Registering a business can pose a significant challenge for a starter, especially in a foreign country where laws are different from the home country. Singapore is one of the world’s business hubs, and incorporating a business is simple, with prior knowledge of the requirements. I will now take you through the process of registering a limited liability company in Singapore.
Requirements for fast Singapore company incorporation
- Company name-every company must have a unique name before the commencement of the registration process.
- Registered address-it is a requirement for every company to have an address for keeping the company statutory documents, which cannot be a post office box.
- Share capital- there is a minimum share capital required for starting a business, which you can increase in due process.
- Directors- a company can hire directors from any country in the world, but at least one director must be a resident of Singapore.
- Shareholding- a company must have at least one shareholder and at most fifty shareholders. The shareholders can be residents of Singapore or non- residents.
- Company secretary-a company must appoint a secretary who is a resident of Singapore within a period not exceeding six months after incorporation.
Process of incorporating a business in Singapore
Registering a business in Singapore is an online three-step process which makes it fast. I will explain in detail the three-fold process.
1.Approval of company name
For fast Singapore company incorporation to take effect, the company must choose a unique name that should not be vulgar and not contravening any trademark. A company name that is in line with the above guidelines receives approval in a couple of minutes. Some other names take longer in getting approval if they contain some restricted words which require referral to other government agents for consideration. After approval of the company name, the company has the right to reserving the name for a duration not exceeding two months. A company cannot reserve a name for more than four months, failure to incorporate the company after the lapse of four months leads the release of the name, and any other company can reserve it.
2.Preparation of company registration documents
- The second step after the approval of the company name is obtaining the following documents.
- The articles of association which is also the company constitution
- An acceptance document by all directors to act as company directors known as consent.
- Consent document signed by the company secretary accepting the offer to serve as the company secretary. It is a requirement that all documents are translated into English or are in English.
3.Register with the company registrar
A company that has all the above-stated documents is due for incorporation in less than an hour. If the documents require further vetting by other government agencies, the incorporation process can delay and take a couple of weeks. The incorporation process is fast because it is an online process.
After incorporation, you have the right to commence business immediately. There are no obstacles that should stop you from conducting business in Singapore. The ideas above are helpful for fast Singapore company incorporation to residents and non- residents who wish to start companies and do not know where to start.