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Company Incorporation In Singapore

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June 2013
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The Process Of Company Registration In Singapore It’s no secret that one of the major priorities of Singapore is their commerce and trade industry. The Southeast Asian nation has gained solid footing in the worldwide economic race by opening its doors to both local and international businesses alike. For numerous consecutive years, Singapore has ranked first in World Bank’s East of Doing Business list. It has also placed fourth in the Starting a Business category again. That only goes to show how the country values the industry. But while it’s easy to start a business in the nation, it strictly implements regulations to protect the rights and the legality of every company. Singapore company registration is a uncomplicated process. It had been made that way to encourage investors to start their business in the country. No matter what type of business they prefer, they can have it fully registered within minutes. They simply need to register it with ACRA or Accounting and Corporate Regulatory Authority. The same is true for company incorporation process. Anyone who is 18 years old and above, whether they are a local or a foreign citizen, can register a business. They must not be an undischarged bankrupt or at least have obtained the authorisation of the High Court or the Official Assignee. An application online at the BizFile website is the first step. They require their SingPass to log in to the web page, though. So for foreign citizens, they would have to appoint a corporate services firm to do this for them or have their resident director register their company. All it takes is 15 minutes to complete an incorporation online. However, it could take more time if the application is passed on to other government organisations for approval or review, typically from 14 days to 8 weeks. This happens when the name of the registration application has the words bank, media, and law. After the completed registration process, they then need to secure other company necessities to run their business, like the opening of a corporate bank account in the country, the registration of various business licenses, and the appointing of the company secretary within six months of incorporation. There are also reporting requisites that corporations must abide by. They are responsible in ensuring that the information they filed with ACRA is always up-to-date and correct. They can do so by filing the changes via the BizFile website. They also need to lodge the required annual filings, such as the company’s annual returns. For related articles on company incorporation Singapore or Click here to learn more.

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