Are you looking for a detailed guide on how to do company registration in Singapore? Well, you are at the right destination because this article helps you to know everything about registering a company in Singapore. Many people who are interested in starting their own business choose Singapore because of its tax exemptions and ease of doing business. However, registering a company is not an easy task, as you need to undergo a specific procedure and follow the rules and regulations mentioned by the Singaporean Government.

Most importantly, you should have enough knowledge and understanding of the Companies Act of Singapore. Likewise, following the requirements mentioned by the ACRA (Accounting and Corporate Regulatory Authority) is highly essential. ACRA who supervises the whole process of the Singapore company registration acts as the Singapore company registrar. No matter whether you decide to set up the new company or shift the existing one, this guide will help you a lot. It also makes you perform the time-consuming registration process easier.

Choose the right business structure

Before starting the Singapore company registration process, you should find which business structure suitable for your business needs. ACRA usually lets the people register their companies in these types – Sole Proprietorship, Private Limited Company, and Limited Liability Partnership, and enhances their tax benefits. It is your responsibility to read the benefits and drawbacks of every business structure and go with the right one, which comes under your business objectives.

In general, the company needs to pay a corporate tax of up to 17% on its taxable income. However, the owners of the Partnership Company or sole proprietorship need to pay personal income tax of up to 22% on their income from their own business. When considering robustness and scalability, one of the most preferred business structures to entrepreneurs who decide to register the new business in Singapore is the private limited company. It is the general assumption only, so that choose the business structure based on your needs and ensure you meet its requirements.

Things to do before registering the company

Take a glance at the pre-registration requirements of the company registration in Singapore.

- Appoint at least one resident director in your company

- Have to pay initial capital of minimum S$1

- Hire the company secretary within six months from the date when the company is incorporated

- Require a local registered address for the Singapore company office

- Have the shareholders between 1 and 50 to your company

Documents required for company registration

Once you have decided to open the business in Singapore, you should get these documents to make your company registration process successful.

- The company name should register with ACRA

- Particulars of directors and shareholders

- Description of the business activities

- Singapore residents should submit their copy of their Singapore identity card

- Foreign companies should submit memorandum and articles of associations

- Details of the Singapore registered company address

- Foreign entrepreneurs should submit the copy of their residential address proof and passport

Reference:

A1corp.com.sg company registration process