Selecting the Right Business Structure - Kick off your path to Singapore company registration by selecting your business structure. Especially for you, a private limited company may prove an ideal choice, because it has limited liability and is a separate legal entity of its own. It's like a separate legal person which can hold assets and enter contracts.
As a private limited company hub.business, you'll need at least 1 shareholder and no more than 50. Shareholders can be individuals or corporate bodies. Foreign nationals can also be shareholders, though the same laws will apply.
Settling on the best structure now is worth it – you will need to complete some forms, pay some fees and do some work to change structures when the time comes.
A little planning now goes a long way!
Getting Ready the Required Information
Which information is required before filing an application? The proposed company name, nature of business, registered office address, shareholder details, director details, share capital.
You won't be able to incorporate until your company name is approved. How will you know your name isn't already in use or prohibited? Does it clash with another company? Be sure to check now, not on incorporation day.
You will also have to appoint at least one director, who has to be a local resident of Singapore. The director has to be legally qualified and responsible for the statutory duties of the company.
Knowing the Registration Process
Singapore company registration is managed by the Accounting and Corporate Regulatory Authority, known as ACRA. Most of your applications will probably be filed online using the official Bizfile platform.
After your company name is approved, you are ready to file your incorporation documents. It's a fast process if all the information about your company is straightforward.
Once your business is approved, you'll be issued a Unique Entity Number, or UEN. This is a kind of ID number for your business. It's used in transactions with government agencies and other business dealings.
What Happens After Incorporation?
Setting up a company is only the first step. After you have registered a business, your company will have continuing set of responsibilities.
You will be required to keep corporate records up to date. Also, ensure you have accurate accounting information available. Your company may will be required to file annual returns, tax returns, financial statements or other documents by a certain time.
You may also need to register for Goods and Services Tax (GST) if your business qualifies. Furthermore, employer registrations may be applicable if you employ staff.
For foreign business owners, be aware of: local director and immigration requirements. Incorporating a company, you're not guaranteed the right to stay or work in Singapore.
Nailing the Basics
The paperwork may be relatively simple, but even the tiniest oversight can delay the process unnecessarily. A different address, incorrect shareholder details or the wrong category of business activity can all be grounds for sending back your application.
That is why being prepared pays. Use the same business ownership, location, activity, addresses, and identification documents in all submissions. Proper documentation now will make compliance easier down the line.
If you're also thinking about starting a company in Singapore, our mission is clear: establish your company properly, identify what you are liable for, and keep obligations to a minimum from the start. We're on your side for a successful experience!