If you’re considering starting a business in Singapore, this thorough guide will help you with reading through the entire process of registering your company in Singapore as a sole trader and registering a company in Singapore as a foreign resident or a corporation. Singapore is one of the richest economies in Asia and therefore has a number of requirements that follow for registering any company or operating a business.
A private limited company is an option in Singapore for starting or relocating your enterprise. In Singapore, a limited company is an independent legal entity that ensures the security of the shareholders beyond their capital contribution. Under the Singapore Companies Act, any individual who is 18 years or older can establish a corporation in Singapore. If you wonder How to Register a Company in Singapore? Here is a guide to help you out!
The requirements
Persons who are 18 years old or above must have the same procedures followed in Singapore as set out by the Accounting and Corporate Regulatory Authority (ACRA) upon registering their business in the country.
Choose a suitable company name
The name must be unique and not already registered with the Accounting and Corporate Regulatory Authority (ACRA). You can check the ACRA website to see if the name you’re considering is available. Also, it cannot be offensive or misleading, and it must not be too similar to an existing company name. Once you’ve chosen a name, you’ll need to register it with ACRA. The process is entirely online and takes just a few minutes.
Choose a company type
There are many company types to choose from when registering a company in Singapore. The most common are private limited companies, public companies, and sole proprietorships. Private limited companies are owned by their shareholders, who have limited liability. Public companies are larger than private companies and are listed on the stock exchange. Sole proprietorships are the simplest type of business to set up. They are owned and operated by one person, who has unlimited liability.
Directors and key personnel
There are a few key things that directors and key personnel need to know before starting the registration process. All directors and key personnel must be registered with the Accounting and Corporate Regulatory Authority (ACRA). This can be done through the ACRA website or through a registered filing agent. Once registered, directors and key personnel will receive an ACRA unique entity number (UEN).
Shareholders
Shareholders are the owners of a company and have voting rights at shareholder meetings. The process of registering a company in Singapore is relatively simple and straightforward. However, it is important to note that there are certain requirements that must be met in order for the application to be approved. For example, all companies must have at least one shareholder who is a Singaporean citizen or resident.
Registered Office Address
When you’re filling out an application, you will have to provide an acceptable registered address. This address should be close enough for regular citizens to observe and access; however, it doesn’t have to be the location where the business operates.
Registering a company in Singapore is not as difficult as it may seem. With the proper documentation and a little bit of research, anyone can do it. So, if you’re thinking about starting a business in Singapore, don’t let the registration process stop you.
