According to the rules set by the ACRA and IFRS authorities in the country, certain legal steps must be taken to start a business in Singapore.
Entrepreneurs and investors who want to do business in Singapore should know the steps they need to take to set up a company legally there.
To learn more, you can also consult Singapore's trained and qualified corporate consultants.
When starting a business in Singapore, you have to meet fundamental requirements, such as:
Name and endorsement of the company
As a first step, every foreign business must build a solid reputation for itself. Make sure the company name sounds professional and is distinctive. You must also ensure that the Accounting and Corporate Regularity Authority (ACRA) in Singapore approve the firm's name.
Before a company can be incorporated in Singapore, its name must be approved separately.
Following these guidelines, approving a name is a simple process.
Implies singularity: A name cannot be the same as or highly similar to the name of an already existing Singaporean company.
Copy or colorable imitation: The name must not violate any trademarks or third-party copyrights that are not your own.
Without any reservation: A name may only be reserved by one individual or organization at a time.
Not offensive or immoral: No profanity or offensive language may be used in the name or any of its constituent parts.
Directors and stockholders of the company
Assigning at least one shareholder and director of the company is also necessary. Ascertain that the director must be older than 18 and that the company may have no more than 50 shareholders.
The shares of a company show who owns it and also give the people who own those shares with rights, privileges, and responsibilities. Shareholders can be local or foreign corporations or natural persons. Besides, Singapore permits foreign shareholders to own 100% of a company.
You must ensure that the government can get precise information about the shareholders and directors of the company.
Apply for the required passes before visiting Singapore.
To travel to Singapore, stay there while starting a new business, or work there, you must apply for the necessary passes, also known as a work visa.
A valid pass must be present if you are hiring foreigners to work in Singapore. You can use a variety of passes in Singapore, including the EntrePass, Employment Pass, S Pass, Permanent Residency Pass, and Work Permit for immigrant workers, etc. Learn which pass is appropriate, if they qualify, and how they should apply.
Therefore, if you wish to get a pass in Singapore, you must follow the laws. It is easy to do this with the help of a Singapore business registration agency or an immigration service provider.
Hire a qualified secretary for your company.
Six months after starting a company in Singapore, you must hire a qualified company secretary from within. Every foreign company and an existing company in Singapore must strictly abide by this rule as it is a national requirement.
Shared Capital of the Firm
New businesses in Singapore must have at least S$1 in shared capital. If so, you must also provide the government with information regarding your yearly income.
Location and banking information
As part of starting a business in Singapore, you must also tell the government where the company is registered and its bank account.
Registration of Businesses
After you finish the incorporation process in Singapore and get the government's incorporation certificate, it will be easy for you to move on to the next step of company registration in Singapore.
Therefore, the steps listed above are some of the actual ones that must be taken during the registration process in Singapore for all foreigners.
Conclusion
Company incorporation in Singapore can be a complex process at first, but by following these simple steps, you can make it easier for yourself. Make sure to do your research and ask for recommendations before choosing a company to help you with the process.
And most importantly, have patience and stay organized throughout the entire process; it will be worth it in the end.