As one of the world’s most business-friendly economies, Singapore is an excellent choice for companies to launch their operations. However, starting a company here is not without its challenges. It is crucial to be well-informed about the requirements and procedures to avoid any issues that may arise. In this article, we look at 9 basic things you need to know before registering your company in Singapore.
- Choose the right type of company for your business.
There are several different types of companies in Singapore that you can register, ranging from sole proprietorships to private limited liability companies. Depending on the size of your company and your business goals, you should carefully consider which type is best for you.
- Get your chosen company name approved by ACRA.
The first step in registering your company is to apply for the approval of your company name with the Accounting and Corporate Regulatory Authority (ACRA). The name must be unique and should not conflict with any existing company names or infringe on trademarks or copyright laws. You will also need to provide a brief description of your company’s activities in the application. If your company name contains business words such as “bank”, “lawyer” or other regulated words, it will need to undergo additional vetting by the relevant government authorities and may take a few weeks longer to be approved.
It is also necessary to have at least one local resident director and secretary. If you are a foreigner, you can register your company if you have the appropriate work visas or if you appoint a resident agent to handle the registration process on your behalf. If you would like us to help you with the incorporation of your company, feel free to contact our consultants for a free consultation. how to start a company in Singapore