Steps to Follow with Incorporation of Company in Singapore

Incorporation of Company in Singapore

When considering incorporation of a company in Singapore, there are is a clear process that should be followed. Having knowledge of each step can be of great help with planning, organizing, and collecting the relevant information required for the application process. Working with a professional corporate service provider can also help, especially if you aren’t aware
of the relevant steps to follow. 

Here are the keys steps to follow as you work on registration of the company in Singapore;

Decide on some of the possible company names

Before you start with the registration of the company in Singapore, you should take time and identify potential names for the proposed company. The name that you choose should not be similar to any existing business name in Singapore.
The chosen name should also not be undesirable in view of the government and should not include any offensive terms. 

There are certain words that should never be used during the incorporation of company in Singapore. The use of some words is also subject to regulation or control by the government authorities. The use of such terms might require additional permission before one can proceed with the registration of the company in Singapore. Within a period of 12 months, Singapore Company Registrar can choose to direct a change of the company name if any person lodges a complaint against it. 

Decision on business activities

You should take time and list at least two main business activities as directed by the Singapore Standard Industrial Classification Code. In situations where a company has more than two main business activities, those that are likely to generate the most revenue should be considered. 

Licensing Requirements

The majority of businesses require a license if they are to operate legally within Singapore. There are conditions to the licenses that one should be well versed with as they go for incorporation of Company Singapore. One should, therefore, take time and find out about the license requirements for their type of business.

The decision on shareholders and share capital

Normally, those involved with the registration of company often set up the companies with a nominal paid-up capital of $1 – $100 and subsequently increase the capital whenever necessary. Remember that the paid-up capital should be deposited into the company’s bank account after the registration process has been done. Working with a corporate service provider makes the entire process to be much easier and free of errors as they are well conversant with every step of the registration process.

Decide on company directors

You should make a decision on who should act as the directors of the company. When involved with registration of the company in Singapore; it’s important to note that a company can be registered with a minimum of one director, and there is no upper limit to the number of directors that a company can have. If it’s an offshore company, then one of the directors
should be a resident of Singapore. The foreign director should, therefore, consider having a nominee director who can handle the company operations locally.

Originally published by Onestop-ca.com

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