It’s not enough to have a great business idea. You first need to get your company registered to bring you that much closer to your dream of running your own show.
Before you do so, you’ll need to make sure that you have the following elements of Incorporating a Company in Singapore sorted. Just like cooking is made easier when you have all ingredients at arm’s reach; similarly, the process of incorporating your company can be a breeze if you have thought through these 8 items.
1) Company name
What would you like to call your company? Other than being unique and memorable, you should also check your ideal company name against ACRA’s guidelines for a company name and make sure that it hasn’t been taken up yet.
2) Registered mailing address
No, a P.O. Box won’t do. You’ll need a registered office in Singapore to register your company. Under the Home Office Scheme though, certain small-scale businesses may be use their residential HDB and private properties as their home offices.
3) Business activity
You need to categorise your business according to the Singapore Standard Industry Classification (SSIC) code. For example, the SSIC manufacturing code for tuition agencies is: 85509 (Educational support services).
4) Who are the directors?
At least one of your directors must be a Singapore resident. He/she must also be at least 18 years old, not bankrupt or not convicted of fraud and dishonesty cases.
5) Who are the shareholders?
Shareholders can be local, foreign, individuals or corporate holdings. Directors can also be shareholders.
6) Paid-up capital and corporate bank account
One of the best things about incorporating in Singapore is that the paid-up capital can be as low as $1. Of course, corporate banking accounts would require more than that as initial deposits and monthly average balances. So it’s best to check up on your bank’s requirements.
7) Share issue and allocation
If you’re a company limited by shares, know the number of shares you want to issue and the value of each share.
8) Company secretary
You will have to appoint a qualified company secretary within 6 months of incorporating. The question is who will it be? Besides residing in Singapore, he/she must not be the sole director of the company. The candidate must also have basic knowledge of the Companies Act to guide you properly.
Need help with setting up a business in Singapore?
Contact us now for a free consultation. Contact Us