What You Need To Understand Prior To Singapore Company Registration

By Author: A1 Corp
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Singapore is widely known for its wide open business opportunities that can be grasped by both local Singapore residents and even foreigners from any country in the world. Singapore with its accommodating laws and regulations has made company registration in the country simple as long as the applicants can fulfill the requirements and provide all the necessary documents for the process.

Singapore is arguably one of the best places for profit gaining and business operations for all entrepreneurs in the world. If you wish to register your company in Singapore, here are the things you must be aware of before jumping into the process:

1. Registration Requirements
First thing first, you must be able to fulfill the basic requirements so that your business will be approved as an official entity in the country. Your company must have one to fifty shareholders that are either locals or foreigners. These shareholders must have paid-up capital at a minimum of S$1. Next requirement is that your company must have a local director. This director can be a Singaporean citizen, Singapore permanent resident, or a foreigner ...
... that has been granted with an employment pass and resides in Singapore. A secretary must be appointed for the company within a maximum of six months upon company incorporation. This secretary must be a natural person and a Singapore resident. For the business to be approved, the company must find an address within the country that is physical for the purpose of statutory document keeping. Lastly, the company must have an approved name. The approval of a company name is done by ACRA. Once you have completed all this, then you can proceed to get your company registered.

2. Company Incorporation

Generally, Singapore company incorporation consists of three steps:
- Name approval
- Document preparation
- Company Registration

Fees you are required to pay for this procedure is S$15 for name approval and S$300 for company registration.

Name Approval Application
The approval of the company name is conducted by ACRA. Usually, name approval doesn't take up a long time. But you must be careful not to apply a name that is already existing or has a risk of infringing any trademarks. You especially cannot register a name that contains obscene or vulgar words. It is recommended to avoid including words such as finance, law, legal, or school in your company name if not necessary in order to avoid longer name registration process as the company name that includes those words will have to go a more thorough inspection process. If your company name is approved, then you will be granted 120 days time to incorporate your business. If you can't incorporate your business within the time limit, then your registered name will be released and open for reservation by others.

Documents Preparation
To register your company, there are several documents you will need to provide as required by ACRA, that are:
- Company Constitution
- Signed Consent to Act as A Company Secretary
- Signed Consent to Act as a Director
- Residential address details and IDs of shareholders and company officers
- If the original documents are not in English, then it must be translated prior to sending

Company Registration
Once you have an approved company name and submitted the required documents, you can register your company with ACRA through the internet via a web portal. Just follow the directions that have been provided. The process is easy and doesn't take long, although the time required may vary. Some only take an hour to register, some may take up to a few weeks.

A1 Corp is a one stop company registration and incorporation services provider in Singapore.

For more details, visit A1corp.com.sg - Singapore Company Formation