How to register a company in Singapore

Contents:

• Organizational and legal forms of companies in Singapore;
• Requirements for registering a company;
• Company registration procedure in Singapore.

Organizational and legal forms of companies in Singapore

There are several organizational and legal forms of companies in Singapore, among them: 

• Private limited company - PTE LTD

PTE LTD is characterized by a limitation on the number of shareholders (no more than 50), the possibility of joint ownership of shares, as well as the absence of a requirement for a large authorized capital. 

• Limited Liability Partnership - LLP

This type of company is distinguished by the most advanced structure, in which the responsibility of each individual partner is usually limited. The LLP is owned by at least two partners, both individuals and legal entities.

Requirements for registering a company

1. Shareholders - the company must have from 1 to 50 shareholders, who can be individuals or legal entities; 
2. Share capital - the minimum share capital is 1 Singapore dollar, which can be increased at any time by injecting additional capital; 
3. Director - the company must have at least one Singapore resident director;
4. Secretary - a Singapore resident secretary must be appointed within six months from the date of registration;
5. Legal address - the company must have an office in Singapore, only a post office box is not allowed; 
6. Title - before registration, it is necessary to approve the title, which should not be repeated, contain any obscene or depreciated vocabulary.

Company registration procedure

Company registration in Singapore is quick and efficient and consists of several stages:

1. Company name confirmation

Before registering a company, the name must be approved by ACRA (Accounting and Corporate Regulatory Authority). If the name complies with the rules, then it is approved within an hour, and also, if it contains certain business terms, such as "finance", "law", "broker", then the approval process is difficult, since the name is transferred to other government agencies for approval. Then, after the name is approved, it is reserved for 120 days for future use. If during this period the name is not used, it can be transferred to another person.

2. Preparation of company registration documents

The next step after the approval of the name in ACRA, the future company must prepare documents, namely:

• Company charter;
• Agreement with the director of the company;
• Agreement with the company secretary;
• Shareholder data.

In accordance with international law, it is necessary to comply with the AML and KYC principles.

3. Registration with ACRA

Having prepared all the necessary constituent documents, the company can be registered with ACRA. To register a company, you must also provide documents confirming the identity of the shareholders (foreign passport, proof of residence address, resume.

In the future, by registering a company, you must also complete several tasks for the full functioning of your business. 

First, you need to open a bank account for the company to fully conduct work. 

Also, based on the goals of your business, you may need to obtain additional licenses, for example, any financial licenses. 

Thus, despite the seeming simplicity of this registration of a company in Singapore, there may be many "pitfalls" based on the goals of opening a company. Therefore, in this matter, you can be assisted by highly qualified lawyers of A4 Law Firm, specializing in the jurisdiction of Singapore.