Written by Team Farallon
After registering a company, incorporation is usually the next step for foreign companies who wish to do business in Singapore. This article will guide you through the process of Incorporation and what to do or expect.
Incorporation is the act of developing a new business structure that becomes a legally recognised person or organisation. A governing authority issues a group of persons a charter so that they can conduct business as a legal entity rather than as individuals.
You can form your firm as a foreign entrepreneur, but you must designate a local Singapore resident as a director to comply with the Singapore Accounting and Corporate Regulatory Authority (ACRA).
However, as a foreign director, you can possess 100% of the company shares after you’ve officially incorporated your business in Singapore.
You must supply the following information to your chosen Singapore business incorporation service provider:
You can incorporate as a subsidiary, representative office, or bank office for your international firm to have a presence in Singapore.
In addition to the paperwork mentioned above, you will need to give the following to your Singapore company incorporation service provider:
There are a few basic requirements to meet when incorporating your company in Singapore:
Before a company can be incorporated, the company needs to be registered, here is a brief overview of how a company is registered:
The first step is to register your business name with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore. Remember that a local Singapore business incorporation service provider must undertake all of these steps.
Only a few guidelines must be followed:
ACRA can authorise your company name in less than an hour if you meet these basic conditions. It may take a few weeks for the name to be approved if your company deals in fields that require a licence, such as law, medicine, or finance.
ACRA can reserve your name for a maximum of 3 months.
After your company name has been authorised, you must prepare registration documentation so that the Corporate Service Provider (CSP) can electronically incorporate your business.
Your chosen Singapore company formation agency will walk you through each of the registration documents, making the procedure as simple as possible. Within one day, these registration documents should be completed and approved.
You are ready to register with the Singapore Accounting and Corporate Regulatory Authority once your company name has been authorised and your registration documents have been submitted. It takes less than an hour to complete this task online.
It may be necessary to refer it to another government department, which will add a few weeks to the process. In the vast majority of cases, you will be able to operate legally in Singapore in just one day.
The following documents will be issued once the firm has been established:
For all legal and contractual reasons, these two documents are regarded as sufficient for incorporating a business in Singapore. You should also have the following:
The cost of forming a foreign corporation varies depending on the quality of the incorporation service provider and the quantity of assistance you require.
Incorporating a company in Singapore is an easy process, especially with the support of a good company incorporation service provider. When done correctly, the business may proceed to carry out operations in a day’s time.
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