Incorporating a company in Singapore is one of the goals of most aspiring entrepreneurs both locals and foreigners. That is because forming a company in Singapore is proven to be very beneficial. The country, in particular, has one of the most stable and resilient economies in the world. The government of Singapore provides many schemes that help start-up businesses survive their first years of operation. Furthermore, the company incorporation Singapore process has been made easy so anyone can apply.
The company formation Singapore registration is open for everyone. If you are thinking of starting a business in Singapore, there are a few things that you need to understand. That is why in this article, we will discuss 5 things you need to know about company incorporation in Singapore.
#1 – Foreigners can’t do the company incorporation Singapore registration on their own
As stated earlier, both local entrepreneurs and foreign entrepreneurs can start a business in Singapore. A company owned by a foreigner will get the same benefits as those owned by a Singaporean citizen. However, when it comes to the company incorporation Singapore process, this is where they have a difference.
A Singaporean can apply for the company formation Singapore registration while a foreigner can’t. That is because to access the BizFile+ portal, you need to have a Singaporean citizenship number. Foreigners don’t have that since they are not a citizen of the said country. However, they can still apply by hiring a company incorporation Singapore agent who will apply on their behalf.
#2 – Every business must a physical Singapore office address
One of the most important companies formation Singapore requirements is having a physical Singapore office address. This needs to be an exact place and not a P.O. box. This is where business documents should be found. Even if the business operates remotely, there should always be an office address. This is where ACRA, the business regulatory body, can send auditors to check up on the company. It is also important that this address is where the key personnel should be found during business hours. Thus, before you start the company incorporation Singapore application, you should search for a place where you can take office.
#3 – You need 1 Singaporean director and 1 corporate secretary
As mentioned in the second point, your key personnel should be found at your Singapore office address. This will lead us to another important company formation Singapore requirement. Every business needs to have one director that is a Singapore citizen. A company can have more than one director but one of them has to be Singaporean to qualify for the business registration. Aside from that, you will also need a corporate secretary. The company secretary has to be a registered accountant and is also a Singaporean resident. Therefore, when you start hiring staff members, do not forget to hire for these positions.
#4 – Selecting the company name is crucial
ACRA is very particular about the company name. In fact, a company name registration is the first step in the company incorporation Singapore process. Every business has to pre-approve its company name before registering its business with ACRA. In registering your business name, you need to make sure that you are not using words that are inappropriate or vulgar. It shouldn’t be identical to any established trademark both locally and internationally.
Furthermore, there are certain terms used in business names that should be approved by other authoritative organizations. For example, all banks and financial institutions should get their company names approved by the Monetary Authority of Singapore. Thus, make sure to think of your company name wisely before you register.
#5 – Company formation Singapore registration is easy
The company formation Singapore registration process is relatively easy. It is done online through the BizFile+ portal. Payment for the registration fees is also done online. It only takes at least an hour to get approved for your company incorporation Singapore registration. This is as long as no issues are found in your application or you don’t need to go through any additional verification processes. Once more, hiring a company incorporation Singapore service provider can make this process a lot easier. Needless to say, once you have prepared all your requirements, you can easily register your company in Singapore.
Let us help you start a company in Singapore
Before you incorporate your company in Singapore, it is important that you research what you need to do. What are the company formation Singapore requirements? How long should it take before you register your company? What are the specific qualifications for the company director and secretary? If you need help in setting up your company in Singapore, we, at WLP Group, are here for you. Visit our website and talk to us for company incorporation Singapore registration is done.