The Ultimate Guide To Singapore Company Registration
Singapore company registration is simple and potential applicant should have the knowledge regarding the pre and post-application process.
There are two types of companies in Singapore and they are known as the private and public company.
Usually, the stock exchange of Singapore lists the name of private companies and they can have more than fifty shareholders.
On another hand, the public companies are on the list of Stock exchange and they have less than fifty shareholders.
According to the company Act of Singapore, any personnel registering a company in Singapore could have at 18+ ages during the time of registration.
Read These Necessary Steps for Company registration
There are few factors to consider for company registration in Singapore. For the company there must be the single director who resides in Singapore and this person can be the resident of Singapore or permanent resident or person holding the entry pass or employment pass or dependent pass.
The history of directors is also important. All the directors should have 18+ ages, no bankrupt history and never convicted for any bad practices.
A company may appoint any number of local and foreign directors and non-share holders can be appointed as directors.
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The additional prefactor for Singapore company registration is, the company has to appoint a secretary within six months of their incorporation and the appointed person must reside in Singapore.
For the companies with a single shareholder and director, that same person should not work as a secretary.
The company should also have paid up capital and the minimum amount is Singaporean $1. The company may increase their capital anytime after the incorporation.
The company should have a registered address in Singapore for submitting the application.
Any registered address must be a physical address with the commercial or residential category.
However, the registered address cannot be a P.O box address. The company may use their residential address as commercial address and this law is applicable for both Private properties and HDB.
Prior approval must be required from the HDB for using the residential address as a commercial address.
Although the prior approval is required from URA authority, for using the private residential property as a commercial address.
Note that, by Singaporean law, the commercial space must be open and accessible by the general public during the normal working hours.
Tax
Corporate tax is another issue for company registration which applicant should consider.
The present tax rate for corporate business in Singapore is 17%. The registered companies in Singapore enjoy various tax incentives and benefits.
Note that, no tax is implacable on capital gain and dividend in Singapore.
Required Document for Company registration
The company wishes to continue registration in Singapore should visit the online site of ACRA and with completely automated system companies got their registration usually within 1-2 days.
Following papers are required for company registration in Singapore. These are,
- Company’s Name
- Description of the company’s activity, usually the business brochure.
- Detail of the shareholders.
- Details of the directors.
- A registered address in Singapore
- Details of the company’s secretary
- Law and constitution document of the company.
For Singapore company registration, a proper company’s name is required and this name must be approved by ACRA.
The name should not be identical with local company’s name and does not resemble existing trademarks.
The wording should not be vulgar or obscene. The approved name should be reserved for 60 days from the application date and also available for an additional 60 days.
The company needs to submit the constitution to ACRA and this document must reflect the internal operation procedure of the company.
There are sample constitutions available at ACRA’s website and ready to download.
The potential applicant should log into BizFile by entering their SignPass number or other identification number and fill the required form and upload documents such as shareholders details, director’s details, secretary details etc.
ACRA charges one time $315 and as soon as the fee is paid then the company gets their registration just within fifteen minutes.
For special cases, such as the permission to start a school or educational institute, it may take fourteen days to two months for receiving the approval.
The company may also appoint professional agents and they complete the registration process on behalf.
Conclusion
After completing registration with ACRA, one official email that confirms the incorporation of the company will be sent and this document should hold the unique registration number.
This email is treated as the official document for Singapore company registration. The paper copy of the document is not required by the law of Singapore and thus not issued.
However, anyone may wish to receive the hard copy of the document and it can be received by paying Singaporean $50 to ACRA within one working day.
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Very Well Explained about company registration Singapore
ReplyDeleteThis is an awesome post. Thanks for sharing about company formation in Singapore. for business. Looking forward to future updates about it.
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