Singapore is an Asian country with an excellent business market where you can also create a company. However, you need to follow certain steps to be in the rules and start the business well. In this article, you will be told about the steps to follow to set up your company in Singapore.
The legal structure
You need to decide on the type of legal structures you want for your company. This is a step that you must necessarily take if you want to set up a business in Singapore. In reality one notably this rule in several other countries of China or the market is favorable. There are several, namely sole proprietorships, limited partnerships, limited liability companies, etc. Sole proprietorships fit perfectly with small businesses and sometimes operated by the owner himself. The compliance obligations it entails are minimal, which reduces the cost of compliance. For limited liability companies, it is the common choice for businesses that present very considerable risks. To choose, you must base on the capital invested, the number of partners, role and responsibility, the long-term objectives. What is most used until today is the private limited company because of the security it offers. It is the perfect choice for small and large businesses because of its operation that is more flexible and scalable.
Choosing a name
You need to choose a name for the company, but before its registration, it is important to submit it to the legal organizations like acra. It is acra that is responsible for validating the names. The objective is to make sure that no other company in Singapore has this name or has already reserved it. Thanks to the name search form offered by the organization, you can choose a name directly and be sure that it will not be rejected. Basically, the name must meet the official acra guidelines. Once the name is approved by the organization, you can reserve it for up to 120 days.
Before the registration of the company, you must with the organization, you must collect the documents required during the incorporation. Be sure to provide documents in English, otherwise the application will be rejected. The documents to be provided are: the official statute of the company, a suitable model of which can be found on the acra website. The identity documents of the members of the company from the first to the last, including the shareholders, followed by a proof of address. Finally a letter of consent from the director and secretary of the company. Once the documents are up to date, you can now register the company. To do so, you must submit the documents to acra, which will take you a maximum of one hour. You will then receive your certificate followed by a unique number which is the registration of the company. After validating these steps, you can now proceed to the creation of the bank account for the company. This is a basic requirement that any normal company must do after successfully incorporating. In Singapore, you have several choices of banks, including those that are international. For the opening, you will have the opening form to fill out, a resolution from the company’s administrative board, a legalized copy of the certificate of incorporation, etc.
Here are the steps to follow to properly set up your company in Singapore.