Opting to set up a company in Singapore gives you an opportunity to play a role in the international market. However, you cannot start with a company the size of Google. You will, rather, be better off by starting small and building it brick-by-brick till you grow it into a big business.
For your company incorporation Singapore you will need to follow the directives of the Company Law of Singapore. It is rigorously monitored and implemented by the ACRA (Accounting and Corporate Regulatory Authority). There are many reputable Singapore company incorporation services like SBS Consulting Pte Ltd, to give foreigners a helping hand in starting their new business. The firm offers a very attractive incorporation package to its clients (with Free Company Secretary + Free Office Address for the first year).
Incorporating a Company in Singapore
The process to set up company in Singapore is, unlike the those in many other jurisdictions, is easy follow. It is free of bureaucratic hurdles and red-tape. The business owners have to accomplish only 2 procedures; a) Company Name Registration, and, b) Singapore Company Registration.
The Singapore authorities have gone out of their ways to simplify the incorporation process for the registration of a Singapore private limited company (Pte Ltd), sole proprietorship, or a limited liability partnership. Still, it is worth for the local and foreign entities to hire one of the Singapore company incorporation services for the task. Most of these, usually, assign a dedicated incorporation agent to their clients.
Checking for Name Availability & Company Name Registration
You have to provide the appointed firm a list of 3-4 names for your new business. Your agent will then check the availability of the names with the ACRA and pays the required fee to register the available one for your use for 60 days. The period can be extended, if it proves to be necessary.
There are a few norms to follow while coming up with the company names. Deviating from the norms could lead to the rejection of all the supplied names in the list, and you will have to start the process all over again.
The names of the proposed company must not,
Contain obscene terms
Infringe existing trademarks
Duplicate names of existing companies
The ACRA wants all the companies under its jurisdiction to wear unique names and avoid confusion in the minds of investors. The precaution is purely for the benefit of investors.
Apply to ACRA & Get Your Singapore Company Registration
Once the company name gets approved, the agent from the Singapore company incorporation services will assist you in moving on to the next step, i,e. Set Up Company in Singapore. Supply your agent with the following information,
Memorandum & Article of Association (M&A)/Constitution
Particulars of directors and the shareholders
A copy of the Singapore Identity Card (for Locals)
A copy of the Passport and other KYC documents (for Foreigners)
It will do you a lot of good, if you know the following pre-incorporation requirements that the new business owners are expected to follow diligently:
Key Facts about the Company Incorporation Singapore
At least one shareholder (maximum 50)
Initial minimum paid-up capital of SGD 1
At least one resident director
At least one company secretary
At least one auditor (if audit required)
Local registered office address (P.O. Box address is not valid)
See, it is indeed easy to set up company in Singapore. However, the business owners have to follow up with a few post incorporation tasks.
One of which is opening a corporate bank account in the name of the new company. A few of the Singapore company incorporation services like SBS Consulting Pte Ltd provide free assistance to their customers for the task.
The business owners may also have to register for CPF account. Before starting business activities, a newly set up company in Singapore should also apply and acquire the necessary permits and licenses from the appropriate authorities.