Thursday, November 23, 2017
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Get To Know On How to Incorporate a Company in Singapore

Company registration in Singapore has been made simple with the introduction of BizFile+. It is ACRA’s [accounting & corporate regulatory authority] e-filing and data recovery system.

Singapore government has vested power in ACRA to regulate public accountants and companies. If you desire to setup a business in Singapore, then there is a need to submit an application on BizFile+ for name approval. Let’s understand how to incorporate a company in Singapore.

Steps to register

  1. Application submission
  • For online submission of application, log on BizFile+ website using SingPass or CorpPass. All the proposed directors or shareholders or secretary will have to sanction their consent via BizFile+.
  • Incorporating process is complex, so take help from professional corporate services.
  1. Registration fees
  • You will need to pay total amount of $315 against registration [$300] and name [$15] approval fees.
  1. Processing time

As soon as, the payment for name application is made, the process starts within fifteen minutes. It takes 2 to 8 weeks for an application to process because sometimes another agency needs to be referred to for review. For example, if your company aims to perform activities like setting private school, then the Ministry of Education will need to get involved for the application review.

After getting an approval or registered with ACRA, you can commence your business in Singapore. However, make sure to obtain licenses from Government agencies for conducting business activities, if necessary.

Requirements

According to the Companies Act section 19[1], it is necessary for the prospective company to get registered. In case, it is private limited company, then the following statute gets applied –

  • Restriction to share transfer
  • Members limited to maximum 50

Endorsement for business incorporation

The prospective company’s director, shareholder, and secretary will need to convey their consent on BizFile+ as soon as the name application gets approved {within 120 days}.

Business name reservation

Company name is reserved for only 120 days, after the approval date. No extension time is given for company name reservation thereafter.

Optional address

Alternate address can be obtained from the registrar with a small fee of $40. However, optional address has to be within the approved jurisdiction and not a foreign address. In addition to this, the optional address cannot be P.O. Box address, where you can be contacted.

 

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