Businesses need to comply a set of regulatory requirements in order to incorporate a company in Singapore. Locals and foreign entrepreneurs are recommended to engage the services of a professional firm. Incorporating a company creates separate legal entities to operate a business. This turns a sole proprietorship or general partnership into a formally-recognised company by the state of incorporation. It also offers the advantages of limited liability. Limited liability means shareholders are only liable to the amount they invested in the company. They will not be held accountable for the company’s debts beyond the amount of their contributed share capital.
A private limited company is the most common type of registered business entity in Singapore. It is a tax-efficient corporate body when properly structured. Anyone above the age of 18 can register a company according to the Singapore Companies Act. In addition to the company director, the other minimum requirements are at least one shareholder, one company secretary and a minimum of $1 paid up share capital. A registered office is also required. There also has to be any type of business activity, compiled constitution documents, and SingPass or service provider. The two distinct steps in incorporating company Singapore are the approval of the company name and registration of the company. As the procedure is computer-regulated by ACRA, it is quick and efficient.
Business Registration in Singapore
Services for business registration Singapore based are available to help entrepreneurs set up their company. Foreigners with a new company are not allowed to do self-registration in Singapore. Prior to the registration, certain company information needs to be prepared. These are the approved company name, directors, shareholders, company secretary, paid-up capital, registered address, and taxation. The Accounting and Corporate Regulatory Authority (ACRA), the national regulator for business entities in Singapore, will need the documents for the incorporation of the company. Having them signed by directors and shareholders beforehand is essential for a faster process completion. The registration procedure on Singapore Registrar of Companies is fully-computerised. If there are no delays, incorporation and company name approval may be done on the same day of the application.
After the registration, documents are issued for formalities. An email containing the Company Registration Number will be sent by the Company Registrar. They will also create a business profile for the registered company. This is secured by the business registration Singapore services.