Why Registering a Company Online Now Becomes Easier
Are you looking for business opportunities in Singapore? This is an excellent choice because Singapore ranks 2nd in the world, in the ease of doing business. Singapore is also one of the most advanced financial centers in the world, acting as a headquarters for thousands of global brands.
The ease of doing business starts right at the beginning stage of registration. Foreigners can easily register a company in Singapore, as well as get an employment pass. Singapore has outdone other competitors in Asia with entirely paperless business registration. Company registration is done in 1.5 days if the documentation for registration is right.
Benefits of Online Registration
- Register from anywhere in the world
You don’t have to come to Singapore to register a company. You can submit all the documentation online. Better yet, you can use a company incorporation Singapore service to register your company. This service is offered by a team of professionals who are conversant with the documentation and procedures required to register a company.
Paperless registration translates into lower costs for registration. Paid-up capital is only SGD 1.00 which is very friendly for small businesses.
Online processing has allowed cutting short the duration needed for company registration to 1.5 days. You can start your business operations within a week after landing in Singapore.
Who Can Register a Company in Singapore?
Both Singaporean nationals and foreigners are allowed to register private limited companies in Singapore. Shareholders can be individuals or companies. Singapore is one of the few countries that allow 100% foreign shareholding. However, bankrupt people and those with criminal backgrounds are not allowed to operate businesses in Singapore.
A foreigner who wants to register a company in Singapore should;
- Have at least one director who is a Singapore resident. This could be a Singapore citizen, or a person holding a permanent resident visa, or someone holding an employment pass.
- Hire a filing service for company registration. This is a team of professionals, usually lawyers, accountants, or company secretaries. They are familiar with the documentation and procedures needed to register a company correctly and in a short time.
What Are the Procedures in Company Registration?
Step 1 – Name Approval
Companies in Singapore are registered by the Accounting & Corporate Regulatory Authority (ACRA). You should submit at least 3 names for approval. Guidelines for company names include;
- No vulgar or offensive wording
- The name should not already be in use by another entity or be part of another company’s trademark.
- If the name includes words like bank, media, finance, or educational it shall require further approvals by the bodies regulating these sectors.
ACRA reserves the approved name for 60 days, with a further 60 days extension.
Step 2 – Document Preparation
The required documentation for a private limited company registration includes;
- The name approved by ACRA
- Description of a maximum of 2 intended business activities in Singapore
- The physical address of the company offices. Consultants can operate from a residential address but must show landlord consent.
- Particulars of shareholders. Foreign shareholders are required to supply a copy of their passport and proof of residence in their country. Company shareholders must submit a copy of their Articles of Association and Memorandum of Association.
- Particulars of the Ultimate Beneficial Owners. These are shareholders with more than 25% ownership in any level of shareholding
- Particulars of directors
- Particulars of a data protection officer to comply with the requirements of the Personal Data Protection Act 2012 (PDPA)
- Particulars of the company secretary. This role should be appointed within 6 months of registration. The company secretary can be a filing agent. This is often offered as part of the package in business registration services.
- Paid-up capital. The initial paid-up capital is SGD 1. This can be increased after registration
Singapore has strict anti-money laundering laws, which require Know-Your-Customer guidelines to be followed when registering a company. Individuals must show proof of nationality, proof of residence, and describe their professional or entrepreneurial background. Corporate shareholders must show a Certificate of Incumbency if they are offshore companies registered in places like the Caymans.
Step-3 Submitting the Documents
ACRA maintains an online portal on which the documentation is submitted for registration. The Certificate of Incorporation is generated electronically within 1.5 days. But company registration can take as long as 2 months if further approvals are needed from industry regulators.
Why Use a Business Registration Service?
- Get a full corporate kit – You get a package that helps you start operating as soon as possible. This includes the Certificate of Incorporation, Company stamp, Memorandum and articles of Association, and the minutes of the first board meeting.
- Help in the processing of an employment visa if you want to relocate to Singapore
- Help in opening a corporate bank account
Singapore is one of the most attractive investment destinations in the world. You get world-class financial services, good infrastructure, and a stable business environment. If you are looking for investment opportunities, work with a business registration service for quick company registration.