Company Incorporation | 5 mins read | Last updated on 30 June 2019
Every country has their own requirements that we must comply with if we want to operate a business in their country.
In Singapore, companies are principally governed by the Singapore Companies Act. The Accounting & Corporate Regulatory Authority (ACRA) acts as the Company Registrar of Singapore, supervises the process for company registration in Singapore.
Registering a local Company in Singapore is generally straight forward, easy and affordable. For instance, registration fee is low, a company’s paid-up capital can be S$1. Company registration can be done online, via BizFile+.
Before we start registering a Company, we need check the resident status of all the shareholders, directors and company secretary. Are they Singaporean or Permanent Resident (PR)? If anyone of them is not, we are not allowed to self-register a new company. We need to engage a Corporate Service Provider (CSP) to assist us. Check out the guide on how can foreigner register company in Singapore.
Next, we need to consider and decide on the following information.
- We need to choose a company name & suffix.
- We need to decide the type of Company.
- We need to determine the primary and secondary business activities.
- We need the details of the shareholders and qualified company directors such as full name, NRIC (Citizen/PR), date of birth, nationality, contact no., local address, and email address.
- We need a Company Secretary; a person certified under various regulations responsible for lodging and filing in time all necessary documents required by law.
- We need to decide the financial year end (FYE).
- We need to decide the share capital such as class of share, number of shares, issued share capital, and paid up share capital.
- We need a local address to receive official letters and keep all of its statutory documents.
- We can adopt the model constitution or create our own Company’s constitution. (Important note: If we decided to use the model company constitution, please remember to save it during the registration process, otherwise we need to get it with a cost of S$26)
Once the above information is ready, follow the two steps below to officially register the company in BizFile+.
Step 1: Application for New Company Name.
Step 2: Incorporation of Local Company.
Upon successful registration of the company, ACRA will issue the Company Business Profile (Bizfile). Please remember to save this document, otherwise we need to get it with a cost of S$5.50.
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