A thorough grasp of Singapore’s laws and legislation regulating companies is required for company formation in Singapore. The legislation, procedures, and data that our team has compiled will help you start a company in Singapore without falling afoul of any of the country’s regulatory requirements. Prior to setting up a company in Singapore, here are seven things you should know. The process of company incorporation service comes easy there.
Set up a business plan and organizational framework
To start a business in Singapore, you must first draught a comprehensive business plan that is structured and well-documented. Plans for your company’s future activities are outlined in detail in a business plan.
Each of these aspects must be understood in order for you to make an informed decision about the best legal structure for your situation. First Choose a Financial Year End Date for Your Company and then carry on.
Decide on a company name that is both memorable and relevant
Choosing the right company name is crucial to both obtaining approval and succeeding in the market. The ACRA regulates company creation in Singapore and is in charge of keeping an eye on things. Your company name must match the following criteria in order to be accepted:
- According to the guidelines, a new company shouldn’t be too similar to any other existing one.
- Any trademark infringement is strictly prohibited.
- The use of obscene language is strictly forbidden.
This approach is best started with at least three potential company names you’re interested in. ACRA would reject a proposed business name for Singapore company formation services if it has any of the following characteristics:
- A business name that is almost exact replica of an already established business name.
- Brands and trademarks, in the same way, undesirable.
- ACRA also accepts proposals for new company names.
Decide on a physical address for your business
In order to complete the Singapore company incorporation process, you must furnish ACRA with an official Singaporean business address for your company. This is where all formal documents relating to your company will be delivered.
To keep an eye on things, hire a corporate secretary
An experienced and licensed Company Secretary is a requirement of the Singapore Companies Act for all Singapore corporations. The following credentials are required of the secretary:
Singaporean business practices are second nature to a competent person over the age of 18.
The compliance officer must be appointed within six months of the company’s establishment in order to provide guidance and advice on regulatory compliance concerns.
Must be a Singaporean or have a Singapore Pass, such as the Entrepreneur Pass, or have a permanent address in Singapore.
Here, you may learn more about Singapore’s company secretaries
It is essential that you understand the company’s governance structure before it can be registered in Singapore. A company’s governance structure and connection to its shareholders are controlled by its Memorandum of Association, Articles of Association, and other constitutional papers, in addition to the restrictions of the Companies Act.
Resident directors should be hired for this purpose
A resident director will be selected and assigned to manage the project at this time. For all Singapore Private Limited Companies to be registered in Singapore, at least one director must be a Singaporean citizen with a permanent residency in the nation.