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To register your company in Singapore requires careful planning and execution. Singapore is a thriving hub of innovation and commerce. The goal is to minimize risks and ensure success. The procedure necessitates experience, from negotiating regulatory standards to handling financial commitments.
How to register a company in Singapore ACRA
1. Select an Organizational Structure :
Choose the kind of company entity you wish to create. Sole Proprietorship, Limited Liability Partnership (LLP), and Private Limited Company (Pte Ltd) are examples of common organizational forms.
2. Register Your Business :
You need to incorporate your company with Accounting and Corporate Regulatory Act (ACRA) under the companies act. You can complete this online via the BizFile+ platform and get your certificate of incorporation.
3. Company Name Reservation :
When starting a business, it is important to choose a unique and memorable name that will help distinguish your brand from competitors. Before registering your business, it is crucial to conduct a thorough search to ensure that the name you have chosen is not already in use by another company. This will help prevent any potential legal issues or confusion in the marketplace.
In Singapore, all businesses must register their name with the Accounting and Corporate Regulatory Authority (ACRA). The name you choose must comply with ACRA regulations, which include guidelines on the use of certain words, symbols, and phrases. It is important to carefully review these regulations to ensure that your chosen name meets all requirements.
By selecting a distinctive business name that is in compliance with ACRA regulations, you can establish a strong brand identity and create a positive impression with customers. Additionally, a well-chosen name can help attract potential customers and set your business apart in a competitive market. Taking the time to research and reserve a unique business name is an important step in building a successful and reputable company.
4. Company Name Reservation :
Company that is incorporated in Singapore needs to appoint a local director. Local directors under the company act must be Singapore Citizens, Permanent Residents, or hold Employment Permits with consent from ACRA.
5. Business Secretary :
Within six months of incorporating your business, it is important to designate a capable company secretary to ensure that your company complies with all legal and regulatory requirements. The company secretary plays a crucial role in maintaining the company's statutory registers, filing necessary documents with government authorities, and ensuring that board meetings are properly conducted and documented.
A capable company secretary should have a good understanding of company law and corporate governance practices, as well as excellent organizational and communication skills. They should be able to work closely with the directors and senior management to ensure that the company operates in accordance with the law and best practices.
It is important to carefully consider the qualifications and experience of potential candidates before appointing a company secretary, as this role is vital to the smooth operation and compliance of your business. Additionally, ongoing training and professional development should be provided to ensure that the company secretary stays up-to-date with any changes in regulations or best practices.
6. Minimum Paid-up Capital :
Typically, a share capital (such as SGD 1) is required, but there is no minimum paid-up capital requirement.
7. Registered Address :
Give your business a local company address for registration.
8. Tax Registration :
If your yearly turnover is anticipated to surpass SGD 1 million, register for Goods and Services Tax (GST). Moreover, get a corporation income tax identification number (TIN).
9. Opening a Corporate Bank Account :
Decide on a nearby bank and create a corporate account there. Bank requirements could differ.
10. Employment Pass (if required) :
You might have to apply for a S Pass or Employment Pass if you or your workers are foreign nationals. The Ministry of Manpower is in charge of this (MOM).
Additionally, Remember To…
Permits and Business Licenses:
Certain licenses or permits can be required for your particular business operations. Consult the appropriate authorities.
Reporting and Conformance :
Observe continuing legal obligations, including submitting financial statements and yearly reports and holding annual general meetings.
Having Difficulties?
To start a company in Singapore can be challenging. JWC Accounts & HR offers a variety of services to help make it easier for you. Their services can also ensure the success of your business.
JWC Accounts & HR provides all the services your company needs in one convenient location. This makes it simple to find solutions that match your specific needs. WC Accounts & HR Offers Complete Services:
- Compilation of Unaudited financial statements
- Bookkeeping (Monthly / Quarterly / Yearly)
- GST registration
- GST filing
- Corporate tax computation and filing
- Sole proprietor/Personal tax computation and filing
- Payroll Management
- HR As a Service
- Temporary HR or Accounting Placement
Corporate Secretary & Incorporation :
- Registered office address
- Corporate secretary services
- Nominee director services
- Incorporation of company
JWC Accounts & HR: Why Choose Us?
JWC Accounts & HR provides a comprehensive range of services to guarantee the smooth setup and running of your business. JWC is here to support you in Singapore's business world. Our team specializes in accounting, taxes, corporate services, HR, and corporate secretarial matters.
In summary, JWC Accounts & HR makes the process of establishing a company in Singapore easy to navigate. From start to finish, their comprehensive service ensures your business thrives in the highly competitive Singaporean market. To fully unlock the potential of your business venture in Singapore, contact JWC Accounts & HR immediately.