What is Company Incorporation?
The incorporation of a company is the legal process used to set up a corporate entity or a company. Recognised by Singapore law, the incorporated company is known as a legal entity that separates its income, assets, and the company from the owners of said company. Recognised by Singapore law, the incorporated company is known as a legal entity that separates the income, assets and liabilities of the company from its owners.
5-Step Guide To Company Incorporation
1. Verifying Name Availability
The first essential step to the incorporation of a company in Singapore is the selection of a name for your business, followed by the verification of its availability. Sending in an application during the registration procedure with at least three selected names will enable you to verify if the names are available for use.
It is vital to avoid words subjected to regulation or control by the government authorities when choosing an appropriate name for the company, as additional permission might be required to use certain terms. When used without permission, companies can risk receiving complaints.
2. Determining The Type Of Business Operation
Ideally, prospective business owners should list a minimum of two core business operations under the Singapore Standard Industrial Classification Code prior to incorporating a company. In any case in which the primary business activities exceed two, you should consider the ones that will highly likely generate the most profit for your business.
3. Licensing Requirements & Vetting Documents
To operate legally in Singapore, most businesses require a license involving specific conditions to be fulfilled. Thus, before setting up your company, it would be beneficial to set aside time to acquire knowledge about the license requirements needed for your business venture. This way, you are more inclined to receive your license instead of being rejected.
Once a license is obtained, you can then proceed with printing, stamping, and signing both the Articles as well as Memorandum of Association provided by the Registrar of Companies. These required, filled up Memorandum of Association and Articles documents will afterwards be submitted to the Registrar of Companies for vetting and subsequently, approval.
4. Electing Company Directors
After the registration of the business, at least one director must be registered – you can register a company with multiple directors; there is no maximum limit imposed. However, during this stage, it is vital to decide on an individual qualified to serve as the company’s business director as this person is responsible for managing and overseeing the overall company.
For the director to be considered, this individual must be residing in Singapore – especially for offshore companies. Otherwise, the organisation can look into other methods such as engaging in nominee director services. This nominee director, either a Singapore resident or one with an Employment Pass, will be required to handle business operations locally.
5. Settling Registration Fees
The registration fee, set typically according to the nominal capacity of an organisation that also owns a share capital, will be imposed for payment. During the period of incorporation of company, you should ideally prepare payment for the fee – addressed to the Registrar of Companies.
Requirements To Incorporating A Company In Singapore
Watch the video above to understand the processes and requirements when it comes to incorporating a company in Singapore.
Reasons To Incorporate Your Company With OneStop
OneStop Professional Services Pte. Ltd. provides incorporation services for individuals looking to set up a company in Singapore. Here are a few reasons to work with OneStop when it comes to incorporating your company:
Smooth and straightforward procedure: OneStop’s team of qualified, experienced advisors come equipped with helpful advice for business owners concerning the ways to register a new company seamlessly, as well as the legal requirements and statutory regulations to take note of.
Experienced and capable team: Successful reports, as well as reviews from clients, reflect our well-versed team’s deep understanding of the procedures revolving around company incorporation, along with our ability to consistently deliver.
Extensive range of solutions: For a wide array of professional services helmed by a knowledgeable team, engage OneStop to save money and time in searching for reputable firms all over the country.
Here at OneStop, we provide numerous services designed to assist business owners in setting up and operating their business seamlessly and successfully apart from company incorporation.
FAQs On Incorporation Of Singapore
The correct setup presents another challenge, particularly for a foreigner who needs to gain knowledge of the legal or tax processes. As such, many foreigners setting up a business in Singapore opt for the assistance of a reputable firm providing company secretary and other corporate services, such as OneStop Professional.
The actual cost of incorporating a Singapore company varies depending on the services required. OneStop Professional's starter package starts at S$600. You may view additional pricing and information here.
