Registration of new companies in Singapore is a mandatory legal process. The Accounting and Corporate Regulating Authority is the body that is in charge of the registration. So if you are planning to register a company in this state, there are different entities you can choose.
- Private limited company
- Sole proprietorship
- Limited liability partnership
- Limited partnership
For now, we will take you through the process of registering a private limited company, which is the most popular in Singapore. The state has stringent measures that must be followed to succeed.
Assess Whether You Qualify:
The private limited company is the ideal business setup in Singapore, though others still exist. But before you go this direction, it is important to know whether you qualify for it. You must assess the goals of the business and how you need to operate it. Most importantly, understand whether it will meet the minimum requirements as per this category. A qualified company incorporation agent can help in a situation like this one.
Preparing the Requirements:
Every category of company setup has minimum requirements. For a private limited company, here is all that you need to prepare:
- The company name – Some of the biggest brands have a wisely chosen name. Likewise, you must choose a name that will contribute to the growth of the business. It is better to have a couple of business names in mind just in case another business has a similar name.
- Shareholders agreement and pattern – As part of the process, the authority will ask for a written agreement. It keeps problems at bay in the future and solves any that may arise. On the same note, you will also have to provide a document showing the shareholding pattern. This is simply the number of share capital contributions by each shareholder. Remember that the minimum share capital is one SGD 1 for the entire company.
- Director’s details – According to agents from Visa Express, a company which deals with company incorporation, at least one director is needed for this business setup. The person must be a citizen of Singapore, hold a work permit, or be a permanent resident.
- Memorandum of association and business profile – To avoid future conflicts in engagements and operations, it is important to have the MoU showing the nature of operations the business will be doing. Furthermore, the business profile will further show the nature of the business it will be doing. Your agent will guide you on how to do this.
- Opening a bank account – It is logical for a business to have a company bank account with any functional and well-established bank in Singapore. Apart from secure handling of transactions, it may come in handy in the future for financial aid like loans.
- Company seal and stamp – Any company will not be complete without these two. They show legitimacy, authenticity, and genuineness of operations.
The first thing to know is that a company must employ relevant employees to operate well. First, a Singapore Limited Liability Company needs to have a secretary within the first few months. Other employees can be employed as per need or have the work outsourced to the right experts. For better tax compliance, it is better to deal with an accountant who understands the procedures in Singapore.
With all of these procedures in place, the authorities will not have a problem giving you the certificate of incorporation.