Steps Involved During Process of Company Incorporation in Singapore

Posted by Singapore Incorporation on August 9th, 2019

For company incorporation in Singapore, you have to follow some legal steps involved during the process as per rules of ACRA and IFRS authorities in the nation. However, the entrepreneurs and investors, who want to do business in Singapore, they should have to know relevant things for setting up a company in Singapore and make this happen in a legal way. For more details, you can also approach to the experienced corporate consultants in Singapore too.

Here are some genuine things that you will have to follow during process of company incorporation in Singapore such as:

Company’s Name and It Approval

At the first step, every foreign company needs to setup a decent name of the firm. Make sure the company’s name looks professional as well as unique. Furthermore, you need to ensure that name of firm also gets approved by the Accounting and Corporate Regularity Authority in Singapore (ACRA) too.

Company’s Director and Shareholders

You also need to appoint at least one director and shareholder of the company. Make sure the age of director is more than 18 years and numbers of shareholders of company can be increased up to 50 only. However, you need to ensure for keeping details of company’s director and shareholders transparent for government’s record.

Business Passes in Singapore

You have to apply for relevant passes for visiting Singapore or stay there for new company incorporation or employment in the country. There are different kinds of passes you can apply in Singapore such as EntrePass(EP), Employment Pass(EP), S Pass, Permanent Residency Pass (PR), etc. So, you need to follow legal ways to apply for desired passes in Singapore that you can manage easily with the help of any business registration agency or immigration service providers in Singapore.

Appointing Company Secretary

After six months of company incorporation in Singapore, you need to appoint a skilled company secretary in-house without fail. It is a mandatory norm in the country and every foreign company or existing firm in Singapore has to follow this rule wisely.

Company’s Shared Capital

Make sure the minimum shared capital of the new company in Singaporeshould be up to S at least. If you have more, then you need to give annual revenue details to the government too.

Company’s Address and Bank Account Details

You also need to submit details of company’s registered address and bank account details to the Singapore government during process of setting up a company in Singapore.

Company Registration

Once you get done with Singapore company incorporation process and get the incorporation certificate from the government, you will become liable to apply for next step of company registration in country easily.

Thus, above are few genuine steps involved during company incorporation to registration process in Singapore for every foreigner.