How to Register a New Company in Singapore?

Singapore has emerged as an ideal destination for entrepreneurs seeking to register a company due to its highly conducive business environment that fosters growth and innovation. This Southeast Asian city-state offers a myriad of advantages that make it a favoured choice for both local and foreign business owners.

Singapore's strategic location at the intersection of important global trade routes is one of its distinguishing characteristics. This geographical advantage provides businesses with unparalleled access to markets not only within Asia but also beyond. The well-developed infrastructure and efficient transportation networks further facilitate seamless trade and connectivity, making Singapore an ideal gateway for international business expansion.

Registering a new company in Singapore involves a streamlined process that combines online application and submission of necessary documents. Follow these steps to successfully register your new company:

Read also this -: A Guide to Company Formation in Singapore

Step 1: Choose a Business Name

Select a unique and meaningful name for your company that complies with the naming guidelines set by the Accounting and Corporate Regulatory Authority (ACRA) in Singapore.

Step 2: Reserve the Company Name

Before proceeding with registration, you can reserve your chosen company name with ACRA to ensure its availability. The 60-day reserve period is applicable to names.

Step 3: Prepare Company Documents

Gather the required documents for company registration, including:

1. Director and Shareholder Details: Provide personal information, including identification and residential address, for all directors and shareholders.

2. Company Secretary Details: Appoint a qualified company secretary who must be a resident of Singapore.

3. Registered Address: Provide a local physical address for the registered office of the company. P.O. boxes are not allowed.

4. Memorandum and Articles of Association (MAA): Draft the MAA, which outlines the company's objectives, rules, and internal operations.

Step 4: Register with ACRA

Submit the necessary documents online through the BizFile+ portal operated by ACRA. The documents include:

1. Company Information: Complete the required forms with details about the company, directors, shareholders, secretary, and registered address.

2. MAA: Upload the finalized MAA as part of the application.

3. Identification Documents: Upload copies of identification documents for directors, shareholders, and company secretary.

4. Name Reservation: If you have reserved a name, include the reservation number in the application.

Step 5: Pay the Registration Fee

Pay the registration fee through the BizFile+ portal. The fee amount varies depending on factors such as company type and share capital.

Step 6: Receive Approval and Documents

Upon successful submission and payment, ACRA will review your application. Once approved, you will receive an email notification, and your company's Unique Entity Number (UEN) will be issued.

Step 7: Register for Licenses and Permits

Depending on your business activities, you may need to obtain additional licenses or permits from relevant government agencies before commencing operations.

Read also this -: What is the process of Registering a Company in Singapore

Step 8: Open a Bank Account

Use the UEN to open a corporate bank account in Singapore. This account will be essential for managing financial transactions and business operations.

Conclusion

The process of registering a new company in Singapore is straightforward and streamlined. The country's business-friendly ecosystem, strategic location, political stability, and attractive tax regime make it an ideal choice for entrepreneurs seeking to establish a successful business presence in Asia and beyond.

Location: India

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