Are you thinking of establishing a company in Singapore? Do you know the basic requirements for registering a company in Singapore? If not, here you get every detail about this process. However, the process is quite similar to setting up a company in India. But you need to be careful about some key points and fulfill some minimum requirements to get a lawful registration.
The first and foremost step is to decide your company’s name. It is the name by which you want your company to be recognized by the public. Thus the title should be unique, and no other company must be registered with this name previously. Before registering your company, you need to get your company name approved by ACRA.
According to the companies act, every company shall have a minimum of 3 directors. Whether public or private, each company needs to appoint at least one resident director from all three directors. A resident director which fulfills the conditions of ACRA must be:
- A Singapore permanent resident
- A local citizen
- A Singapore entre pass-holder
- A person with a dependent pass (DP) or valid employment passes (EP).
(If a person is an employment pass holder who wants to become a director of the company in the cheapest condo in singapore, a letter of consent (LOC) is required.)
To establish a private company in Singapore, it is compulsory that there must be up to 50 shareholders who may or may not be directors of the company. Shareholders of the company can be any person or any entity or company. Even a person or company who is non-local can also hold shares of the company and be a member of the company.
Each company must have a company secretary to assist the board of directors in carrying out the day-to-day company’s day-to-day operations. It is compulsory to appoint the secretary within six months after the registration of the company with ACRA. The person you choose for this position must be a qualified resident of the country. In addition to this, the existing shareholders and any member of the board of directors cannot hold the position of the company secretary.
It is to be noted if your company fails to appoint the one within the stipulated period, then Piloto Asia can hold this position.
It is mandatory that each company must appoint at least one resident director. After this, there is no compulsion regarding the rest directors you appoint; they can be residents and nonresident directors. But you need to make sure that the resident or nonresident director you select must be of at least 18 years of age. There shall be no charge of malpractice upon him in the past.
There are some mandatory provisions regarding the share capital of the company. In order to register your cheapest condo in singapore Company, each company shall have to keep a minimum of SGD 1 worth of issued share capital. There shall be no provision regarding the paid-up capital; it can be any amount. Companies that deal in regulated industries have to maintain the different sum of minimum share capital.
If you wish to register a company with ACRA, you need to fill in or mention a local Singapore address as the registered company’s address. It can be any physical address, whether residential or commercial but not a PO Box.
How will you know that your Singapore Company is registered?
Once your Singapore Company gets registered with ACRA, you will soon receive an email, or your registered filing agent will provide you with the following information:
- Certificate of incorporation (COI)
- Business profile
Once you receive the email notification for the company business profile or certificate of incorporation, you can begin with contractual formalities and legal transactions in the cheapest condo in singapore. It covers the following task:
- Signing office leases
- Open an account in a corporate bank
- Subscribe to internet and telephone services
After completing the registration process, you need to submit some other formalities and documents to the registrar.
A company needs to issue a valid share certificate to each shareholder that works as proof to ACRA that your company issues a share of this specific amount to xyz shareholders.
At first, you receive a copy of your Bizfile, or we can say business profile. It is in PDF form and costs you nothing. But if you want to obtain additional copies of your business profile, it is chargeable and costs you approx $5.50 or $6. Moreover, you have to request with ACRA for this additional copy, and you will get the hard copy in an hour.
The information included in PDF is mentioned below:
- Your Singapore Company’s name
- The previous name of the company
- Registration number of the Singapore Company
- Principal activities
- Address of the registered office
- Paid-up capital of the company
- Details of the board of directors and shareholders
- Details of company’s secretary and much other relevant information.
Certificate of incorporation
Certificate of incorporation is the hard copy of the PDF file of the email you receive from the ACRA. It contains the following important information:
- Company’s name
- Date of company registration
- A unique entity number (UEN) is equivalent to your company’s registration number.
If you didn’t receive the hard copy of COI from ACRA, you need to request this.