Singapore is arguably one of the best places in the world for doing business. But before you start a business, you have to go through incorporation first – the process is fast and easy. Let’s look at Singapore business incorporation steps that you must follow.
To incorporate your company in Singapore, you need at least one shareholder, a minimum paid-up capital of $1, one company secretary, a local/resident director, and a registered address for the company office.
When selecting a name, you should follow a few guidelines. To start with, the name you choose should not be construed as vulgar. If your company will provide medical services, it can only get approval from the governing authority.
For other businesses, you should send the name for approval with ACRA. You can also check whether the name exists by carrying a search online. The approval is subject to a simple guideline: the name should not infringe the trademarks and cannot be identical to existing businesses.
If your company follows the above rules, the process can take less than one hour. Once the name is approved, you can reserve it for up to 120 days. The process requires that you pay $15 using a credit card or bank transfer.
Preparation of registration documents
Your company must have key documents. The Accounting and Regulatory Authority (ACRA) requires a company constitution or the articles of association. You can as well go for a standard constitution that is acceptable for most companies.
Other documents include signed consent to act as director or company secretary and identification of residential address details.
In addition to that, ACRA must follow international AML regulations by conducting Know Your Customer due diligence. This involves verifying proof of address documents and checking the professional background of stakeholders.
Once all the documents are verified, you’ll get an e-certificate of registration. The business profile will be issued by ACRA within a day. Keep in mind that all the information will be available on the online CSP system. At this time, you should prepare the supporting documents for account opening.