The procedure for Singapore company registration website is straight-forward. There are certain a number of junctures requiring decisions that should be addressed before any application can be made.
Many trade companies are registered as a private limited business. It is a distinctive legal body that can form contracts, hold property and operate business for itself. Shareholders receive limited liability protection that may be subject to relevant legislation.
Do some forward planning. Decide who owns, will own or will have an interest in the business as shareholders and who will manage or will be directors; and what activities the Company will undertake, ensuring these discussions are had before completing the application.
Decide on and check the availability of a company name before registering it. Singapore has restrictions on some words used in the business name and certain words may need to be approved.
It is prudent to provide some options, so if one is refused another may be quickly on hand. The name needs to be relevant and memorable to the type of venture being run. Avoid complex words that are difficult to recall.
Understanding the Specification
Companies need to have at least one shareholder and one director. One director must be resident in Singapore.
Shareholders can be either companies or individuals. Shareholding proportions must be determined before submission if there is more than one owner.
The business must have a registered address in Singapore. This is the official address to which all company communications and notices will be delivered and where statutory records can be managed.
A company secretary must be appointed within 6 months of the business startup. The secretary will be responsible for statutory record keeping and compliance reporting.
Getting Ready to Lodge
Once the details have been established it is a matter of preparing the facts for the application. The particulars of directors and shareholders will include copies of identification, and the details of the business need to be collated including details of activities, share capital, business ownership and registered address.
Business operations must be clearly defined and match information on the application. Registering activities that are not intended can cause problems later.
Applications for registration are filed with Singapore’s ACRA (Accounting and Corporate Regulatory Authority). It can be completed online. Some applications are registered in as little as 1 working day but can be delayed by difficulties with the name, incomplete details or additional investigations.
What to do after registering
Receiving the registration does not guarantee the business can trade. Consider if there are other necessary bureaucratic tasks to complete including business licensing, bookkeeping, tax and opening a corporate bank account.
Ascertain whether the business should consider registering for GST. If operating in an industry requiring licensing obtain the licenses before trading.
Maintain organized business records, keep track of deadlines including annual returns to avoid time delays or last-minute writing.
Participate local corporate service experts where necessary. Use specialists to aid with documentation, filing and ongoing responsibilities.
Planning a company registration Singapore properly is straightforward. Know the Business structure, collect accurate data, file, and remember due dates.