January 27, 2022

A Step-by-Step Guide to Company Registration in Singapore

A legitimate company is a successful company. As an aspiring business owner, how can you secure your reputation as a legitimate business and establish trust among your customers and employees? Simple, register your company.

In this guide, let us walk through the process of company registration in Singapore if you are planning to build one in this developed country.

 

 

Everything You Need to Know Before Registering Your Company in Singapore 

• You need to have your company name approved before the registration of your company with ACRA or the Accounting and Corporate Regulatory Authority.
• Appoint at least one resident director for your company. You have the choice to appoint an unlimited number of both resident and non-resident directors, provided that they are at least 18 years old, not bankrupt, and don’t have any charges for malpractice.
• Within six months of your company’s registration in Singapore, you must appoint a qualified resident company secretary. Take note that sole directors and/or shareholders are not authorized to act as the company secretary.
• The company can have a minimum of one shareholder and a maximum of fifty. Shareholders can either be directors or non-directors, which may consist of both local and non-local entities.
• You must at least have S$1 (or its equivalent in any currencies) worth of share capital.

• Your company must have a local and physical address within Singapore, regardless of whether it is residential or commercial.

How to Register Your Company in Singapore 

Step #1: Start with Your Company Name 

You begin your business registration process by having ACRA approve your company name.

Bear in mind that your company name plays a crucial role in your brand’s growth and the customer’s recognition. Good company names remain on the minds of the consumers, while bad ones just go with the wind. That is why it is important to choose your company name strategically.

How to Get ACRA’s Approval

You have to consider several factors and follow the guidelines when choosing a company name. Refer to the list below to increase your chances of getting ACRA’s immediate approval.

1. Your chosen company name should not be identical to any business name in Singapore.
2. Make sure that another company has not reserved the same name.
3. It must be free from copyright issues and trademark infringement.
4. Remember to choose a decent name, vulgar or obscene ones don’t get approval.

For the name approval process, here are other fundamental things you need to take note of:

1. If you follow ACRA’s guidelines, you will get your company name approval in less than an hour.
2. The approval process of company names with regulated business words may take longer than a week. Such terms include finance, bank, media, broker, or legal.The ACRA needs to refer such names to another government entity to seek further approval.
3. After a successful approval process, you can reserve your company name for 120 days. Failure to incorporate that name within the specified period would mean that ACRA will release the name, and another person can reserve it.

Step #2: Prepare the Necessary Documents for Company Registration 

Now that ACRA has approved your company name, the next step is to prepare the documents required by ACRA.

Other than compliance, having the necessary documents protects your business from possible lawsuits and gives assurance to potential investors or business partners. That is why you need to compile every required paperwork before opening your business.

What Are the Documents You Should Submit to ACRA?

1. A company constitution that details how your company operates.

You have the option to adopt Singapore’s standard company constitution, which suits most companies. The terms incorporated in this legal document are also considered to be fair for the parties involved.

2. Signed Consent to Act for both the Directors and Company Secretary.

3. Important information about the shareholders and officers of the company, specifically their identification and residential address

For residents engaging the services of a professional service firm:

Copy of Singapore identity card

For non-residents engaging the services of a professional service firm:

1. Copy of passport
2. Proof of overseas residential address
3. Know-Your-Client (KYC) information (e.g., bank reference letters, personal profiles, and business profiles)

For shareholders of corporate entities:

1. Copy of the Certificate of Incorporation
2. Copy of the Constitution
3. A resolution approved by directors of corporate shareholders to set up the said company

Documents that are not written in English should include an officially endorsed translated version.

Step #3: Register Your Company with ACRA 

Once you already have the documents necessary for company incorporation in Singapore, you can officially register your company with ACRA. The process for the company registration in Singapore can be online, which will take you less than an hour.

However, there are some cases wherein the company registration has to be forwarded to other relevant statutory boards for them to vet or screen the business further. If this happens, the process may take a few weeks. That is why some aspiring business owners seek assistance from company registration consultants to understand the entire company registration procedure.

Can Non-Residents Incorporate a Singapore Company?

Yes, you can still incorporate a company in Singapore even if you are not a resident of the country. However, you need to follow several additional guidelines and remember some points, such as the following:

• The law in Singapore states that non-residents are prohibited from self-registering their company. Hence, non-residents must engage with a professional agency to complete their company registration in Singapore. It would also help to have company registration consultants.
• Should you wish to operate your company physically from within Singapore, you must obtain an Employment Pass or Entrepreneur Pass. These documents allow you to act as your company’s local resident director.
• You can register the company in Singapore and process the work permits without coming to Singapore physically. The only time your physical presence is needed is when you intend to open a bank account at a bank based in Singapore.

Register Your Company Today! 

If you are about to start a business or own a Singapore company, but you haven’t registered the enterprise yet, now is the right time for company registration in Singapore. ContactOne makes the registration process hassle-free for you so that you can focus on other important matters for your business. Our corporate services are immediate and cost-efficient! Contact us on 8666 3633 for company registration and secretarial matters.