The provisions of Singapore’s Companies Act allow a foreign national individual or company to own 100% shares of a Singapore Company Registration. This means, even if you are not a citizen of Singapore and permanently residing there, you don’t need to have a local Singaporean as Partner or shareholder in your Singaporean company. Further there are no restrictions on the amount of capital that you one can bring in to invest in a Singaporean company and there is no restriction on repatriation of profits as well.
Accumulation of Documents for How To Set Up Business In Singapore
Also, Singapore has one of the most efficient & bureaucracy free regulatory frameworks in the world, which makes it a top-ranking country in the World Bank’s Ease of Doing Business ranking for many years. The process to register a company for both (local resident and foreign national) is straightforward and extremely simple. In most of the cases, a company can be incorporated in two to three days only. A foreign national individual or company willing to incorporate a company in Singapore need to have the followings in place to proceed with the incorporation:
What To have Before Applying For Singapore Company Registration?
Keep in mind that following relevant information is needed to register a Singapore business. Singapore Company registration is a simple task taking a little amount of time which is achieved by Pratham Legal with high flexibility in process.
- 1 (One) Local Director (Should be Singapore Citizen, permanent resident, or a person having Employment Visa);
- 1 (One) Shareholder;
- A Company Secretary;
- A Local address to be used as Registered Office address;
- A registered agent;
- And $ 1 as paid-up capital.
Singapore company registration process| Step By Step Guide to Start A Business In Singapore
Once you follow the above-mentioned criteria for company incorporation then you can apply for company registration in Singapore. Pratham Legal is a leading company helping National and foreigner both on Singapore company registration process.
Step 1: Engaging a Registered Agent
A local Singaporean can prepare and file his/her incorporation application on his own, but the engagement of a registered agent is mandatory for a foreign national in order to set-up a company in Singapore. A registered agent can be a law firm, an accounting firm, a company secretary or any person providing company secretary services in Singapore. Pratham Legal is also a registered agent helping business owners in setting up their company in Singapore.
Step 2: Filing of Name Application
Once you finalized your Registered Agent, the next step is to prepare and get to know how to select company name online with Accounting and Corporate Regulatory Authority, Singapore. The proposed name should not be identical or too similar to any existing local company. Further, it should not infringe any trademark and should not be obscene and is not already reserved. Name approval generally takes one day. However, if the proposed name requires any other regulatory body’s approval, it may take longer to get the name approval. The name once approved will be available for 120 days and no extension shall be granted after the expiry of 120 days, which means incorporation application must be filed within 120 days of getting name approval from the Accounting and Corporate Regulatory Authority. ACRA’s fee for filing name application is $ 15.
Step 3: Filing of Incorporation Application
After securing name approval from the Accounting and Corporate Regulatory Authority, company’s Memorandum and Articles of Association are prepared and finalized. Incorporation applications are made online on www.acra.gov.sg. With an application fee of $ 300. To file incorporation application on the website of the Accounting and Corporate Regulatory Authority (‘ACRA’),you need to keep followings ready:
- Company name approval letter issued by ACRA;
- Brief description of business activities;
- Particulars of shareholders;
- Particulars of Directors;
- Particulars of registered office address;
- Particulars of Company Secretary;
- Memorandum and Articles of Association (‘MAA’);
- Copy of passport of foreign promoters;
- Copy of Identity Cards of Director (Singapore local director).
Approval of incorporation application takes around 1 to 3 business days and upon approval, a confirmation email is sent to the applicant/registered agent and a free electronic business profile of the newly incorporated company is issued by ACRA, which can be downloaded by visiting the link provided in a confirmation email sent by ACRA.
Steps Taken Just After Singapore Company Registration
After incorporation, the next step is to set up a corporate bank account. Though you are not required to fly to Singapore to set-up your company, still you may be required to travel to Singapore to set-up your company’s corporate bank account as most of the banks requires the physical presence of Directors and/or proposed. Further, it is also necessary to obtain requisite business licenses as may be applicable onto your business activity.
Singapore company registration is a very strong choice. The stable economy, strong workforce, stable political system, independent judiciary and media, high rates of contract enforcement and intellectual property protection and business-friendly tax and government policies let you get up and running sooner – so that you can spend less time in paperwork and more time growing your business
The Next Steps
We at Pratham Legal help people to set up their businesses in Singapore. Get in touch with us at firstname.lastname@example.orgOr +91 9821008011 or visit us at Pratham Legal, 122, 1st Floor, Antriksh Bhawan, 22, Kasturba Gandhi Marg, New Delhi – 110001, India to incorporate your business in the Republic of Singapore. To know more about us please take a look at www.prathamlegal.com