When you want to start your own business there are many things that you have to consider so that your resources won’t be wasted. One of the things that you have to consider when starting a business is the location or spot. Today, Singapore is one of the best locations for business transactions. That is because it offers a business-friendly environment that allows small and big companies to conduct business hassle-free.
These policies include the business registration Singapore procedures. They implement a relatively easy set of processes so that one can incorporate companies in Singapore easily. That is the reason why even if the Singaporean economy is already crowded, a handful more businesses want to incorporate companies in Singapore. Interested in starting your own company in Singapore? here are three things that you have to note.
Requirements when you register a company in Singapore
Name
During the business registration Singapore procedure you have to pick a name for your company. Before you fully incorporate a company in Singapore, The Singaporean government requires you to have a name that is not taken. The company name should also be appropriate and not contain vulgar words. Your company name should be related to the goods and services that you are offering so that it can help you market your products.
Director
It is also legally mandated that all companies have at least one director so that they can incorporate companies in Singapore successfully. One company is required to have at least one director that is a Singaporean resident. After this, the company can have as many Singaporean and non-Singaporean directors. During business registration, Singapore’s process of appointing directors must be done.
Secretary
Singapore also requires hiring a company secretary so that you can continue to incorporate the company in Singapore. A secretary should be of legal age and has the right qualifications so that they can fulfill the important roles of this job. Singapore allows hiring a company secretary before, during, or within 6 months after the business registration Singapore process.
Address
A company address is also required so that your business registration Singapore application will be approved. The company address can either be residential or commercial but not a PO box. This is where all statutory documents will be kept and filed. It is also required for the company addressed to be open for at least six consecutive hours during official working hours.
Shareholding
When you want to incorporate a company in Singapore it is required that you have at least one and a maximum of 50 shareholders to be approved. Shareholders can be individual or corporate entities that want to buy shares in your company. However, Singaporean policies do not allow foreign shareholding to have 100% control of Singaporean companies.
Basic steps when you register a business in Singapore
The first step during the business registration Singapore process is to have your company name approved by ACRA. This can be done through the online platform that the Singaporean government provides. It is a must that the company name should be unique to your company and must be appropriate. Even if your proposed company name is unique the Singaporean government reserves the right to reject it if it has inappropriate words.
Once the company name is already approved, the owner can now prepare the necessary documents to continue the business registration Singapore process. One of the things that you should prepare is the company constitution it serves as the backbone of the business operations.
ACRA requires the list of directors and shareholders too. A document that states in detail the information of the directors and shareholders must be accomplished by the company secretary. You should also submit a document that contains the percentage of shares of your shareholders.
Reminders when you register a business in Singapore
Singapore may implement relatively easier steps during the business registration. The legality of all business entities can be maintained by observing each step strictly. Aside from the documents above you must also prepare supporting documents such as valid identification cards and bank statements. Yous should also double-check the requirements and steps before you incorporate the company in Singapore so that no resources and time would be wasted. Preparing these documents and other requirements beforehand can ensure a smooth experience when during the business registration Singapore application.
Need help?
You can also hire a helping hand to make sure that you are doing things right. WLP Group Singapore is a trusted third-party firm that can take care of things such as this. Visit our website today to know more about what we can do for you.
