Company Registration in Singapore-Things to Consider
Posted: Feb 13, 2017
Registering a company effectively kick starts the process of starting a company in Singapore. Apart from a few business types who may be exempted from registration, all other forms of business must undergo the registration process. Most of the companies are registered as private limited liability companies. Companies are registered through a two-step process, as given below:
Step 1- Approval of the company nameThe company needs to identify and decide on its name for business registration. This is done either virtually or physically through the competent authority – the ACRA. This process will take very less time unless rejected. Rejection happens only when a company has already been registered in the same name. This basically to prevent conflict in trademark issues.
Step2- The actual registrationThe formality of the Singapore incorporation listing is completed through this process. Complete information regarding the company’s profile is submitted during this process. Many competent firms companies undertake this service completing all the processing formalities.
The important documents required• Company naming details• Profile• Shareholders• People involved in the business• Financial statements
There are many firms in Singapore that take up the entire process on behalf of the company. The knowledge of the processing makes the entire work easy. It helps to finish all tasks faster and more efficiently.
However there are certain guidelines to stick to while registering a company:? The company has to adhere to the rules and regulations of Singapore. This is important to ensure trouble free conduct of business of the company in the long run.? Trademark registration needs to be completed, which in turn will prove to be very beneficial. One can avail tax rebates from the government once the trademark of the company is registered.? According to the company act, anyone above the age of 18 can register a company? A minimum of one resident director is necessary in a company. The company can recruit any number of additional local or foreign directors.? A Singapore company can have a minimum of 1 and maximum of 50 shareholders? According to companies act, a company must employ a company secretary within 6 months of registering.? Minimum paid up capital for accompany is $1. This can be increased after incorporation of the company.? Singapore companies enjoy very attractive tax exemptions, the company pays less than 9% for first 300,000 $ profit and 17% after that.
With the right support and services, registering a company in Singapore is a relatively easy and quick process.
Global Corporate Advisory Pte. Ltd., better known as LCC Global, is one of the leading corporate advisory firms in Singapore.