It’s not difficult to see why Singapore is hailed as a major global trade player with a lucrative market for business. It has attractive and trade-strategic location, and has a pro-business position. A lot of business persons find Singapore, which has become one of the most thriving economies in the world, as a perfect place for business. They prefer to incorporate their business in the Southeast Asian country since not only does it have an attractive and trade-strategic location, it is also pro-business with rules and incentives meant to help businesses flourish.
There are only just a few steps on how to register a company in The Lion City. Step one is to choose a business name and have the Accounting and Corporate Regulatory Authority allow that name. ACRA will give its approval within a few hours if there are no issues with the name, such as being undesirable, identical to another existing company name, or being identical to the name or trademark of an already well-known company. It will take longer if the proposed name needs further review from other authorities.
Unlike the previous method, however, ACRA won’t check the uniqueness of the proposed name anymore. Applicants are now responsible for making sure that their proposed business name is unique and does not resemble any existing business name. They will receive an objection regarding the similarity of their company name within 60 days if it’s not unique. But if after 60 days there are no valid complaints, their registered business name is already indisputable.
At least one shareholder and one resident director are required to form the initial team of the company. The resident director should be a permanent resident or citizen or has EntrePass, Employment Pass, or Dependent Pass. The business is also required to designate a person to act as the company secretary. That person should hold a principal place of residence in Singapore at least within six months of registration.
The bare minimum paid-up capital for company incorporation Singapore is just SGD1 or its equivalent in any currency. The paid-up capital or the share capital can be increased anytime after the formation. Also, the company needs a local Singapore address as its registered address. It can either be a home or commercial address but it cannot be a P.O. box address.
The same rules apply to foreigners who wish to incorporate their business in The Lion City. The only distinction is that they must engage a professional business to register on their behalf since the law doesn’t allow foreign individuals or entities to self-incorporate a company.