Things to watch out for when setting up a Singapore Private Limited Company
Are you keen on starting up a Singapore private limited company? Setting up one is not difficult especially if you are a local resident. Note: You will need a professional to assist you if you want to incorporate a company with a foreigner director.
Setting up a Singapore private limited company you will need information such as the following.
1. The Company name
Every great company comes with a name, a name to be identified with, a name that is good to brand. Always decide upon what you want to name the company and to make sure that you do not use sensitive names that might be related to the state or state related companies. Or you will not want to use words like academy or school if its not education related because you will need clearance from the Ministry of Education itself.
Company names are also used to run through the system so that you do not overlap with existing companies that may have similar sounding names, the system will prompt you if its to close and may reject the application unless given approval by ACRA officers.
2. Business Activities
Decide what you are doing with the company, are you building an app to solve something? Are you selling something through E-Commerce sales? Or you opening a bar. Unless its a multi purpose company, you should decide and be clear with the business activity because it may or may not slow you down when you need to apply for certain grants or government licenses.
It might also be relevant for some land lords and for the bank as well.
Where you are located is also an important item because that is where the government will be sending you information about your business and also to say collect infromation or taxes from you.
Banks will also need the registered address for official documents to be sent.
4. Director details
Directors are custodians of the business, the details of the directors are needed to be kept for the company records and also to have their personal information kept for filing purposes with ACRA. Who they are and where they stay will be filed to the system and available for the public to access through a small fee on the ACRA platform.
5. Shareholder details
Shareholders are the owners of the business, shareholder details are needed to be kept for the company records and also to have their personal information kept for filing purposes with ACRA. Who they are and where they stay will be filed to the system and available for the public to access through a small fee on the ACRA platform.
If you are keen to find out more about company incorporation and registration in Singapore you can contact us today! We are also familiar with accounting, tax and corporate secretarial services related work. Find out more today!