Registering a Singapore Private Limited Company
After you have settled on a certain line of business, the next thing you need to accomplish is the registration. There are two ways of going about this. First, you can utilize the government’s website to complete the registration forms and filing on your own. You can also employ the services of a professional firm like J Accounting Services. The latter is best for all foreigners and to some extent the locals. Here is what the registration entails.
1) Naming the company
Before, a company is incorporated in Singapore, it must have a name. It takes 1 to 2 hours for the name to be approved. This applies when the proposed name does not have any restricted word such as law, media, bank and finance among others. If it contains some of these words you may have to wait for a few weeks for the external government authority to approve it. Hence, to reduce the waiting time, ensure that the name:
- Does not resemble any of the already established companies. It is important to do some research way before submitting the name
- Is not reserved
- Does not contain vulgar or obscene words
- Is not infringing on any trademark
After your name is approved, you will need to incorporate the company within a period of 60 days.
2) Incorporation of the company
You will require to file an incorporation request and obtain an approval from the registration body, ACRA. This will take only some hours as long as all the required documents are ready.
What do you need to incorporate a company in Singapore?
- Company name
- A description of your business operations
- Copy of identity for the locals, overseas residential address and proof for foreigners
- Shareholders and directors particulars
- Address for the firm, articles and memorandum of association for the company.
Now you are ready to start your business but just before that, do the following;
- Open a bank account in one of the financial institutions
- Obtain all the licenses associated with the business
- Establish an office, get some staff and join other entrepreneurs
Having read these information and if you still need help to start or register a private limited company in Singapore, J Accounting Services would like to let you know that we do offer you with business incorporation services. Start realizing your dreams and be your own boss today!