Singapore is known for its favorable business environment, high standards of living and strategic location in the Asia-Pacific region. This attracts entrepreneurs from all over the world who want to start or expand their businesses. In this article, we will look at the key steps that you need to go through to register a company in Singapore.
Selecting the company type and preparing documents
The first step to Register company in Singapore is to choose its type. The most common type of company in Singapore is a Private Limited Company (Pte Ltd). It offers limited liability to its shareholders and has a favorable tax regime. Other options include Sole Proprietorship, Partnership, and Limited Liability Partnership (LLP).
After selecting the type of company, you must prepare all the necessary documents. The main ones are:
Company Charter (Memorandum and Articles of Association)
Data on directors and shareholders
- Distribution of shares
- Official address of the company in Singapore
- Requirements for directors and shareholders
Singapore has clear requirements for the company's management. Each company must have at least one director who is a resident of Singapore. This can be a Singapore citizen, a permanent resident, or a person with a valid work visa. In addition, the company must have at least one shareholder, who may be an individual or legal entity, resident or non-resident of Singapore.
Directors are responsible for managing the company and meeting all legal and regulatory requirements. They must be at least 18 years old and have no criminal record for financial fraud or other serious offenses.
Company registration
The company registration process in Singapore takes place through the company and business registration agency (ACRA). Registration can be performed online using the BizFile+system. First, you need to check the availability of your company name. The name must be unique and meet certain requirements, such as not containing prohibited words and not being similar to the names of existing companies.
After approving the company name, you must submit an application for registration, including all prepared documents, and pay the registration fee. Usually, the registration process takes only a few hours, but in some cases it can take up to several days.
Opening a bank account and starting operations
After successful registration of the company, you must open a corporate bank account with one of the banks in Singapore. This will allow you to perform financial transactions, including paying suppliers, receiving payments from customers, and managing the company's finances.
Most banks require the presence of the company's director when opening an account. Prepare all the necessary documents, such as company registration documents, charters, directors ' resolutions, and personal documents of directors and shareholders.
After opening a bank account, your company can officially start operating. You must also register to pay taxes and, if necessary, obtain the appropriate licenses or permits for your type of activity.
Registering a company in Singapore is a process that requires careful preparation and compliance with all legal requirements. However, by following the right steps and getting professional help if necessary, you can quickly and efficiently start your company in this country with favorable business conditions. Singapore offers excellent opportunities for development and growth, making it an ideal place to start a new business.
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