So you are looking forward to setting up a company in Singapore, but do you know how you should do it? In this guide, we provide you with a checklist and explanations on how to go about it. Let’s get started.
Phase 1: Do this before moving to register
Before you start the application process, you shall have to plan and put all the information you need together. These tips shall help you do it, right?
- Settle on a name
The following guideline can help you in organizing, planning, and information collection for your company application. You should utilize it to coordinate your activities before you apply.
- Are you going to use a professional firm or undertake the whole process alone?
For the case of foreign individuals or companies, they have to hire the services of a professional agency. For locals, you are allowed to do it on your own or still hire a firm. However, registration of a company in Singapore involves rigorous legal processes; therefore, considering a professional firm shall make your work easier.
- Decide on possible names for your proposed company
To choose the correct name, you should understand that:
- Your company’s posed name should be unique; that is, it should not resemble any existing company name. To know this, use a name search tool.
- The name should be void of vulgar, abusive, or offensive words as per the Singapore government views.
- Certain names are reserved by the Singapore government, which should give consent in case you need to use them. Such words are a bank, University, education, insurance, and so forth.
- For one year after registration, the Singapore Company Registrar reserves the right to ask you to change your company name under circumstances that someone files a valid dispute that such a name resembles or can be confused for their earlier registered name.
- Settle on the main business activities you’re going to undertake
The Singapore government, as per the Singapore Standard Industrial Classification code, allows you to list two main businesses that your company is involved in. In case you plan on having more than two activities, then you should identify the two main businesses that garner the most revenue.
- Do you meet the licensing requirements
Some businesses have to be licensed for legal operation. Ensure you meet the set conditions for licensing of the business your proposed company is to be involved in.
- Settle on shareholding and the initial nominal capital
To set up your company, an initial nominal capital of $1 – $100 is needed. You are required to deposit this amount right after your company is registered.
For the part of shareholding, it is a requirement that you have at least one individual or company as a shareholder. Ensure that you decide on shareholding in your company, that is, the initial shareholders and the stake they shall have in your proposed company.
- Choose your company director(s)
You need to decide on who shall be your company director(s) as provided by the government of Singapore. It is a requirement that your company shall have at least one director, you can have more if as you decide. However, it is a requirement that one of your directors should be a local Singaporean.
- Settle on your company secretary
It is a government-p that your secretary should be a person who resides in Singapore and understands Singapore company laws. A professional firm shall provide a secretary who meets all these requirements for you.
- Now go provision registered address
You now have chosen these companies’ legal registered address, which shall be where your secretary is. This address is what accompanies all company’s statutory books shall stay, communication from and to the government shall also be done through this dress.
If you hired a professional firm to set up a company for you, they should prepare such an address for you as part of the whole service.
- Prepare for your company’s constitution
Your company’s constitution is a legal document that lays down a procedure in which your company shall be operating in all aspects. The Singaporean registrar has a sample constitution ready for cooperation shall be needed if you need some editing which can again be done by a firm.
Phase 2: Move to register your company
The registration of your company is an important part of the setup. Setup the above requisite needs are met by either you or your chosen firm; it shall take less than a day to rea register your proposed company as below:
- Place an application for your company name
In Singapore, you need to reserve your proposed company name before registration through the application. Once you follow our name search guide given earlier in this article, the reservation should be successful in less than 20 minutes.
After it is reserved, your company name shall be preserved for 60 days awaiting registration.
- Next, apply for registration to set up a company in Singapore
Accurately fill the details needed in the company registration application form. Ensure that you fill all the information accurately to avoid inconveniences if you choose to hire a professional company registration firm, it shall endure that you get all the information right.
Once you fill and correctly submit this form, your proposed company shall now be incorporated within a few minutes. In case your company belongs to the special categories mentioned earlier, your company registration process shall take longer due to the need for additional approvals.
Phase 3: What do after registration to set up a company in Singapore
Immediately after registration, you shall need to:
- Purchase company seal which is a requirement
- Open up a bank account for your company
- Give your shareholder(s) certificates
- Put in place your company statutory books
- Submit an application for a license, that if it is necessary for the type of business your company shall be involved in.
- Get your business insurance to avoid losing
- Register for the goods and services task if needed for your business
- Put in place your company’s payroll and bookkeeping system
You are now all set, you just successfully set up your company in Singapore.
Final wordThe above guide on how to set up a company in Singapore shall help both resident and non-resident individuals and companies start a new business swiftly. Get down and brainstorm on the parts that need your effort. However, if you find any part that challenges you, we strongly advise that you go for professional help. You can also decide to trust the whole process in a corporate firm, though it is better when you understand the entire set up process to ensure that things are done right. Success is what we finally wish you in your new business. Check this out on how to setup company in Singapore.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
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