If you’re a person wanting to Incorporate a business in Singapore, what exactly do you have to do? When you’re dealing with incorporation, you must understand that you’re dealing with two or more people wanting to join together for the purpose of business.
The idea behind an incorporation is that you want to create a separate entity for the company so that it can have its own business legal personality. This means that your personal property is separate from the property you have invested in a corporation. And also, should there be a legal case against the company, it can’t be charged against your property.
You can go incorporate a company yourself or you can hire service to Incorporate Company in Singapore. This is the easiest way to go.
Complete the following requirements before your business can be incorporated:
- Name of your potential business. This task may be a simple one but sometimes, your intended name for your business is already taken. Brainstorming and coming up with a name eventually can be longer than expected.
The first step in incorporation is to write down at least three potential names for your company and submit it to the Accounting and Corporate Regulatory Authority (ACRA).
If your first choice is available, ACRA will send you a notice of success. If it’s not, you have to decide whether you will use your 2nd or 3rd choice.
- The Principal Activities of the Company (The company can select a maximum of two). The Principal Activities of the Company may be chosen from the list provided by the Singapore Standard Industrial Classification (SSIC). This will be your SSIC Code.
- Directors of the Company. One of the Directors of the company should be residing in Singapore. A person needs to be fulfil these requirements to become a director of a Singaporean firm:
- Natural person of sound mind over 18 years old
- Not discharged with bankruptcy by a local or an international court
- Not an unfit director of an insolvent company
- Not been convicted of any legal accusation
- Shareholders of the Company. There must be at least two shareholders in a company.
- Registered Office. There are some requirements for the registration of the business address of the company. These are:
- The office hours must be 5 hours at least on the days they are open
- The registered office address should be a physical address and not a PO Box Number
- Capital Shares. The value of each share should be at least 1 SGD or higher.
- Constitution Documents. The Constitution of the company serves as the House Rules for the company and for all the employees.
- Singpass. This is an electronic ID for Singaporean Citizens and Permanent Residents.
Do you need an Incorporate Company in Singapore?
You can contact an established accounting solution to Set up company in Singapore. They will register your company for you in the lowest time and cost.