Procedure and Timeline for Singapore Company Registration
Accounting and Corporate Regulatory Authority of Singapore (ACRA) mandates that all companies operating in Singapore must be registered under the Singapore Companies Act. In a nutshell, the Singapore company registration process requires the following steps to be followed.
Types of business entities in Singapore
While there are five options to choose including sole-proprietorship, partnership, limited partnership, and limited liability partnership; the most popular and advisable one is incorporating a private limited company in Singapore. It is advisable to include your business activities in the company name itself, if you want to build a widely-recognised brand name for your company. Also use the Singapore Standard Industrial Classification Code (SSIC) 2015 to select the business activities your company will be engaging in.
Steps for Singapore company registration
This involves deciding on the shareholding pattern, the paid up capital, company directors, along with appointing a Singapore resident – company director as well as a company secretary, getting a local registered address, appointing an auditor, and finally generating the Memorandum and Articles of Association (MAA).
After the Singapore company is registered, every company in Singapore gets a Unique Entity Number (UEM). The company’s Share Certificate, First Board Resolution, Bank Account Opening Resolution, company seal and company stamp, are other requirements.
The next step is to get the licenses and permits for a new company in Singapore including registrations for GST, trademark, customs, copyrights and patents.
Timeline for Singapore company registration
The only time taking process among the above, is opening a corporate bank account in Singapore. Depending on the bank you choose, it may vary from one day to few weeks. Otherwise, once we have the completed documents duly filled and signed, it usually takes us somewhere between one to two hours to incorporate a company in Singapore.
|1. Complete our full detail online form to expedite the Singapore Company Registration process||Client||10 minutes|
|2. Send us passport copies (or IC for Singaporeans) of proposed directors and shareholders for Singapore company & make payment for the services||Client||Depends on you|
|Upon completion of the above:|
|1. Reserve company name||AsiaBiz||10 minutes|
|2. Prepare necessary incorporation documents||AsiaBiz||30 minutes|
|3. Sign and return incorporation documents||Client||Depends on you|
|Upon completion of the above:|
|1. Incorporate the company with Accounting & Corporate Regulatory Authority of Singapore (ACRA)||AsiaBiz||20 minutes|
|2. Prepare company documents for bank account opening||AsiaBiz||15 minutes|
Note: If you are signing the company registration documents overseas, you will need to factor in the time it takes to courier the documents back to us.
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