Choosing the Right Business Structure - Kick off your journey to Singapore company registration by deciding on your business structure. For most new business owners, a private limited company can be an ideal choice, due to the fact that it has limited liability and is a separate legal entity of its own. It's like a separate legal person able to hold assets and enter into contracts.
As a private limited company read this, you'll need at least 1 shareholder and up to 50. Shareholders can be individuals or corporate bodies. Foreigners can also be shareholders, but, of course, the same laws will apply.
Settling on the best structure now is worth it – be prepared to do some forms, pay some fees and do some work to change structures when the time comes.
It's better to plan a little now!
Preparing the Required Information
What information will you need before filing an application? Proposed company name, nature of business, registered office address, shareholder details, director details, and share capital.
You won't be able to incorporate until your company name is approved. How do you know your name isn't already in use or prohibited? Does it in conflict with another company? Be sure to check now, not on incorporation day.
You will also have to appoint at least one director, who must be a local resident of Singapore. The director has to be legally qualified and accountable for the statutory duties of the company.
Understanding the Registration Process
Singapore company registration is managed by the Accounting and Corporate Regulatory Authority, or ACRA for short. 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 papers. It's a speedy 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 in 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 an ongoing obligations.
You will be required to keep corporate records up to date. You should 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. Also, employer registrations may be applicable if you employ staff.
For foreign business owners, be aware of: local director and immigration requirements. When you register your company, you're not guaranteed the right to stay or work in Singapore.
Getting the Fundamentals Right
The paperwork may be fairly simple, but even the tiniest oversight can delay the process for no reason. 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 later.
If you're also thinking about starting a company in Singapore, our mission is clear: set up your company properly, identify what you are liable for, and keep your obligations minimal from the start. We're on your side for a successful experience!