Singapore has progressed in leaps and bounds over the last couple of decades. It has offered politically stable, pro-business, corruption-free, and safe society to the businesspersons. Even in the aftermath of Chinese economic crisis, company incorporation Singapore in the form of a private limited company is still a sought after option for them. The country’s lower tax regime and incentive schemes continue to attract investors and corporate from all over the world.
Singaporean Businesses Benefit from the Network of Trade Treaties
Singapore has signed 21 bilateral and regional Free Trade Agreements (FTAs) with 32 of its trading partners.
In addition, this country is party to more than 60 comprehensive DTAs (Double taxation Agreements) and 7 limited DTAs that it has signed with its trading partners.
These agreements are a major factor in maintaining efficacy of the Singapore company registration.
The trade treaties have improved cross-border trade for the Singapore businesses by negating the rates of the import tariff.
The benefits are in the form of simplified investment restrictions and opportunities of participation in government procurement process.
Moreover, they also get access to services sectors and updated intellectual property laws and regulations.
So, a successful company registration Singapore offers a huge business opportunity to the local as well as foreign entrepreneurs.
Easy Process of Company Incorporation in Singapore
The locals, as well as the foreigners, find the process of company incorporation Singapore an easy one. It involves only two procedures that reputed Singapore incorporation services like SBS Consulting can normally complete in 1 – 3 days. The process involves selecting a name for the proposed company, getting approval for it, and then, applying for the registration of the new company.
The firms that provide the Singapore incorporation services, as is the practice, assign a competent individual to oversee the process in its entirety. The process does not require the physical presence of the owners of the company, provided they have supplied the necessary incorporation documents. Recently, Singapore has updated its Know-Your-Customer (KYC) criterion for the incorporation firms.
BizFile+ Portal for Registering a Company Name
ACRA (Accounting and Corporate Regulatory Authority of Singapore) has offered the services of a portal called BizFile+. The entrepreneurs need to supply at least, 3-4 names that the incorporation firm can check for the availability by submitting them to the portal. The locals can complete this part of the process on their own using their Singpass ID and paying the required fees.
The Company Registrar of Singapore (ACRA), insists on the company names that are easy to differentiate for the investors. It reserves the right of rejecting a vulgar, offending or blacklisted company name and the owner needs to start the process again.
Apply to ACRA for the Singapore Company Incorporation
The ACRA intimates the entrepreneurs or the incorporation firm if it approves the name of the company. Now, it is possible to apply to the Company Registrar for the registration of your company.
The pre-registration requirements that the owners must complete are as follows:
- At least 1 shareholder
- Minimum paid-up capital of S$1
- At least 1 local nominee director
- At least 1 company secretary
- Physical address for the company office in Singapore
- Memorandum and Articles of Association (M&AA)
Post Registration Activities
ACRA, on granting approval to a company, emails relevant data to the company owner or the incorporation firm. The email is valid as the Certificate of Incorporation in Singapore. Following are a few of the post-registration tasks that SBS helps its clients with:
Company Seal: Get your company seal and stamps made.
Corporate Bank Account: SBS can assist with the opening of a corporate bank account in a Singaporean local bank.
Permits: The new company should apply and acquire required licenses and permits before starting its business activities.
The local and foreign company owners, after a successful company incorporation Singapore, are better off if they collaborate with an established firm. It gains them business contacts and an established network. It enables them in providing proper customer support service which is a fundamental requirement of any startup business that wants establish itself and grow.