Setting Up a Company in Singapore is easier compared to other countries as it doesn’t take a lot of time. In Singapore, in fact, you can do it in just one day provided all the requirements are fulfilled.
Some papers and procedures must be followed in order to start your business in Singapore. You don’t need to get frustrated with these. We’re here now to give you the requirements and we’re going to discuss it one by one.
Setting Up a Company in Singapore would require the following documents:
- Shareholding. This is the portion of your Ownership within a certain business organization. The one possessing the shareholding is the shareholder. In Singapore, a shareholder can be a natural person or a corporate entity.
In order for a business to be registered, it must have at least 1 shareholder but the number shouldn’t exceed 50. Whether you’re a Singaporean or a Foreigner, you can have 100% ownership in the country.
- Share Capital. Share Capital is the monetary value per share in relation to shareholding. In Singapore, the required amount of share is 1 SGD. As the company levels up, it can decide to increase its Share Capital.
- Board of Directors. There should be at least one director in a company before you can incorporate your business. The director can be a Singaporean or a foreigner. On the other hand, if it’s a corporation, at least one member of the Board of Directors must be a Singaporean.
- Company Secretary. The secretary of the company must be a natural-born Singaporean Citizen. Furthermore, a secretary must be appointed within the 6 months of incorporation.
- Registered Address of the Company and Board of Directors. One of the documents that the Government of Singapore is asking from those wanting to register a business is the address of the physical company and the address of all the Board of Directors. Some directors may not be comfortable with this but it’s mandatory.
- Company Name. Before you can incorporate your business, you must think of a business name and have it registered. If the name that you’re registering is already taken, then, you must go with your second choice. How will you know if the business name you’re thinking of is not yet taken? Keep on reading to find out.
How to check registered company in Singapore
Here are the steps in checking for a registered company in Singapore:
- Step 1 – Launch a browser on your computer and head to the website of the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
- Step 2 – On the web address of your browser, go to Bizfile’s official website.
- Step 3 – Look for the search bar within the website to search for the registered company.
- Step 4 – Complete the captcha.
- Step 5 – Analyze the information being flashed on your screen. Some names look similar so be cautious on looking for the names and additional Infos.
For more information, see How to Check Registered Company in Singapore.