Before getting started with company registration process, one should have knowledge of the process and what should be put in place. Having information about the company incorporation process, the applicable laws and provisions, business structure to settle for and other important requirements is vital. Such knowledge about the various business structures can help you manage your business well and also enable you to take advantage of the benefits that come with such structures.
Here are the 5 easy steps to be followed when registering a company;
Name Selection for New Company Registration
The first step is to identify the business name that will represent your company in the market. The name of the company that you settle for should be unique, descriptive and one that can stand out in the market for the rest of the business life. There are provisions in the in the Companies Act that are associated with selection of company name. The name that you select should not be similar or nearly resemble a name that already exists.
The structure of the company to be registered for should be settled on. However, it’s important to note that the business structure that you get to settle for influences everything from the taxes, day-to-day operations, and the amount of your personal assets that could be at risk. When considering incorporation of company, ensure that the structure you settle for provides you with the balance of benefits and legal protections.
Here are the different types of company to be considered for registration;
- Limited liability company – this is a separate legal entity which means that the owner is considered as a separate from the owners.
- Private limited company – the company is limited by shares which should not be over 50. The shares of a private limited company cannot be made available to the general public.
- Public company – there are two types, one that’s limited by shares and another is limited by guarantee.
- Sole proprietorship – this is one of the most popular types of entity. It only has one corporate owner who is liable for all the business affairs.
- Partnership – this is where two or more individuals or corporations come together for incorporation of company. The number of partners forming the company should not be over 20.
Directors and other Key Personnel
Once a decision has been made on the company structure, the next step is to appoint some of the key personnel as stipulated in the Companies Act. There should be a local director who is required by law to be a local resident of Singapore. The local or nominee director must be at least above 18 years old and is to be responsible for the day-to-day activities of the company.
Company secretary should be appointed within six months of the incorporation of the company. The company secretary should be a citizen of Singapore and cannot be one of the directors of the company. The auditor should also be appointed within three months of incorporation of company unless the company is exempted from auditing as per Companies Act.
Registered Office Address
While submitting the application for incorporation of company in Singapore; the applicant should also provide a registered business address for the company. This should be a valid physical address where company operations can be undertaken.
It’s a requirement for a registered company to have at least one shareholder and a maximum number of shareholders should be dependent on the business structure. The minimum issued capital must be at least $1.
Working with a reputable corporate service provider such as OneStop Singapore can help in ensuring that the entire process is undertaken efficiently and with high level of accuracy.