Think you are all set for your Singapore company registration? Don’t forget to double check. Ensure a smooth registration process by preparing all the needed requirements beforehand. Whether you are a local or foreign entrepreneur who is looking to register a company in Singapore, this list will come in handy.
- Eligibility Requirements. First things first. Are your stakeholders qualified? Private Limited Companies are the most common business entity entrepreneurs incorporate in Singapore. A Private Limited Company is required to have at least 1 Company Director and 1 Shareholder. The Company Director must be at least 18 years old at the time of appointment and must not have any history of bankruptcy, business malpractice or fraud. Note that a Company Director may also function as Shareholder of the firm. Companies that are wholly owned by foreigners must appoint a Nominee Director to satisfy the statutory requirement of having 1 local Company Director. We offer Nominee Director Services to foreign entrepreneurs looking to incorporate their business in Singapore.
- Availability of Business Name: Choosing a business name is crucial in brand building so make sure it is reflective of your company’s mission and vision. In Singapore, the business name must first be reserved and approved by ACRA prior to the company registration. As a general rule, it should not be obscene, reserved by another entity or completely identical to other existing businesses. Already have something in mind? Great! It is best if you can have an alternative in case the first one gets rejected by ACRA. We can easily check the availability of your business name and register it with ACRA if you avail of our Singapore Company Incorporation Package.
- SSIC Code for your Business: ACRA follows a business categorizing process called Singapore Standard Industry Classification or SSIC. Each business activity has a corresponding SSIC code. ACRA has an online search engine that allows you to search for the right SSIC code for your business.
- Registered Office Address: Every business in Singapore is required to have a local Registered Office Address. It is one of the key requirements you must secure prior to your Singapore company formation. This ensures that the public has access to a physical office should they need to look at company records or deliver parcels, notices, and communications by hand. It will also be used in all official business letters, memos, etc. Note that the office should be accessible to public during normal office hours. P.O. Boxes cannot be considered as a valid Registered Office Address. However, there are businesses that can be allowed to use residential properties under the Home Office Scheme. No Registered Office Address yet? Don’t worry. We can provide you with a reputable Registered Office Address in the prominent Central Business District (CBD) area of Singapore. By engaging our Registered Office Address services, we will facilitate the receipt and collection of all official business correspondences on your behalf at a reasonable rate. You may also choose to request for all your official business correspondences to be delivered to you once a month.
- Acquire Business Licenses and Permits: There are particular business types that require licenses and permits from the government such as childcare centers, educational institutions and F&B establishments before it can be allowed to operate. The authority and costs vary depending on the industry and business activity. You may choose to submit an e-application via the Online Business Licensing Services (OLBS) or directly apply with the relevant agency-in-charge. Only after the Singapore business registration with ACRA will an individual or entity be allowed to submit an application for a permit or licence. Get in touch with us should you require assistance in processing your business license and permits.
- Seek the help of a service provider or DIY? Taking into consideration the above requirements that you need to prepare to incorporate a Singapore company, you must now decide whether to register your business personally or seek the services of a professional. Engaging the services of a professional firm is ideal if you are uncertain whether you can satisfy the registration requirements. Engaging in our service will allow you to focus your time and energy to more important business matters. Richmond specializes in providing efficient and competent corporate services. We got your needs covered from the registration of your business to the provision of support services for your business operations.
Ready to incorporate your Singapore business? Schedule a FREE consultation with one of our specialists.