Steps in Setting Up a Company in Singapore
Knowing the steps in Setting Up a Company in Singapore facilitates fast and smooth registration to the ACRA.
The Registration of Business in Singapore is not that hard. You just have to follow some simple steps in order to accomplish it:
List 3 possible names for your business. Write down at least 3 names on a piece of paper before heading to the office of ACRA. Or the easiest way is to simply go to their official website and select their e-Services.
The agency will give you feedback eventually if it’s available or not. If your first choice for a business name is available, you will get a notice of approval. If it’s not, the agency will ask you if you want to use your 2nd or 3rd choice.
In creating possible names for your business, please be reminded of the following:
- Give a name to your business in relation to its nature or kind. If your business is about Milk Tea, you can use InfiniTEA, I heart Milk Tea, etc.
- ACRA rejects offensive names like those vulgar or obscene. So take note of it.
- The name shouldn’t be violating any copyright or trademark. For example, there is already a registered name Hugo Boss in the database of ACRA, you can’t use it anymore. Not only it’s already a registered name but you’re also violating some copyright and trademark issues.
Prepare those necessary papers for Incorporation. These are the necessary papers in order for your company to be registered at ACRA. The incorporation of a company can be done in Singapore in a day but only if you have already the necessary papers just like the following ones:
- A company name approved by ACRA.
- Description of the Nature of the Business.
- The Registered addresses of the business owners and the directors in Singapore.
- The profile of the shareholders, directors, and company secretary.
- If you’re a foreign national, you need to submit a copy of your passport and your address abroad where you reside.
- For foreign companies, additional requirements are required like Memorandum and Articles of Association and a Certificate of Incorporation.
- For local residents, you need to produce a copy of your Singaporean Identity Card.
Submit the application to ACRA. ACRA encourages people to incorporate your business online. But still, you have some hard copies to deal with especially those ones that need a signature. This can be handled by a service provider. This is the last thing to do to follow properly the steps in Setting Up a Company in Singapore
Some Post Activities to do after incorporating your business
After your successful registration to ACRA, you’ll get an email from them with your registration number and the date it was approved. Your business continues but you’re still under the supervision of ACRA and there is still some work to do and papers to be submitted within a year. These are some post activities that your company needs to do and process:
- Process the Certificate of Incorporation
- Create your Business Profile
- Secure Licenses and Permits
- Process your registration for Goods and Service Tax (GST)
- Seal and Stamp Official Documents
- Process Certificates of Shares
- Make a First Board Resolution
Do you need Incorporation Services in Singapore?
If you need further advice about the Setting Up a Company in Singapore, contact 3E Accounting. They are among the most reliable firms for providing Company Incorporation in Singapore.