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Incorporation and Secretary
Incorporation services in Singapore
- “Incorporation” + 1 year of Corporate Secretary services.
- Service Includes government fee for name application, company name reservation, fee for company registration, issuance of constitution and share certificate etc.
Incorporating and creating a company in Singapore is quick, easy, and free of any complications or challenges. Many new start-ups prefer to get registered for the benefits Singapore offers to new companies. However, there are some conditions that you must fulfil to set up new company in Singapore and operate the business here.
Short Business Services offers incorporation service Singapore to both the local and foreign business owners. We help you comply with the rules and set up your corporation without any unnecessary problems. Our services include:
- Registration and approval of the company name
- Incorporation of the company and business, including government fee
- Setting up company business profile
- Share certificates
- Company seal and stamp
- Our package includes incorporation + a year's corporate secretary services.
How To Incorporate A Business In Singapore?
The Accounting & Corporate Regulatory Authority (ACRA) is the governing body and acts as the company registrar in Singapore. It looks after the entire company registration process, and the companies have to follow its guidelines and fulfil all the compliance requirements.
Although the company incorporation process is easy, many fail to fulfil the requirements due to a lack of knowledge and would not know what documents to prepare for the registration. In such a situation, expert incorporation agents and specialists in Singapore can handle the entire company incorporation procedure and register companies on behalf of the owners.
Especially, foreigners cannot set up and register a new company in Singapore without the help of an incorporation service provider in Singapore. They require professional services and need to hire incorporation agents to register their start-up.
Moreover, business owners need to decide the right business entity for their corporation before setting it up in Singapore. As per the business structure, they will have to fulfil the conditions and meet the compliance requirements. Three types of business structures can be registered with the ACRA:
- Sole Proprietorship
- Private Limited Company Pte Ltd.
- Limited Liability Partnership (LLP)
Each one of the business structures mentioned above has its advantages and disadvantages. You need to take your time and identify the entity that will be more suitable for your business needs. Professional incorporation agents can also guide you about the beneficial business structure for your company.
Pre-Requisites For Creating a Company in Singapore
To set up new company in Singapore, you have to fulfil a few key requirements or pre-requisites. Once these requirements are done, the company incorporation process will go smoothly. The firms that provide incorporation service Singapore can guide you about these conditions and facilitate you in completing them.
These requirements are:
Name Of The Company: The first condition for incorporation is to have a name for your company. You have to get the company's name approved by the ACRA before proceeding with the registration process.
Initial Paid-Up Capital: A start-up company must show the initial paid-up capital of at least S$1. The shared capital can increase later on by adding more into it.
Registered Local Singapore Address Of The Company: All the businesses incorporating in Singapore must have a registered local Singapore office address for the registration of the company. This address would indicate a place from where the company's function will operate and where most of the company's documents will be kept.
Appointment Of A Company Secretary: By the laws and regulations of the ACRA, a new company must appoint a company secretary within six months of its incorporation. You can hire an individual secretary for the company or secretarial service providers to take care of the administrational tasks.
Details Of The Directors: In Singapore, corporate directors are not permitted. Both Singapore residents and foreigners can be directors of a new company, but at least one of the directors needs to be a Singapore resident. Singapore residents are those people who are Singapore citizens (locals), anyone who holds an employment pass in Singapore, and the people with a permanent residence in Singapore.
Availability Of Shareholders: For incorporation, a company must have at least one and a maximum of 50 shareholders. A hundred percent of foreign shareholding is also permitted in Singapore. Moreover, these shareholders can be individuals or corporate entities.
Three-Step Process To Set Up New Company In Singapore
Registering a new company in Singapore is online, easy, and quick. You do not have to wait for months to get your company registered in the company. There are a few steps and tasks to be done, which ensure seamless and smooth incorporation. Also, you have to pay the government fee twice, once for the approval of your company name with ACRA and then to get your company registered with ACRA.
Step 1: Get Your Company Name Approved With ACRA
Before starting the registration process, you must get your company name approved by the ACRA. It is a simple, quick, and online procedure, which may take less than an hour if you have followed all the guidelines. You need to keep the following rules in mind to get your company name approved:
- The company name should not be a copy or identical to any other organisation in Singapore.
- Any other company before must not have reserved that name.
- There must not be the use of any crass or vulgar words or phrases in the company name.
- The company name must not infringe any copyrights.
Even though the name approval process is quick, you must keep in consideration that if your company's name has some specific business words, such as law, finance, school, or media, it can be forwarded to another government authority for approval. That can delay the name approval process for a few weeks. Moreover, once the name is approved, you have to incorporate it into your company within 120 days. If you do not, then the name is released, and anyone else can reserve it.
Step 2: Prepare The Necessary Documents For Company Incorporation
After the company name approval, you can start preparing for the company registration and incorporation in Singapore. All the required documents must be ready to submit for company registration. The following documents are necessary:
- Company name approved and registered with the ACRA
- A description of your business and its functions
- Signed consent from the directors and their details
- Details and signed consent of the company secretary
- Identification and particulars of each shareholder of the company
- The complete local registered address of the company office
- Non-local or foreigners must submit a copy of their passport and visa with evidence of their residence
To adhere to the laws of the government, the firm you hire for the incorporation service Singapore may carry out a background inspection. It is significant to verify all the documents and conduct an inquiry to check the details you provided.
Step 3: Register Your Company With ACRA
Once the company name is approved, and all the necessary documents are ready, you can proceed with the registration process of your company in Singapore. The online procedure is quick and less time-consuming. Only when the approval of other government authorities is required, then the process can delay. Once the company is registered in Singapore, you can officially start your business activities and functions.
Looking For Incorporation Services In Singapore
Shorts Business Services is your one-stop solution for corporate and company incorporation service Singapore. When you are creating a company in Singapore, its approval and registration with the authorities are imperative. We assist you in the entire incorporation process to set up new company in Singapore. We ensure compliance with the business statutory in Singapore and complete all the tasks on your behalf. Contact us to register and incorporate your new start-up in Singapore.