All About Singapore Company Incorporation

All About Singapore Company Incorporation

The Accounting and Corporate Regulatory Authority has made simpler and plain the formation of incorporated entities in Singapore. However, it is still important to give utmost care to each step in the procedure. All information required from applications for registration and Singapore Company Formation to the relevant licensing body information is found in the ACRA's website. If you do not have the luxury of time to carefully study each registration process and you want to cut back on the complexity of the process, a professional services organization may be hired in order to handle the entire process for you. A list of business types allowed to operate in Singapore are enumerated in the ACRA website but the most common types of business are private company, limited liability partnership and sole proprietorship.

To assist you in the process of Singapore Company Formation and incorporation, below is a quick guide. It is only a checklist and is therefore not a complete and comprehensive list.

The first step requires company name approval by the appropriate governing bodies. Names that closely infringe names of established organizations or brands will be rejected. Usually, it only takes a couple of hours for the name reservation process. However, if the name needs to be referred to a government body for endorsement, the process can take up to two weeks. In case of a rejected name, appeal may be made by submitting an alternative name for approval and this process takes 3-5 days.

Upon approval of company name, you can proceed to complete the registration documents for Singapore Company Formation. Information on BizFile together with other pertinent documentation and approval times and bodies are provided at the ACRA website. The relevant party from the company still needs to sign the pertinent documents for submission even if you have engaged a professional firm to handle the registration process. The individual who will sign the documents may send the same via courier so it is not necessary that he must be in Singapore to sign them. It takes less than a day to two months for the approval period, depending on the company type being registered; and upon approval you can precede to business registration.

For the final step, you need to open a corporate bank account in Singapore in order for you to conduct transactions under the company's name. To open a bank account does not necessarily require each stakeholder to be in the country as the interview can be conducted over the phone. However, if the stakeholder has conducted the interview in Singapore, the bank account set up will be much faster.

There are many other issues to keep in mind despite the relatively easy process of Singapore Company Formation such as directors must be at least 18 years of age. It is also worth remembering that a company need not have a domestic shareholder as it is allowed for foreign entities to own 100% of the shares. When you consider Singapore business formation, always bear in mind to investigate all the information found in the ACRA website or engage a professional service to assist you.

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