Singapore is a hub of international markets where different kinds of businesses flourish at their own pace with the support and coordination of the Singaporean government. The entry in Singapore is possible on the basis of employment pass or entrepreneur pass only to those who have potential to work here or set up a big enterprise to expand their business globally. The entry in Singapore can be made with an entrepreneur pass and register your company with ACRA with the detailed information of the company. The Singaporean government is highly supportive in creating a friendly environment for those who have aspirations to establish their own business on the land of Singapore. Let’s move into details and study step by step guide for Singapore Company Registration.
- Choose the right company structure: Before going for its registration, it is important to decide the structure of the company. The structure is divided into various categories and according to the size of the investment and your requirement, it is important to select the right structure of your company. It is significant to mention whether you want to choose sole proprietor or partnership, LP, LLP or company as the structure of your company.
- Selecting a unique name for your company for registration: Select the unique and relevant name for your company as naming the company is not only significant but defines its real identity also. While going for registration, the name of the company is very important as the process of registration can only be carried out when the name of the company is mentioned. ACRA declines the registration of the company if the name is already registered by some other MNCs.
- Documents required for the registration: ACRA is a significant authority in Singapore which gives approval to the companies which have been established by the foreign entrepreneurs. The company name is approved by ACRA as it keeps the record of all the MNCs and does not permit to keep the same name if the company of that name already exists. The brief description about the business pursuits, the details of the nominee director who will be the resident director, the details of the shareholders and a local registered address for the company in Singapore are required for the registration.
- Certificate provided by the authority: once all the details of the company are filed, the process of registration undergoes the detailed verification and the authentication of the documents is done. Within one working day, the authorized signatory sends the email regarding the certification of your company. It includes the company registration number and is treated as the official certificate of incorporation in Singapore.
- Opening a corporate bank account: This is another important step for the registration process. All the registered company files the GST return for which opening of a corporate bank account is significant to carry out all the transactions and deals to grow your business. The bank demands all the required documents related to the company and the signatories to the account.
After the registration is being done, the company is being registered with complete documentation for converting to Private Limited Company. Mostly incorporated companies in Singapore are private companies as per the laws and regulations of ACRA.