Registration of a company in Singapore starts with selecting the right business type. After that, you choose a company name and submit the required documents to the ACRA. The next step is registering for the taxes with the IRAS. The final step is to get the business licenses and make sure that you fulfil the regulatory requirements.
Here is a detailed instruction on how to register a company:
Get an Entrepass
If you are a foreigner, you need to apply for an Entrepass. On the other hand, you could start a company and later get an Employment Pass to become an employee in your own business.
If you are a foreigner, registering a company can be confusing as you are not sure about the process and the requirements. Thus, you may lose time as well as effort. To make sure that you register your company in the minimal time without a hassle, work with a company registration service Singapore.
Choose the Company Structure
The requirements also differ depending on the company structure. For example, a sole proprietorship and partnership don’t have a lot of provisions, but they can only be opened by locals. Foreigners have to go for a Limited Liability Company (Pvt. Ltd), which needs to have between one and fifty shareholders and at least one resident secretary. Furthermore, a private limited company needs a registered address.
Apply for a Company Name
The rules for a company name are simple- it should be unique and it can’t be vulgar. On the other hand, your name shouldn’t be a ‘rip-off’ of an existing company. Make a list of at least three business names before registering your company.
Get all the Registration Documents
These are the required documents for the registration of a company in Singapore:
- Company name registration certificate
- Identification documents of the directors and the consent of acting as director for each director
- Identification documents of the secretaries and the consent of acting as director for each secretary
- For foreign investors, they need to submit a copy of passport and proof of residential address
- Company constitution and brief description of the business activities
- Both Articles of Association and Memorandum of Association for foreign companies
- Singapore identity card for Singapore residents
Register for Taxes
After getting the incorporation certificate, the next step is registering for Corporate Taxes with the IRAS. Singapore has one of the lowest tax rates in the world, which can go from 0% to 17%. Furthermore, if your annual turnover is more than $1 million, you will also need to register for GST.
Fulfil the Regulatory Requirements
After registering for taxes, depending on your business, you will have to apply for business licenses. When that is done, you can officially start your business activities. However, make sure to fulfil the regulatory requirements, which includes hiring a secretary and conducting annual audits.
How to Verify the Registration of Your Company
After registering, you need to make sure that the registration is actually complete. It is actually very simple to do, click on this link check company registration to know more about it.
