Company registration in Singapore is a smooth and seamless process. However, this is so only if you have the necessary documentation and adhere to the set rules.
Nevertheless, if you don’t know the process to follow during company registration, you can contact a company which offers company formation services in Singapore.
Take a look at the entire process.
Here’s How to Register a Business in Singapore Quickly
1. Company Name Reservation
Before incorporating your business or company, The Singapore Government must give you express approval to use your company name. Express approval means you must go through the name reservation and registration process which is done by the Company Registrar.
While picking your company name, make sure it doesn’t include the terms law, finance, media and bank. These names will delay the name reservation process due to their huge competition. To get past this step fast, keep these tips in mind:
- Your name must be unique and not in use with any other company.
- The name must also not interfere with any existing trademarks.
- It should also not be rude, obscene or dirty.
- The name shouldn’t be reserved yet.
2. Register the Company
After you receive an approval from the Registrar of Companies, the company registration process will begin. Often, this process will take no more than a few hours to complete. This is if all the details check out.
Sometimes the process may delay for foreigners, but this is a rare occasion. However, in such an event, it only means the government authorities need more time to analyze your documents. The entire process will cost you S$300
What Next After Registration?
After registering your company, the Registrar of Companies will issue you with several documents:
Certificate of Incorporation
This document will come through as an email from the Registrar of Companies. The document confirms your incorporation and also contains your company’s registration number.
Make sure you keep this document safe since it’s an official document. Although Singapore doesn’t issue paper certificates, you can get one for S$50 and you’ll wait between 3 and 5 days.
Company Business Profile
After the registration process concludes, the Company Registrar will craft a company business profile. In the business profile, expect to see the following:
- The company name and its registration number
- Previous company names, if any
- Date of incorporation
- The company’s activities
- Paid-up capital
- Registered address
- Shareholders details
- Company secretary details
- Directors details
Don’t forget about the company secretary since they are a crucial part of the company. In addition, they must be a Singapore citizen. To get one, you can seek corporate secretarial services.
After receiving your business profile, you have the legal capability to conduct business in Singapore. This includes opening a bank account, setting up your contacts and leasing office space.
How to Apply for a Business License?
When applying for a business license, you must keep in mind the type of business you’re into. Some businesses require special licenses to operate and they include:
- Educational Institutes
- Financial services
- Employment agencies
- Travel agencies
Goods and Service Tax Registration (GST)
Of your company’s turnover exceeds S$1 million, you must apply for a GST registration also known as sales or value-added tax. With this registration, you can charge your customers an extra 7% for the service and goods you offer.
However, this money is not yours, rather, it belongs to the Singapore authorities. On the other hand, if your turnover is below S$1 million, then there’s no need for a GST registration.
Over to you now. After going through the entire process listed in this article, you have a better chance of registering your business in Singapore. In addition, the faster you complete this process, the sooner you’ll start conducting business in Singapore.
Written in collaboration with:
Corporate Services Singapore
65 Chulia Street OCBC Centre, #46-01 Singapore 049513
+65 6602 8286 | email@example.com