An Easy Guide For Company Registration In Singapore

In the rankings of business operating companies, Singapore happens to be one of the best countries to successfully run a business, ranking fourth on the list coming after Thailand, Malaysia and China. Registration of companies in Singapore has proven to be one of the quickest and easiest things to do. This article contains seven easy steps on how to register a Singapore company within a few days.

Seven Easy Steps For A Successful Company Registration

Step 1 – Choosing A Registered Singapore Company Incorporation Service Provider

It is required of all new companies planning to get an accreditation in Singapore to use an officially registered Singapore company registration service provider. The reason being that it enables your new company to abide with the Singapore Accounting and Corporate Regulatory Authority (ACRA). The Singapore company registration service of your choice should have a Singapore company registration form that can be accessed and completed online. The chosen Singapore Company Registration Service will be a guide to make the registration process very easy and quick.

Step 2 – Singapore Company Registration Service Due Diligence

Due diligence, are some steps or surveys carried to check the legitimacy of your company. Once you have provided them with your details, these surveys are carried out. The due diligence helps to protect both the interest of your company registration service provider, as well as your personal interest. This step solemnly depends on the legitimacy of your company and as long as the forms are filled out truthfully and accurately, there wouldn’t be any issues in this stage.

Step 3 – Choosing A Prefered Singapore Company Registration Package

Since no two companies can have the same capital and agenda, most of the Singapore Company Registration Service have packages that can be picked from. The packages range from basic, to the full service package. These packages were put in place to help companies secure a company incorporation service package based on the level of funding of the individual companies. A major advantage of choosing a suitable and reputable Singapore Company Registration Service provider is that your company stands a very strong stance of operating out of Singapore in just a matter of a few days.

Step 4 – Reserve Your Singapore Company Name

Another advantage of the Singapore Company Registration Service Provider is that it serves as a channel that allows for the submission of your company name to the Singapore Accounting and Corporate Regulatory Authority (ACRA).

While registering your Singapore company names, few points should be put into consideration.

Firstly, your company must be completely different from the names in the Singapore Company database. Secondly, the company name should not be rude or offensive. Thirdly, the name of the company cannot break the terms of agreement and lastly, the name of your company should not be used currently by another company. If all these criteria are met, ACRA would approve your company name in under an hour but there is a slight exception to this point. The exception being that if your company is operating in a field that requires a license, then the approval of your company name might be delayed because the ACRA has to be sure that you are a practitioner under that particular field. The approval and the reservation of your company name last for 120 days after which, the company name would be released to anyone who wants it after.

Step 5 – Signing Of The Company Registration Documents

A Singapore regulatory body popularly known as Singapore Accounting and Corporate Regulatory Authority (ACRA) expects each company to have the following companies in order for them to approve your company registration. As usual, your Singapore Company registration service provider will guide you through the process. 

Documents Required For Singapore Company Registration

The list below contains the documents expected by ACRA from the individual companies – 

1. A Consent form that grants your company permissions to act or function that is signed by each of your Singapore company Directors
2. A Consent form that grants your company permission to act and function and it is expected to be signed by your Singapore company secretary
3. A Company Constitution. Your company has to have an already made company constitution if not, you can make use of the available template provided. 
4. The company has to provide Proof of address for all officers and shareholders of your Singapore Company
5. Know Your Customer is a due diligence that has to be done by your preferred service provider. It is an Anti-money laundering due diligence. 

If all these documents stated above are present, the ACRA in conjunction with your Singapore company registration provider, would approve of your company names within a few days.

Step 6 – Incorporation of Your Company With ACRA

To incorporate in this context means to make the company into a legal corporation and in this case only the ACRA can grant this permission. This whole process is completed online and it doesn’t take time for it to be completed. This stage involves the final submission of your registration to ACRA.

Step 7 – Legal Operation of Your Company

This is the last step of the company registration. Following a successful registration, you’ll be able to operate legally in Singapore. The entire Singapore company registration process can just take one day if all the right details and documents are available at your disposal; otherwise, it might take a while before completion.

Summary on Singapore Company Registration

The register of your Singapore Company is as simple as the seven steps stated above. The process is clearly stated above and if followed orderly, the registration shouldn’t take more than one day.

Conclusion

Going through the steps above, you can see that it is a really quick and simple process to carry out a Singapore company registration. The key to a successful registration is to pick the right Singapore company registration service provider and as stated above, the type of service provider you choose depends on the package the company chooses. Although all of these service providers are officially registered with the Singapore Government, you still have to employ the services of your service provider depending on the package of your choice.

In picking a Singapore company service provider, ensure that you pick service providers that would work endlessly and tirelessly for the success of your registration, and watch how easy your registration and operation would be and in no time, your business could become one of the most productive businesses in the world. It all depends on the legitimacy and truthfulness of your company.