What is Company Incorporation?
Company incorporation is the process of setting up a company or corporate entity. It is known as the legal entity which separates the company, its assets, and income from that of its owners.
5-Step Guide To Company Incorporation
1. Verifying Name Availability
You will have to select a name for your company and verify its availability. To check the availability of the chosen name, the professional organisation engaged with the registration procedure can send in an application with the selection of names. One can give at least three names to be checked for availability.
While coming up with the appropriate company name, ensure to avoid certain words that are subjected to control or regulation by the government authorities. Additional permission may be required for the use of certain terms, and will receive complaints if used without permission.
2. Determine The Type Of Business Operation
Before you can incorporate a company, set aside some time to list a minimum of two core business operations as stated by the Singapore Standard Industrial Classification Code. In circumstances where a company has over two primary business activities, the ones that will probably generate the most profit should be considered.
3. Licensing Requirements & Vetting Documents
Most businesses will need a license to operate legally in Singapore, and these licenses involve conditions to be fulfilled to set up a business. Furthermore, set aside time to learn more about the license requirements for your specific business venture.
After which, you can proceed to print, sign, and stamp both the Memorandum of Association and Articles. The Registrar of Companies will be able to provide the required forms that have to be filled up and finalised during the company setup process. The properly filled up and signed Articles and Memorandum of Association documents will then be shown to the Registrar of Companies for vetting and approval.
4. Elect Company Directors
Decide who is responsible enough to serve as a director of the business. After registration of the company, a business is able to register at least one director – with no maximum limit to the number of directors that a business can have.
However, it is required for at least one director to be a resident of Singapore, especially if it’s an offshore company. Otherwise, the company can also consider getting a nominee director, either a permanent resident of Singapore one an individual with an Employment Pass/EntrePass to handle business operations locally.
5. Settling Registration Fees
Prepare payment for the registration fee, which should be addressed to the Registrar of Companies during the period of company incorporation. Usually, the fee is set according to the nominal capacity of a business which owns a share capital as well.
Reasons To Incorporate Your Company With OneStop
Simple and smooth procedure: Our team of qualified advisors will offer business owners advice regarding statutory regulations or legal requirements, as well as how to register a new company smoothly.
Capable and experienced team: Reviews and successful reports demonstrate our ability to deliver, along with our team’s in-depth understanding of the company incorporation procedure.
Wide range of solutions: Engage us for our extensive array of professional services, save time and money as you no longer have to get in touch with different firms all over the country.
At OneStop Professional, we not only offer company incorporation, but many other services to help you set up and operate your business smoothly.