Singapore is one of the most business-friendly countries in the world, and it’s easy for foreign entrepreneurs to start a company there. However, the country has certain requirements that must be met to ensure smooth operation. In this article, we will explain the key steps involved in incorporating a business in Singapore.
To register a business in Singapore, you will need to fulfil the following 9 key requirements:
The first step in opening a company in Singapore is to select a name and have it approved by ACRA (Accounting and Corporate Regulatory Authority). This is a standard process and as long as your chosen name complies with the regulations, you should be able to get approval within a few hours. If your company’s name includes certain regulated words, you may need to go through additional vetting by relevant government agencies.
Afterwards, you will need to prepare and submit documents to ACRA, and pay the registration fee. You will also need to appoint a company secretary and choose a registered office for your business. The company secretary tracks changes in the company, compiles papers, and reports to the government. The law requires that you appoint this officer within 6 months of incorporation, but many companies engage the services of a secretarial firm much sooner.
You must also make sure that you have enough paid-up capital to cover the cost of your business operations. This is the amount that shareholders have contributed to the company. A minimum of $1 is required, but you will likely need more if your company operates in a regulated industry. how to start a company in Singapore