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Singapore Company Registration
Sandhurst Consultancy Pte Ltd www.e-sandhurst.com 1/1/2011
Singapore Company Registration
Requirements For Private Limited Singapore Company Registration
Two types of businesses can be registered in Singapore. The first and the easier to register is the sole proprietorship, which, as the name indicates, is owned by only one person. The other type is the private limited company which must have less than 50 shareholders, and which needs to fulfill several Singapore company registration requirements. Singapore company registration, both for single proprietorship or for private limited companies, requires a business name to be registered and the application of incorporation. The paid-up capital for both types of business is the same—S$1. This is what most green horns in establishing a business appreciates in Singapore’s pro-business environment. Singapore company registration is filed with the ACRA, or the Accounting and Corporate Regulatory Office of Singapore. ACRA plays the role of the regulator of all the businesses and of the accountancy profession in the country. For private limited companies, Singapore company registration has the following requirements: 1. Business name and application of incorporation. The business name should not be an existing and already registered name, should not contain any vulgar expression, and should not be restricted by the Minister for use by the public. 2. The company has to have at least one shareholder and one director, who can be the same persons, although most financial institutions require two signatories so it is best to elect a separate shareholder and director among all shareholders which can be up to 50.
3. One of the directors must be at least 18 years old, a Singapore citizen or permanent resident, an Employment pass, Approval-in-Principal Employment pass, or a dependant pass holder. 4. A physical business address must be provided. A P.O. Box is not accepted. 5. The private limited company has to have a dedicated and competent secretary within 6 months of the registration. He or she is supposed to be knowledgeable of the administrative requirements of the business. As with any application, Singapore company registration can be simplified, seamless, and stress-free if all the requirements are in order. Service providers facilitate this in sure-fire ways. This will then assure business owners of a timely processing at agreed-upon service fee, something that is important especially for those who have a conservative beginning capital and who desire to start operating as a legal business entity the soonest time.
Company Registration Singapore
Company Registration Singapore: Water Business Seen To Boom In 2015 Singapore clinched the fourth spot in the recently released report on the Global Financial Index, which still maintains London, New York, and Hong Kong on the top three posts. Tokyo has the fifth spot. Interestingly, both Singapore and Hong Kong do not come far off London and New York in the long-held top two positions as the world’s biggest financial centres. No wonder, many businesses are keen on launching their headquarters in Singapore. This is especially because company registration Singapore offers is in an environment that is not averse to innovation or risk-taking. Instead, the Singapore government’s corporate regulatory body, the ACRA, plays a facilitative and not a forbidding role for businesses seeking to be established in this Asian power economy. Company registration Singapore requirements are streamlined. A sole proprietorship or private limited company only needs to register a business name and apply for incorporation for a minimal fee. If all documents are submitted in order, the two processes can be accomplished in less than one hour. Moreover, businesses need only a paid-up capital of S$1 to be registered.
Corporate secretarial firms which are experts in fulfilling company registration Singapore requirements also help with the speedy filing of application, even for businesses which have peculiar requirements usually involving the approval by another government agency apart from ACRA. These firms have the experience necessary for a speedy filing, especially for highly competitive and new business ventures which promises great returns for the innovators. One such business to give careful consideration to is the water business. Currently, Singapore is dependent on reclaimed water for 30% of its requirement. To supply the rest of the requirement, the government imports water from Malaysia. The Singapore government seeks to be self reliant when it comes to its water requirements and is embracing all innovations leading to its proposition to become a hyrdohub by 2015. This need provides a steady platform to launch businesses in the water treatment and reclamation industry.
ACRA Company Registration Singapore
How To Choose A Business Name That Complies With ACRA Company Registration Standards Singapore is a host country to many single proprietorship and private limited companies. Owing to Singapore government’s cultivation of a pro-business environment, start-up businesses owned by first-time entrepreneurs do not face the daunting task of complying with the Singapore Accounting and Corporate Regulatory Authority, or ACRA company registration requirements. ACRA is the national regulator of businesses and the accountancy profession in Singapore. Fulfilling ACRA company registration requirements is the first step to establishing your own business in this country of limitless opportunities. There are primarily two (2) requirements to be fulfilled: the first is to register a business name that does not conflict with an already existing business name according to ACRA’s BizFile, and the second is to apply for incorporation. In choosing a business name, companies should also check if the name chosen requires to be referred to the right government agency in Singapore. For example, a company registering a school is referred to the Ministry of Education. A company opening a chiropractic clinic is referred to the Ministry
of Health. Also there are business names that the Minister has already reserved and instructed ACRA to not accept for registration. While trying to appeal to a mass number of potential customers, using vulgarity or obscene expression in the business name is definitely not acceptable. It is recommended to think of a business name that instantly and clearly speaks of the nature of the business being set up. While not a clearcut ACRA company registration standard, it will definitely help the business develop and succeed with effective brand marketing. As many as there are companies currently registered in Singapore, a green horn entrepreneur may feel overwhelmed about where to start. ACRA company registration requirements are streamlined. But if one is wondering where to get further help, then corporate secretarial and business registration companies can provide expert assistance.