Steps to Follow with Incorporation of Company in Singapore
Incorporation of a company in Singapore doesn’t have to be a complex process especially when you engage the services of a reputable firm that offers corporate services such as Onestop Assurance Singapore. Singapore has become a thriving business destination especially for foreigners seeking to extend their business base.
Here are the steps to be followed when registering a company in Singapore;
Company Name Registration
The first step to get started with is to check for availability of the proposed company name. Once the name has been confirmed as available, an application can then be made to Accounting and Corporate Regulatory Authority (ACRA) for approval so that the name can be used for incorporation of company. There are certain guidelines that the names chosen should meet and these include;
- The name chosen should not include a patent name or a trademark.
- The name should not be similar to any other existing business name
- There should be a signed consent to change the name in case it’s found to exist somewhere.
During the company registration process, ACRA will require that they get furnished with the proposed activities of the company being incorporated. Licenses from other government bodies that are proposed before the business begins may also be provided.
Appointment of a local director
It’s a statutory requirement that all of the companies registered in Singapore should have one local director. Working with a reputable corporate service provider in Singapore that offers nominee director services can help with ensuring that a reputable person is engaged for the task. Foreigners considering incorporation of company in Singapore should work with a local director who clearly understands their role and position in the company.
When appointing a nominee director in Singapore, it’s important to note that any person who is above 18 years of age can be appointed.
When considering registration of company in Singapore, the minimum number of shareholders should be one and a maximum of 50. The minimum paid up capital should be S$1 and a person can either become a shareholder by purchasing the company shares or by subscribing for shares. Working with corporate service providers in Singapore such as Onestop Assurance Singapore can be of great help as they are well versed with the process and will be able to carry out the registration process in a very efficient and cost effective way.
Company secretary services
It’s a statutory requirement that every registered company have a company secretary who should also be in charge of ensuring statutory compliance. Working with reputable service providers that offer company secretary services in Singapore can be quite cost-effective and also helps in ensuring that the company gets quality service.
It’s a requirement that the company being registered have a physical company address where various registers that should be maintained by law are kept.
Once all the steps have been observed, the person responsible for the process can then goes ahead and submit the relevant documents and execute the registration process.
Originally published by onestop-audit.com