0

Step by Step Procedure for Company Registration in Singapore

Singapore is Considered as one of the best Countries in the world, Singapore is among the top countries in the list of Ease of doing Business Rankings published by world bank. It takes around 2-3 days to fully incorporate a company in Singapore, In this article we will talk about the detailed procedure on how to register a company in Singapore Foreign Nationals who wants to register or incorporate a Company in Singapore must engage a Corporate Service Providers who provides Company Registration and Incorporation services, Corporate Service providers are local consultant who are basically authorized by Singapore Company Registry to deal with incorporation procedure, further it is much better to have guiding person with us always who can let us understand and help in legal compliance requirements as mentioned in Company law and regulations of Singapore

Minimum Requirements for Registration a Company in Singapore

  • Name of Company
  • Directors of the Company
  • Shareholding of the Company
  • Share capital of the Company
  • Registered office address of the Company
  • Company Secretary of the Company

Name of the Company

Name approval is the first step for registration of Singapore Company , name approval application is required to be filed online to ACRA. Please make ensure that before applying for new name of Singapore Company you must follow the following guidelines:
  • The name cannot be identical or similar to an existing business in Singapore
  • The name must not be trademark registered for
  • The name cannot be vulgar
  • The name must not be applied by another company and is approved
  • If the Name contains the word like “Legal” “Law” “Broker” or “School” , This is subject to approval from respective regulator and may take time in name approval process.
  • It takes around 1 hour to 1 Day for name approval
  • Name approved is valid for 120 Days from the date of approval

Directors of the Company

Directors of the Company plays the main role in the functioning of the company , following are requirements for Directorship in Singapore Company :
  • Both Foreign Nationals and Singapore Resident can be Director in Singapore Company
  • One Resident Director is mandatory for Singapore Company
  • Corporate cannot be Directors in Singapore Company

Shareholding of the Company

  • Company must have minimum 1 Shareholder
  • Maximum Shareholders can be up to 50
  • Natural Person or Corporate Entities both can be shareholders

Share Capital of the Company

  • Minimum Share Capital is S$1
If Company wants to increase its Share Capital it can do so by injecting additional funds to the capital of the Company

Registered office address of the Company

Every Company is required to have registered office address of the company within Singapore, Company is required to maintain and keep statutory documents at the registered office address of the company.

Company Secretary of the Company

  • Every Company is required to appoint Company Secretary within 6 months from the date of incorporation of Company
  • Company Secretary must be natural person
  • Company Secretary must be resident of Singapore
https://fastlegalformations.com/blog/company-registration/company-registration-by-foreign-nationals/
Place Your Request for Indian Company Registration

Steps for Registration of Company in Singapore

Company Registration is simple , quick and hassle free in Singapore, it will take around 1 to 3 days to incorporate a Company in Singapore, following are the steps required to followed for registration of Singapore Company
  • Choose Corporate Service Provider
  • Documents
  • Due Diligence form
  • Reserve Your Name
  • Signing of Company Registration Documents
  • Application for Incorporation

Choose Corporate Service Provider

First thing that you need to do is to choose Corporate Service Provider who is officially registered company service provider. This will help your new company to comply with Singapore Accounting and corporate regulatory Authority (ACRA), an Agency for Company Registration of Singapore government. The Corporate Service provider will guide you through the complete business incorporation procedure according to your needs. Now you are required to file Singapore Company Registration On boarding form.

Documents required for Incorporation of Singapore Company

For Individual Shareholders

Following Documents are required for each Officer, Shareholder and Beneficial Owner of the proposed company:
  1. Passport copy
  2. NRIC or Residency card , if applicant is Singapore resident
  3. Residential address proof (i.e. a driver’s license, a recent utility bill, rental agreement, etc.)
  4. Brief professional background. Brief Professional Background can be provided in the form of a curriculum vitae (CV), resume or link to the person’s LinkedIn profile or other profile.

For Corporate Shareholders

If the shareholder is a corporate entity, the following documents will be required for the corporate entity:
  1. Certificate of Registration issued by the Registrar of the jurisdiction where the company is registered
  2. Company Extract from the Company Registrar of the jurisdiction where the company is registered that contains the following information:
    • Company’s name, Registration number, and Registered address
    • Paid-up Capital and particulars of all Shareholders and Directors
    • Business activities that the Company is engaged in
  3. Authorized Person Resolution passed by the director(s) of the shareholding company that includes the following:
    • Authorization to hold shares in the proposed Singapore Company
    • Appointment of an Authorised Person to sign the Singapore Company formation documents on behalf of the shareholding company
  4. An ownership structure chart that identifies the Ultimate Beneficial Owners (UBO) of the shareholding company. Identification documents for the key UBOs may be required for KYC due diligence.

Due Diligence Form

Due Diligence are carried out by Company Service Providers for foreign nationals that the proposed promoters of the Company are legitimate and their business activities are in according to laws of Singapore. Due Diligence helps both Promoters and Corporate Service providers from problems arising out in futures and it will be in better interest of both promoters and corporate service providers This helps protect both your interests and the interests of your company registration service provider. While Singapore is one of the most transparent places in the world to do business, it’s important that it’s a level playing field for everyone. It is must that you must file the company on boarding form accurately with correct information so not to face any difficulties while incorporating a company.

Reserve Your Name

Once the above steps are complete you can now proceed for name reservation application , Please note that name reservation should be in accordance with the guidelines as mentioned above.

Signing of Company Registration Documents

Corporate Service provide will send you required documents for singing and you need to get the documents signed asap and sent it to your CSP

Application for Incorporation of Company

Once the Above documents are signed and sent , corporate service provider will file incorporation application

Fastlegal Team

Fastlegal is an Online Legal Professional Services Provider Company providing Company Registration, LLP Registration, Nidhi Company Registration, Trademark Registration, GST Registration and Return Filing Services.

Leave a Reply

Your email address will not be published. Required fields are marked *