Singapore is one of Asia’s biggest economies, and it is no doubt a good decision to start up or expand a company in the country. Company formation in Singapore is easy to accomplish in order to attract foreign investors. These days, registration of a business can be done in a matter of a few days.
For an interested investor, the first question he or she will ask of course is “how to register my company?”. Although this requires a complex answer in a nutshell, an entrepreneur should prepare a list of data about the company along with supporting documents. The documents needed in company incorporation Singapore are enumerated below.
Business name. The business name, of course, should not be similar to that of any existing businesses within the same industry in the country. It is advised then to propose several names and arrange them according to priority. This way, the registration service agency would be able to choose another name in case the your preferred name has already been reserved or taken.
Description of business model and names of incorporators and shareholders. Why should the company specify its businesses model? The information is important in determining the right type of registration. This will help distinguish applicants who just want to do a feasibility study from those who want to proceed to full operation.
Office Address. What if a company does not have a registered address? A consultancy agency can help companies find a good location for their company office. The firm may do the job itself or simply provide good recommendations.
Service cost. How much does company formation in Singapore cost? The price depends on the consultancy firm, but most companies that offer packages deals starts at 600 dollars and up. A complete package already includes everything from the professional fee to ACRA fees to payment for certificates, minute book, memos, articles of association, supplies other documents.
What if a company does not have a Singapore citizen or Employment Pass holder to serve as director? A consultant from the firm can assume the role of a director to meet the ACRA requirement. The responsibility can be immediately assigned to another person once the company finds a permanent player.