Many entrepreneurs are convinced to open up their businesses in Singapore due to the fact that it is the number one country to do business in according to The World Bank. Forbes even stated that it is the third wealthiest nation in the world. Singapore has pro-business laws and regulations while being corruption free. In conclusion, it is the ideal country for any kind of business. If you are interested in doing business in Singapore, you can go for the steps of company registration in Singapore.

Company Name

First, you need a registered company name so that your business is legally approved for any of its operations. To get your company name registered, you must come up with a name that is unique as in hasn’t been registered with any other kind of business and also doesn’t contain words that infringe copyright or words that are inappropriate. Take note that words such as law, media, bank, finance, and such will take a longer time to process for the registration. If it’s not necessary or can be avoided, it’s best advised to do so.

Company Staff

After your company name is registered, the next step you must do is to hire staff for your company. For Singapore companies, there are positions that are obligatory which are a local director, a secretary, and a shareholder.

Directors and secretary of a company must be a local resident of Singapore, meaning that they must be either a Singapore citizen, permanent resident, or a holder of employment or dependent pass with a minimum age of 18.

Shareholders of a Singapore company don’t have to be Singaporean residents. A Singapore company can be fully owned by a foreigner. However, the law states that the local director and secretary are not allowed to be shareholders of the company. These shareholders must have paid-up capital of minimum S$1 as the initial requirement of getting the company registered.

Another requirement for a Singapore company is that you must register a local address in Singapore. This local address must be physical and is not a post office box.

Documents Requirements

There are documents you must submit in order to get your company registered. The documents that are submitted must be in English. The required documents are:

  • Description of business activities
  • NRIC identity card copy of the local director and shareholders
  • Passport copy and proof of foreign address of foreign director and shareholders

Once you have provided all the required documents, they are to be submitted online. If your company gets approved, the proof of registration will be sent through e-mail. Note that a foreigner who wishes to register their company in Singapore must use the assistance of a professional firm. This professional firm is also available to hire for local residents of Singapore if the registration process seems to be difficult or if there are a lot of questions you have regarding the process of getting your company incorporated. Generally, the steps of company registration only take a couple of working days. Just make sure that all the requirements are fulfilled accordingly, and there should be no problem.