help you with your Company Registration
Timcole is a professional company incorporation, secretarial and accounting firm based in Singapore. It serves as a one-stop solution for your business and offers affordable fees to lessen your company’s administrative burden.
Check out our full lists of the Company Registration Services here.
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