The registration of a business entity is one of the most important steps in setting up a company. There are numerous advantages to incorporating your Singapore-based business, including the ease of raising capital and ownership transferability.
The process of forming a Singapore-based company is very straightforward, and it is possible to incorporate your company within an hour. However, you must ensure that you have all the necessary documents to complete the process. You can also hire a corporate services provider to help you incorporate your business in Singapore.
A company’s constitution (Memorandum and Articles of Association) is a vital part of the incorporation process. It sets out the rules and regulations that govern your company’s operations and procedures. It also specifies the purpose of the company and the rights and responsibilities of its members.
While it can be a challenging task to understand the intricate legal issues that go into drafting your company’s constitution, a good professional service can help you prepare and submit this documentation. They will be able to provide you with the best guidance on what your company’s incorporation articles should contain, and help you navigate the tricky parts of the legal landscape.
For foreign companies, registering a subsidiary in Singapore is a useful way to expand into the Asian market. It offers a number of benefits, such as tax deductions and exemptions, while limiting the liability of the parent company.
Generally speaking, you will need at least one person to be resident in Singapore (either a Singapore citizen or a Singapore Permanent Resident). This person will serve as the director of your company, and will be responsible for overseeing your day-to-day operations and ensuring compliance with all local regulations.
In addition to a director, your company will need a registered address in Singapore Read this – Singapore Incorporation which is the official premises where your business will be based. This is a requirement of ACRA, and must be submitted in conjunction with the application for incorporation.
When you submit the application, you will need to choose a name for your company that best reflects your business’s nature and activities. Your proposed name should be approved by ACRA, and you must incorporate your company within 120 days of this approval.
ACRA will then send you an e-mail notification containing the details of your company’s registration. Alternatively, you can request a hard copy of your company’s Certificate of Incorporation from ACRA for S$50.
After a company has been successfully incorporated, you will need to file for corporate taxes with the Singapore Revenue Authority. Typically, this takes place by the 30th of November for hard copies and 15th of December for e-filing.
Depending on the type of company you’re forming, there are different rules and regulations that apply. Some of these requirements include:
Naming Requirements
The Singapore government requires all businesses to have a unique company name that is easily identifiable and cannot be confused with any other registered business. This must be submitted to ACRA for approval before the company can incorporate in Singapore.