ACRA, the Accounting and Corporate Regulatory Authority of Singapore, advises the foreigners to seek expert assistance of the Singapore company incorporation firms like SBS Consulting when they want to go for a company incorporation Singapore. The basic reason for the advice is that the incorporation process requires SingPass ID or Professional Number to log in on the BizFile+, an online portal provided for the purpose.
Singapore Company Registration with SingPass ID
SingPass is the short form of the term ‘Singapore Personal Access’. It is a personal password that the Singapore Citizens, Permanent Residents, Employment and Dependant’s Pass holder can use as their signature when they transact and file online. These individuals need to log in on BizFile+, a website, provided by the Singapore government to check the availability of a name for their proposed company.
Appoint a Professional Singapore Incorporation Service
The professional Number is awarded to the firms providing services in the incorporation, law or the accounting sector. It allows them to file online for their clients. It is an important key in the filing of the vital details related to the companies.
It is important to note that the SingPass ID holders cannot file changes in the ownership of shares to include a corporate entity, but, a firm with Professional Number can. That is why even locals benefit from hiring one of the firms offering Singapore incorporation service.
Get Approval for the Company Name
ACRA also acts as the Company Registrar of Singapore. All the business entities come under its supervision. At the time of registering a company, this agency strives to maintain the uniqueness of their names.
ACRA has published its own naming standards and every startup entrepreneur opting for a Singapore company incorporation must follow them while seeking approval for the name of proposed company. The agency has the right to reject any name if it deems it unsuitable. The approved name can be reserved, by paying a small fee, for 60 days. If it is needed the period can also be extended.
Register Your Company with ACRA
The next step is obviously of applying to ACRA to register the company. Normally, it takes only 1-3 days. However, in the case of certain businesses like educational institutions or the banks, the concerned ministries review the application. In such cases, it may take as much as 2 months to get the approval.
There are certain pre-registration requirements that must be fulfilled before the application can be sent to the ACRA. The owner must have a minimum of initial paid-up capital of S$1, at least one local director, company secretary, and a shareholder. The entrepreneur must also furnish a local physical address for the company’s office.
Certificate of Incorporation
The ACRA conveys a successful company incorporation Singapore by sending an email to the proud owner of the new company or the incorporation firm. The email acts as the Certificate of Incorporation in Singapore. The owner must pay a small fee to obtain its hard copy. ACRA sends a PDF file containing the details of incorporation which can be printed.
Finished with the Incorporation of Your Company?
No, not yet! The newly incorporated company needs a corporate bank account. The company incorporation Singapore firms provide assistance to their clients in opening it at the local bank. The company also needs Company Seals and stamps. The owner should also check whether the intended business activities are regulated by the authorities, and if needed, take out permits or licenses.
Company Registration Singapore is an uncomplicated process when it is compared to the practices followed by the other countries. It is one of the unique selling points of the pro business environment nurtured by the authorities.
About SBS Consulting:
SBS Consulting is Singapore-based company incorporation service. The firm was incorporated in 2010 and since then, it has earned respect of the local and foreign entrepreneurs and businesses for its services. SBS also delivers timely and exacting Singapore corporate services.