Step 1: Choose a Business Name
In order to register a company in Singapore, you need to choose a unique and valid business name. The business name should be easily understandable and should not be confusing with any other existing company name. You can use the Singapore Company Directory or the Intellectual Property Office of Singapore (IPOS) to check if the business name is available or already taken. You can also check if the name infringes on any trademark. Once you have chosen the business name, you will need to reserve it before proceeding with the registration.
Step 2: Appoint Shareholders and Directors
As a company in Singapore, you need to appoint at least one shareholder and one director. The shareholder is the person who owns the company, while the director is responsible for the management of the company. The shareholders and directors can be individuals or corporate entities. The names and addresses of the shareholders and directors should be accurate and up-to-date.
Step 3: Prepare Memorandum and Articles of Association (M&A)
The Memorandum and Articles of Association (M&A) is a legal document that outlines the objectives, powers, and rules of the company. It includes the company’s name, address, and other basic information. The M&A also outlines the powers of the directors, the management structure, and the relationship between the shareholders and directors. The M&A must be signed by all shareholders and directors before it is filed with the ACRA.
Step 4: Register the Company with the Accounting and Corporate Regulatory Authority (ACRA)
The Accounting and Corporate Regulatory Authority (ACRA) is the government agency responsible for the registration of companies in Singapore. To register the company, you will need to submit the following documents to the ACRA:
- The Memorandum and Articles of Association (M&A)
- The business name reservation application
- The particulars of the shareholders and directors
- The company’s constitution
The ACRA will review the application and verify the information before issuing a company registration certificate. The company will become a legal entity once it is registered with the ACRA.
Step 5: Comply with Tax and GST Registration
In Singapore, companies are required to register for tax and GST (Goods and Services Tax) if the turnover exceeds SGD 1 million. The company must file tax returns and pay tax on its income. The GST registration is mandatory if the company’s annual turnover exceeds SGD 1 million. The company must file GST returns and pay GST on its taxable supplies.
Conclusion
Registering a company in Singapore can be a complex and time-consuming process. However, by following the 5 essential steps outlined above, startups and entrepreneurs can ensure a smooth and successful registration process. It is essential to seek professional advice from a law firm or a company incorporation specialist to ensure that the company is registered correctly and complies with all applicable laws and regulations.
FAQs
- Q: How long does it take to register a company in Singapore?
A: The company registration process in Singapore typically takes 1-3 working days.
- Q: What are the requirements for a company secretary in Singapore?
A: A company secretary must be a natural person and at least 18 years old. The company secretary can be an individual or a corporate entity.
- Q: What is the minimum paid-up capital for a company in Singapore?
A: There is no minimum paid-up capital required for a company in Singapore. However, the company must have a minimum issued capital of SGD 1.
- Q: Can a foreigner register a company in Singapore?
A: Yes, foreigners can register a company in Singapore. However, they must have a Singaporean nominee director or secretary.
- Q: What are the consequences of non-compliance with company registration requirements in Singapore?
A: Non-compliance with company registration requirements in Singapore can result in fines, penalties, and even deregistration of the company.
