Tuesday, May 28, 2024

Incorporating a Business in Singapore: What Documents Are Needed?

There are many people nowadays who choose to launch their companies in Singapore. The reason is that the process of starting a business there is very easy, which is probably why Singapore is known for being one of the best countries in the world for business. There are various reasons that make entrepreneurs want to launch their companies in this country, like its strong economy, low taxes, the well-organized process for new businesses, efficient workforce, political and economic stability, and it also provides a great quality of life. If you think that Singapore is the right place for you and you want to incorporate your business there, then you will need certain documents to make the process fast and legal. Keep reading to learn about these documents to begin the first steps towards your new future.

The Company Name

The first step you should take is to get your company’s name approved by the ACRA. This step is very easy and can be done online, but you have to follow certain guidelines. You have to make sure that the name you choose isn’t similar to any other company name in the country. It also shouldn’t violate any trademarks, be vulgar, or be reserved by any other business. If you want your company’s name to be immediately approved, then you should follow ARCA’s guidelines. When it is approved, it remains reserved for you for 120 days. However, if it isn’t used during this period of time, you will lose it, and it can be reserved by any other business.

The Company’s Registration

Registering your company is the second step that you should take after getting the name approved. However, you will need a few documents first in order to apply for registration. You will need the company’s name, the company’s constitution, the details of share capital, the company’s address in Singapore, and the details and information of directors and shareholders. If you find this information overwhelming and need help to better understand the incorporation process, you can learn about incorporating a company in Singapore here to learn everything about registration and get the help of filing agents certified by ACRA. After you prepare all the required documents, you can register your business with ACRA. Just like with the name, registration is also done online, and it won’t take you more than an hour, maybe less. However, it may take longer if the registration is referred to another government agency. It is essential that all of these documents are in English.

Supporting Documents

There are some supporting documents required for registering your company in Singapore. According to the country’s regulations, a compliance team will need to conduct a KYC investigation and may also ask for more information if they find it necessary. They will ask individual shareholders for a copy of their passports, résumé, and Singapore residents may need to provide a residency card and proof of address. However, there are different documents required from corporate shareholders like a registration certificate, the company’s name, the registration number, address, and the company’s activities.

Directors And Shareholders

Besides documents, there are certain things that you should know so you can be fully prepared before incorporating your business. You should know that one of the directors, at least, should be from Singapore. Additionally, you should make sure that you base the company’s registered office in the country. There are certain criteria that the director should fulfill; they should be over 18 years old, haven’t filed for bankruptcy, and have never been convicted of fraud crimes. Directors and shareholders should also submit some personal information as mentioned above.

The Company’s Registered Office

Just like with the directors, there are certain criteria for the company’s registered office. It should be open for all business days for at least 5 business hours and should be located in Singapore. You have several options to choose from to base your office in; you can rent a space for it, opt for a home office with a license for it, or you can have an online office. Last but not least, you should open a bank account in Singapore, and you can choose either local or international banks.

Singapore is an up-and-coming country for business. Before you make any decisions about launching your business there, you have to prepare all the required documents according to the country’s laws and guidelines. In addition to that, when you file an application, you have to make sure that the information you provide is accurate as ACRA takes false information very seriously. All the steps mentioned here are easy and won’t take much of your time, and are all done online.



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