The applicant has to pay the ACRA (Accounting and Corporate Regulatory Authority), the specified fee for registering the name of the company, and thereafter, for the incorporation certificate to be issued. The charges vary depending upon the type and the requirements of the company.
Singapore, being one of the countries that have advanced strategies in strengthening its economy, is the fulcrum for business ventures across Asia.
This very fact entices a number of entrepreneurs beyond the borders to install their business ventures in Singapore. Further, the economy of the country is fueled by multiple sources like tourism, exports, IT, manufacturing sector etc which makes it all the more favorable for businesses and start-ups.
The Business Registration in Singapore can evolve into any corporate entity depending upon the factors such as the type of the business, number of members etc.
The various kinds of business entities in Singapore are Private Limited Company, Sole Proprietorship, Partnership (General partnership, Limited Partnership, Limited Liability Partnership), Public Limited Company, and Foreign Company. Although a number of entities exist, the most preferred and common type is the Private Limited Company. However, the process of registration is similar to all the entities.
Prerequisites for Registering a Company in Singapore:
The following is the gist of the prerequisites a company should possess before being able to get registered.
- The company must have a minimum of 1 and a maximum of 50 shareholders
- To register a company there must be a minimum paid-up capital of $1
- While the directors of the company can be a resident of Singapore or of a foreign country, at least one of them must be a resident of Singapore
- A company secretary must be appointed within 6 months from the date of incorporation
- The company to be registered must have a registered office in Singapore.
Procedure for Registering a Company:
The registration of the company can be done online, and the process is quite swift and systematic. You can get all the Detail Services for Register a Company in Singapore Online.
Step 1:-Name of the Company
A name must be selected for the company and it must be approved by ACRA (Accounting and Corporate Regulatory Authority). The name must not bear any resemblance to any other names of the existing businesses in Singapore
Step 2: Furnishing the Necessary Documents
- Various documents like the Company Constitution (previously referred to as Articles of Association), identity and address proofs of the shareholders
- Signed Consent by the directors to act as the director of the company
- Signed Consent by the Secretary to act as one in the company
The company officers and shareholders are required to furnish the following documents:
- Proof of identity like passport or NRIC (National Registration Identity Card)
- Proof of address such as utility bills, tax notices, etc
- Curriculum Vitae or LinkedIn profile.
Step 3:-Registration of the Company with ACRA
Once the name of the company is approved and the documents are verified, the company can be registered with ACRA. The entire process can be completed within an hour online. After the registration, the ACRA intimates the applicant or the agent who acts on behalf of the applicant with the business profile and the Certificate of Incorporation.
Cost of Registering a Company in Singapore:
The applicant has to pay a stipulated fee to the ACRA for the registration of the company. Typically, a fee is charged at every level during the process of registration. The ACRA charges $15 for the registration of the name of the business.
Once the name is registered, the next process in line is the registration of the company for which $300 is billed. The amount varies for different types of applications, yet $315 is the standard fee for the registration. There is an additional fee for every process that is done post-registration. The complete list of prices can be checked on the ACRA website.
You are no longer concerned about coming up with a firm name. To find a list of available firms, use the Vakilsearch Company name generator.Thus, the process of registration of a company in Singapore is quite straightforward, although it has a number of steps to be followed meticulously.
For this purpose, the applicant often appoints designated licensed agents to facilitate the process of registration with ease. Also when it comes to the cost of the registration, there exists a stipulated fee for every process even after the registration of the company, like for filing the taxes, annual returns etc.
Although the process of registration is tedious and expensive, it is inevitable to register the company, so as to prevent any legal issues in the future.
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