Singapore is one of the best countries to do business in due to its stability, healthy business environment and tax benefits amongst many other factors. Registering a company can be entirely done online as the whole process is computerized by the Accounting and Corporate Regulatory Authority (ACRA).

Although it is a smooth process without any hitches, company registration demands some prior information. There are a few prerequisites needed by ACRA before you register a business in Singapore, just like any other country. The following are the required documents by the law prior to registration:

Name of Company

A Description of Business Activities

Particulars of Shareholders

Particulars of Directors

The Registered Address

Particulars of Company Secretary

Memorandum and Articles of Association (MAA)

Keep the following information ready before beginning the registration process.

Name of the company

This is the most obvious requirement in the list. You need the approved name of the company before plunging in and registering the company. In order to get the name approved, you need to first reserve it. It is then scrutinized to check whether such a name does not already exist or for containing sensitive or offensive words. If you fulfill both criteria, your company name is approved instantly.

There may also be cases where your company name is referred. This means that the name consists of a word or more that implies a specific business activity which is regulated in the country- examples would be financial or media. This process usually takes slightly longer.

Number of directors

As per the Singapore law, at least one resident director is required to register a company. A resident is any Singaporean Citizen, a Singaporean Permanent Resident, or one who has been issued an Entrepass or an Employment Pass. A director, resident or otherwise must be at least 18 years of age, not be bankrupt and should not have been involved in any malpractice in the past.

Number of shareholders

A director may also be a shareholder and the law allows for at least 1 shareholder and a maximum of 50 shareholders in a company. You can have both individuals or entities are shareholders, local or foreign. In fact, the law allows all the shareholders to be foreign too. After incorporation, shares are transferrable or new shares are issuable at any time.

Paid-up capital

This means the total amount of money the company gets in return for selling their complete shares to the shareholders. No authorized capital is required to start a business in the country and the lowest paid-up capital necessary for setting up a firm in Singapore is S$1.00.

If you wish to list a higher paid-up capital, you can do so either at the time of incorporation or after the company is registered. Although it is preferred, the paid-up capital may not necessarily be listed in the Singapore Dollar. The law allows the paid-up capital to be listed in any other major currency. You should also note that the amount you list as paid-up capital must be inserted into the company which need not be locked in. You may use the money as per the company’s needs and wants.

Company’s registered address

This plays a big role in the registration of the company. Having a local Singapore address as the registered address of the company is a must. Further, a P.O.Box is not acceptable as a registered address; it needs to be a physical address.

The Home Office Scheme of Singapore allows for a residential address to be considered as a business address but only after an approval for HDB flats from Housing Development Board. For private properties, approval from an Urban Redevelopment Authority is needed.

Company Secretary

The Singapore Companies Act needs you to employ a qualified company secretary within 6 months of incorporation. Being qualified means that the company secretary should have all the required knowledge to fulfill the requirements set forth by the law. One thing to remember is that shareholder or a sole director cannot become a company secretary as well. You need to appoint a qualified, independent and professional as one.

Moreover, a person from another country can be appointed as a company secretary provided that he/she is a Singapore resident i.e. a Singapore Permanent Resident or a Singapore Employment Pass or Dependent Pass holder.

So, there you go. This was a quick guide to registering your company in Singapore. To ease this process, visit singapore-company-registration.net .

This was the easy part, in fact. Now is the real deal, when your commercial operations kick off. The revenue, the expenses and the profits are sure to keep you on your toes at all times.