Singapore is renowned as one of the best locations in the world to operate a business. And it’s surprisingly quick and easy to achieve that. Learn how to set up a Singapore corporation and begin conducting business there in only a few days by reading our step-by-step guidelines.
How to Form a Singaporean Company
The first step is to choose a Registered Singapore Company Incorporation Service Provider.
Before we get started, it’s important to note that the Singapore Government requires all prospective foreign businesses who want to incorporate there to use a legitimately registered Singapore company registration service provider.
As a result, it is easier to comply with the demands of the Singapore Accounting and Corporate Regulatory Authority (ACRA), a body under Singaporean government control.
Your chosen Singapore business registration service provider will also assist you through each step we detail below to make the process as quick and easy as possible.
When you’ve chosen a business registration agency, they should have an online onboarding form for the creation of Singapore companies.
The second step is the Singapore Company Registration Service. Being Careful
They will verify everything is accurate once they have your information.
This serves to protect the interests of both you and your company registration service provider. Despite being one of the most open financial centers in the world, Singapore, it is essential that everyone conduct business on an equal footing.
If you thoroughly and honestly fill out the onboarding form, there won’t be any issues.
Step 3: Select Your Singapore Company Registration Package
Most Singapore company registration services offer a selection of packages that you may choose from, ranging from the most basic to full-service packages that even introduce you to the local bank management and offer a reliable referral.
Here is an online wizard that can create a package that meets your needs for starting a Singaporean corporation.
If you choose a reputable Singapore company registration service provider, you might be able to legally operate out of Singapore in just one day.
Step Four: Reserve Your Singapore Company Name
You can submit your business name to ACRA on behalf of your Singapore company registration service provider, and they will take care of all subsequent steps.
There are simply a few considerations to make while registering a Singapore company name:
- There cannot be any trademark infringement with the company name.
- The business name cannot already be adopted by another organization.
- The name of the business must be completely unique from any other Singaporean firm.
If your Singapore company name satisfies those criteria, ACRA will frequently approve it in less than an hour.
The sole exception to this regulation would be if your Singaporean firm practiced a profession that required a license, such as law, medicine, accounting, etc. In some cases, ACRA may need a few weeks to establish that you are a licensed member of your profession.
When your Singapore company name has been approved, ACRA will hold it in reserve for up to 120 days before making it accessible upon request.
Five: Sign the documents to register your Singaporean business.
In order for ACRA to approve your application to register a Singapore company, the ensuing documentation must now be prepared. Your Singapore business registration service provider will again walk you through this process.
Step 6: Create an ACRA account for your Singapore company.
All that’s left to do is submit your Singapore company registration to ACRA once this is completed. Complete this task online, it should just take a few hours.
Step 7: Operate Your Business Lawfully in Singapore
Now I’m done! You will be allowed to legally conduct business in Singapore if everything goes as planned, which it typically does. The best thing is that, if all the required documents and information are prepared in advance, the entire Singapore business registration process could be finished in a single day.
There are a few further procedures you’ll need to take, like banking and getting more supporting documentation, but your Singapore Company Incorporation service provider will help you with all of that.