SINGAPORE COMPANY FORMATION

Singapore is a home for business. Its strategic location, pro-business environment, and the available professional workforce in Singapore are parts of the reasons why it remains an ideal place for business.

There are certain steps that you must take if you plan to register a company in Singapore. These steps are necessary to adapt your business to the pro-business environment in this unique country.

Fortunately, the steps that you need to take are quite simple. As you read on, you will come across the complete steps required to register a company in Singapore.

Steps for Registering a Company in Singapore

All the steps that we mention below are very rewarding. If you are wondering why these steps are so important, then it would help if you consider the reasons that follow.

Duly registered companies often stand out among unregistered ones. Registered private limited companies enjoy privileges such as legal protection, a sense of confidence from customers, and several other benefits.

 Step 1- Choose a Registered Company Incorporation Service Provider in Singapore

The Singapore Government want all prospective companies to utilize certified Singapore company registration service providers. These company registration service providers will ensure that your company is in line with ACRA, an essential government agency.

The Singapore company incorporation service that you choose will guide you through the entire incorporation process.

Step 2 - Due Diligence Check

This step is to verify the legitimacy of your new company. The verification will protect your interests and the interests of the company registration service provider you have chosen. One of the major reasons for company registration is transparency, which is why this step is important.

There shouldn’t be any issue with this step as long as you fill the onboarding form accurately and truthfully.

Step 3 - Select a Company Incorporation Package

Usually, Singapore company incorporation services will offer you packages to choose from. It's your decision to choose the kind of package that you want. The available packages may range from basic ones to full-service packages. Ensure you select only the Singapore company incorporation package that suit the kind of company you want to set up.

Step 4 - Reserve Your Company Name

You are free to submit a company name to ACRA through the service provider you have chosen.

Note that you need to ensure the following when registering your company name:

·         Your company name must be unique

·         Your company name should not be rude or obscene

·         Your company name should not infringe on any trademarks

·         You can not choose a name that another company is currently using

If the company name you choose meets all the criteria above, ACRA will approve it within an hour. However, if your Singapore company operates in a field where license is mandatory, it may take a few weeks before ACRA approves the name.

Fields that require a license takes a longer time because ACRA has to verify whether you are a legitimate practitioner in the field you are to register in.

Step 5 - Signing Your Registration Documents

You have reached the stage to prepare the documents below for ACRA to approve your company incorporation. You can sign your registration documents at your service provider office or at a Singapore High Commission.

Here are the necessary documents that require signature:

·         A Consent to Act form already signed by your Singapore company secretary

·         A Consent to Act form already signed by your Singapore company directors

·         A company constitution, which can either be your own or be according to the template from Singapore Government

·         Anti-money laundering due diligence prepared by your service provider

·         Proof of address for shareholders and officers of your Singapore Company

If all your documents are in order, ACRA will approve them within a few days.

Step 6 - Incorporate Your Company with ACRA

This is the last submission stage. You do not have to walk into any office since the submission can be online based. Upon submission to ACRA, you will receive a Certificate of Incorporation. You will also get a business profile from ACRA.

Step 7 - Legally Operate Your Company in Singapore

After you have completed the registration process, you can finally start to operate your business in Singapore. However, you must always remember to do things legally. The essence of the registration is to legalize all your activities, so you must not misalign from the purpose.

One of the exciting parts of company registration in Singapore is that you can complete the entire registration in just one day as long as you have all the needed documents. You should expect a few follow-ups such as banking and others, but rest assured that your Singapore company incorporation provider can offer assistance should you require.

Choose Timcole as Your Singapore Company Incorporation Provider

By now, you must have discovered how easy it is to register a company in Singapore. The process can be easier and faster than what you have read in this article if you choose a reliable company registration service provider.

Timcole (timcole.com.sg) is a reputable incorporation, secretarial and accounting firm in Singapore. With years of experience in the field, it offers a smooth and fast incorporation process for foreign investors and entrepreneurs.