What is the Process of Registering a Company in Singapore?

Posted by Cheryl Lee on November 19th, 2020

How Long Does it Take to Incorporate in Singapore?

Believe it or not, you can register your company in Singapore in as little as 1 day! This incredible turn around is largely due to Singapore’s open attitude towards welcoming investment into the country. However, to get your business set up in Singapore as quickly as possible, you’ll have to be prepared.

Let’s go through exactly what you need to get ready to have your Singapore business registered and up and running in just 1 day.

Where to Start When Registering Your Company in Singapore

First thing’s first, you’ll need a registered Singapore company incorporation service to set up your new business in Singapore. This is mandated by the Singapore Government, and their Singapore Accounting and Corporate Regulatory Authority (ACRA). Using a registered company incorporation service ensures that you can easily comply with any local laws and regulations, by letting the service do the heavy lifting for you. A good incorporation service will walk you through every step of the Singapore company registration process, and even sort out meetings with local banks and law services. Our one piece of advice would be to pick your Singapore company incorporation service carefully – there are plenty out there, but you get what you pay for. Look for a service provider that has been around a long time with proven results. Now that we’ve covered incorporation services, let’s go on to the documents you’ll need to get ready to get your new Singapore company set up in just 1 day.

Incorporating Your Company in Singapore — Step by Step

Okay, we’ve managed to sort all of the documents and other requirements to register you company in Singapore within just 1 day.

So far so good!

Now let’s look at the step by step process to actually register your company with ACRA. Again, it’s all very simple, and you guessed it, can be sorted within just a day.

1. Company Name Approval

First thing’s first, you’ll need to have your company’s name approved with ACRA. Again, this can be done with minimum fuss, as your company incorporation service will take care of this very quickly.

There are just a few things to consider:

• Your company’s name cannot infringe upon current trademarks
• Your company’s name cannot be obscene or vulgar
• Your company’s name cannot be the same as any current business in Singapore
• Your company’s name cannot be currently reserved by any other company

All very normal and expected requirements which really shouldn’t be an issue. If they are, your Singapore incorporation service provider can help you navigate any problems.

ACRA is generally very swift with this process, taking only a few hours to 1 day to approve your company name.

The only exception to this timeframe is if your company is in a field that needs a licence to operate. This includes the likes of medicine, law, finance, etc. If this is the case for your company name, approval may (in rare cases) take a few weeks.

Once ACRA has approved your company’s name, they will reserve it for you for 120 days. After that, it will be released for use by any other company that wants to use it.

2. Registration Documents

Alright, your company’s name has been approved, and the incorporation ball is well and truly rolling.

We now move on to your company’s registration documents that your incorporation service provider will submit to ACRA for approval.

Registration Documents Required by ACRA:

• A signed Consent to Act form from each director.
• A signed Consent to Act form by the company secretary.
• A Company Constitution (formerly known as Articles of Association). You can create your own constitution, or use the official template.
• Identification and proof of residential address for all officers and shareholders of the corporation.
• “Know Your Customer” (KYC) due diligence completed by your incorporation service provider for anti-money laundering regulations.

You Singapore company incorporation service provider can provide you with all of these documents. All you’ll need to do is sign them.

Read more about the process of starting a company on Singapore at Singapore Company Incorporation website.