Overview of Singapore Company Registration

Singapore company registration is the best idea if you are thinking about setup your business or want to start a new business in Singapore. This is because Singapore has the best infrastructure for business development, they have a literate workforce, and also their government supports businesses with various types of schemes and policies. All this makes Singapore the best location for a business. There are many ways through which you can register your business in Singapore but Singapore company registration is the best choice because it comes with credibility, reliability, customer trustworthiness, etc. 

Criteria for Singapore Company Registration 

To do Singapore company registration, a company has to meet the following criteria:

• The company name that is selected for the company must be unique and not be in use already by any third company. 
• The company must have at least one director who must have Singaporean citizenship, an Employment pass and a permanent resident. 
• He/she should be at least 18 years old and should not be bankrupt or convicted under any criminal matter.
• The company must have at least one shareholder and have no certain limit for a number of shareholders. 
• It is possible for the company to have many shareholders who may or may not be the directors.
• A company secretary must be appointed within 6 months of incorporation of the company. 
• The company secretary must not be a shareholder or director of the company and be a resident of Singapore.
• In Singapore, the companies must have a registered address which should be a physical address. This address should not be a PO Box.
• A company must have a minimum paid-up capital of S$1 for incorporation in Singapore. This can be increased at any time after incorporation.
• The documents that are needed for incorporation of the company must be accurate and legal.

Benefits of Singapore Company Registration

Singapore company registration stands very beneficial and efficient in many ways which are discussed below:

• Strategic Location: As it is located in Southeast Asia and is considered as a hub for trade at the global level. Having a connection with the whole world for profitable trade.
• Business-Friendly Environment: The best form of economic structure available in Singapore also referred to a much more eco-friendly business environment.
• Skilled Workforce: The most effective and literate manner of the workforce is considered to be available in Singapore.
• Protection of Intellectual Property: Singapore has a strong legal system which also gives for strong laws and regulations that stand to protect intellectual property rights.
• Credibility and Reliability: Singapore company registration comes with credibility and reliability which helps in the growth and development of the business. 

Documents Required for Singapore Company Registration

The following documents are necessary for registering a corporation in Singapore:

• Documents of the approval of the company name.
• The company registration form is issued by the Accounting and Corporate Regulatory Authority (ACRA).
• MOA(Memorandum of Association) and AOA (Articles of Association).
• Documents for the appointment of a company secretary who must be a resident of Singapore.
• Necessary business licenses as well as permits depending on the type of entity structure.
• To set the registered office address
• Documents for identifying directors and shareholders.
• Bank a/c details.
• To further get any other license that is needed

How to Register a Business in Singapore? 

Company registration in Singapore is a sincere and a smooth process. The stairs that ought to be observed to contain a business enterprise in Singapore are:

• The first step is to review and understand the procedure of company registration in Singapore just like the company has to have at least one shareholder.
• The next step is to decide the business structure for the company. 
• Collect the required documents for incorporation.
• After collecting all the documents, a unique name for the company has to be chosen and approved separately before getting it registered.
• After approval of the company name, the necessary documents like the Company Constitution, consent by each company director, consent by the company secretary and declaration of the company controllers must be produced and signed by ACRA.
• Once the documents are produced and signed, the company will be registered with Singapore’s company registrar, ACRA(Accounting and Corporate Regulatory Authority). After registration, a separate bank account has to be obtained for managing business transactions.

Company Structure for Singapore Company Registration 

Singapore is considered as one of the best locations for the incorporation of foreign business. The most popular business structures for Singapore company registration are given below: 

• Private Limited Company

A private limited organization is the maximum desired desire for marketers and has grown to be the most commonplace business structure in Singapore. The role of a Private company stands most beneficial among the incorporation and other requirements.

• Limited Liability Partnership

An LLP is a partnership in which every accomplice of the agency has limited legal responsibility protection. That is the most popular option for organizations that provide expert services, such as accountants, medical physicians, legal professionals, or architects, as well as those looking to build up a collaborative exercise.

• Sole Proprietorship

A sole proprietorship is a business form that is owned and operated by a single individual. It is the most simple but riskiest business entity that is allowed in Singapore. 

• Public Company

It requires up to a limit of 50 shareholders which can be further listed in the stock exchange and the shareholders presented in it have limited liability. The profits that arise out of this form of a company usually are taxed at the rate of corporate taxes.

• Limited Partnership

This form of company consists of a general as well as a limited partner and all the profits are further taxed with respect to the personal income of the members. They require more compliance as compared to a regular form of partnership.

Why Choose Whizseed for Singapore Company Registration? 

There are multiple types of business structures that can be registered in the location like Singapore, out of which to choose the one which is suitable for your business is a difficult task. That is where Whizseed helps you out. We analyze the business and accordingly help the business owner register its company in Singapore. Singapore company registration is not an easy process without the help of experts like us. Hence you must choose us to do your Singapore company registration.