Registering a Company in Singapore

Starting up a business in Singapore is quite inviting to plenty of entrepreneurs due to the positive system and economic conditions. Any local resident and foreign national can register an enterprise in Singapore(click here for more) so long as they are at the least 18 years old and abide by the requirements for businesses. Foreign business owners who would like to register an enterprise must obtain the help of a competent firm since they cannot carry this out by themselves as per Singapore regulation.

In Singapore, private firms are incorporated as private limited companies. Companies in this classification are restricted to issuing as much as 50 shares. It offers shareholders the advantage, however, of restricted liability. They're responsible only for the corporation's financial debt up to the extent of the price of their share.

With a totally computerised system, incorporating a new business is fast and efficient. The same also applies whenever converting an existing enterprise to a corporation. In one or two days, it's possible to have an enterprise incorporated. Now, what is the process to incorporate an enterprise in Singapore?  The following shares the fundamental procedure.

1. Be aware of the qualification requirements.

It is necessary for a firm to have these before incorporating a private limited company or simply Pte Ltd:

• Have got one or more directors and one or more shareholders. It is compulsory for the director to be a Singapore citizen, Permanent Resident or an Employment Pass Holder
• Have a one of a kind company name which will be approved by the registrar
• Have a local office address to conduct enterprise operations. It should never be a PO box.
• Find out its  SSIC (Singapore Standard Industry Classification) code for categorising the company
• Have the sum to spend on processing fees.
  

2. Get an approved company name well before incorporating the company.

When you file your application for company name, you may want to have 2 other company names in mind. If your first chosen business name isn't approved, you have other options prepared for submission.

It merely takes one hour right up until you will be aware if your submission was approved or rejected. Nevertheless, it might take some more time, possibly several days or weeks, to obtain a company name approval when some other government authorities have to say yes to it. Businesses for example banking companies, finance, law and mass media may well experience this situation.

3. The next step is incorporating your firm.

You should register your business in sixty days of your company name approval.

Prepare the Memorandum and Articles of Incorporation of your firm and submit them with the incorporation application. Subsequently pay the S$300 registration fee to the Singapore Registrar of Companies.

For incorporating an enterprise, another way is through OBLS or Online Business Licensing Service. This is advantageous for businesses, for example private universities, childcare facilities and video firms, which need other certifications and licenses. The incorporation and application for such certifications and licenses are done at one go through OBLS.

Right after the Accounting and Corporate Regulatory Authority approves your incorporation, there are other matters you should do. Check out the regulations for firms available at www.enterpriseone.gov.sg