In Singapore, registering a company is quite easy. It is done as per chapter 50 of the Companies Act, and all the companies are required to fulfill the compliance requirements. These compliances sometimes get tricky for the businesses, and this is where the incorporation services Singapore comes to their rescue. It brings in expert knowledge and precise solutions, which not just help save valuable time but also money.
Based on it, the below-mentioned guide will provide complete information as to what is to be done for registering a company and beginning the business.
One needs to choose amidst the business structures for maximizing tax benefits. As per ACRA, one can register the business as a Private Limited Company or a Sole Proprietorship, or a Limited Liability Partnership. Just remember identifying a business structure and then proceeding will be much more helpful than moving ahead in a hurry.
There are many factors that affect the choice of business structure. It includes the number of members/partners/owners, the initial investment, liability, income tax rates, type of funding, and alike. In case it’s still confusing, one can take help at Bestar. At Bestar, the holistic of professionals for, company incorporation service Singapore will value one and provide value-adding services. Remember, having a professional do the work makes it understandable and helps make better decisions.
Registering Company in Singapore- What are the minimum requirements?
• Maximum 50 and minimum 1 shareholder
• Approved company name
• Registered local address of the office
• One resident director
• S$1 as minimum initial paid-up capital
Steps for Company Registration
Considering a receipt of completed documents, the incorporation services nowadays have been streamlined and provides registration within 2-days.
Approval for Company’s Name from ACRA
• Make sure the name of the company is quite unique, has clarity, is meaningful, and is devoid of any vulgar/obscene words.
• Approval will be required from the higher authority if the name is contained with words like educational, finance, media, etc.
• The name should not be influencing any trademark and attract copyright issues.
• One can use the web portal of ACRA to check the availability of the name and for faster company incorporation SG. There is a requirement for providing three names to ACRA here.
Once the name of the company gets approved, it gets reserved within 60-days (from the date of application). An extension can be asked for another 60-days if the company formation Singapore isn’t carried out within the aforesaid time.
Documents for the setting-up company in Singapore
• ACRA registered company name with business activities brief
• Particulars of Company Secretary, Directors, Shareholders
• Company registered address details
• Residential address proof and copy of passport from any Foreign Entrepreneurs
• Memorandum & Articles of Association of foreign companies
• Singapore identity cards for all Singapore Residents (associated with company management)
• Paid-up capital amount
Application submission to ACRA
After the company name is approved, incorporation services Singapore moves ahead, and one can apply for company registration. If the documents are in order, it will not take much time to complete the process.
Post-business regulation complete formalities
• Incorporation certificate- It is received from ACRA for the company’s successful incorporation. It provides details like registration number and is treated as a certificate of incorporation.
• Company business profile- It can be obtained after the incorporation. All the company’s particular, like registration date, registered address of the company, paid-up capital, are all included here, and one can obtain it by paying a small fee.
For any contractual and legal activities, the business profile and incorporation certificate soft copies are essential. It is also required during account opening, office lease signing, etc.
Apart from the above two post-business regulation formalities, one is required to acquire all business licenses and permits, get GST registration, obtain company stamp, issue share certificates, hold first board resolution, etc.
One is also required to comply with accounting requirements, convening of annual general meetings, annual return filing, corporate tax filing, and determination of financial year.
Hire Bestar for company incorporation service Singapore
Bestar Services, Singapore, they are well-known for their quality services. They not just assist but will also advise the budding business owners for setting up the company. They are good at what they do, and one can assure themselves connected with professionals, for receiving reliable and cost-effective solutions.