Friday, February 15, 2013

Registering A Singapore Business

By Leo Samuel


Possibly in an effort to invite local and foreign investors, Singapore upholds a very easy company registration process, making sure that it's easily accessible. This is one of the many reasons why investors are encouraged to open their business in the country. With just a few requirements and steps, which can usually be completed within minutes, the incorporation process supports the country's pro-business stance.

To incorporate a company in Singapore, the first step that applicants have to do is to choose a company name and have it accepted by the Accounting and Corporate Regulatory Authority. Unless the submitted name is undesirable, identical to another existing business, or the same with any recognized company name or brand, the approval will be given in mere minutes. It could also take more than two weeks if the name would need to be referred to other government agencies for approval or assessment.

Incorporation applicants must ensure that their submitted name doesn't resemble any existing business name. Otherwise, another business with similar name might file a complaint against them. If no valid complaints have been filed within 60 days, the registered name will then be already indisputable and official. To avoid name duplications, they may verify the uniqueness of their proposed name through a directory search on the ACRA website.

Companies should have the signature of no less than 1 resident director and 1 shareholder, who could be the same or distinct persons, upon submission of incorporation application. The shareholder may be another legal body or a natural person, while the resident director must be a natural person who is a local citizen, permanent resident, or a foreign citizen with a valid work pass in the country. The corporation should also appoint a company secretary within 6 months of registration.

company registration Singapore process is fast and simple. It can be done within 15 minutes unless there are other concerns that must be addressed. Following the successful company incorporation registration, Singapore's Company Registrar will send an official confirmation, which is considered as the official incorporation certificate, through email. The newly incorporated company should then open a company bank account in Singapore and register for various business licenses.




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2 comments:

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