Singapore is famous across the world as a major center of economic activity. It is frequently seen as a gateway for companies looking to position themselves for future expansion into other ASEAN cities. A business in Singapore has many benefits, including a politically stable environment, accommodating immigration laws, and a cutting-edge technical environment.
The most popular method to register a new or relocated business in Singapore or to start a business there is to form a private limited liability company. A limited company protects shareholders from debts greater than their invested money. This method of Singapore company formation or Singapore company registration offers the most effective tax structure for a Singapore firm.
The application submission procedure is handled by ACRA, as previously stated. You can stay in your home country while operating a business in Singapore, legally setting up a branch or subsidiary, and employing locals. In this situation, you may appoint a nominee director. The nominee’s nationality must be Singaporean.
To operate a business while relocating to Singapore, you will need an EntrePass, which your registration service provider can procure. Your company proposal plan and other supporting materials, such as a copy of your passport, must be submitted. Your service provider will begin registering your business on ACRA once they have received all the necessary paperwork.
Through ACRA’s internet platform, which is fully automated and computerized, Singapore companies are formed. So both native Singaporeans and foreigners can enjoy it without any hassles. It is the sequential procedure that takes place between creating your business plan and the intent to incorporate your company in Singapore.
Let’s go through the other steps and formalities required for company registration:
- If you are from somewhere other than Singapore and want to start or expand your business there, look for a business registration service provider whose packages match your needs.
- Discuss your company objectives and proposals as the registrant moves on with their client verification. Every service provider must perform KYC verification of their new clients based on their verification documents per ACRA requirements. A complete background check is done on the list of stakeholders and essential individuals to confirm the validity of the profile.
- Get ACRA to authorize the name you’ve picked for your company. It is the first stage of the registration process for Singaporeans. The name approval procedure can be accelerated and completed in less than an hour by complying with ACRA’s naming requirements.
- You will need to begin the hiring process for directors and a company secretary, with a Singaporean director being a requirement. While incorporating, information about the crucial individuals is also provided.
- The organization’s business operations, objectives, and goals must be identified. This exercise ensures you complete the incorporation form correctly by selecting the appropriate SSIC code.
- Gather additional supporting documents before filling out and signing the incorporation documents. The following section lists the paperwork requirements for each form of company. All paperwork must be in English or be translated into English.
Once the officials have thoroughly examined the necessary paperwork, the registration process is complete, and the certificate of incorporation will be given to you. A uen number Singapore will be automatic as part of the standard incorporation process. In rare instances, the verification procedure has been passed to another government body for additional processing.