Criteria for company registration in Singapore

If you are considering setting up a company in Singapore, it is crucial to understand the criteria for company registration.

1. Company Name

The first step in registering a company in Singapore is to choose a name for your company. The name must be unique and not already in use by another company. The name must also not be offensive or infringe on trademark or copyright laws. You can check the availability of a company name through the Accounting and Corporate Regulatory Authority (ACRA) website.

2. Directors

A company in Singapore must have at least one director who is a Singaporean citizen, permanent resident, or Employment Pass holder. The director must be at least 18 years old and not bankrupt or convicted of criminal offenses. A foreigner wishing to be a director of a Singaporean company must obtain an Employment Pass.

3. Shareholders

A company in Singapore must have at least one shareholder, and there is no limit to the maximum number of shareholders. A company can have up to 50 shareholders, who may or may not be directors. The shareholder can be an individual or a corporate entity. The shareholder is not required to be a resident of Singapore.

4. Company Secretary

very company in Singapore must appoint a company secretary within six months of its incorporation. The company secretary must be a resident of Singapore and cannot be a director or shareholder.

5. Registered Address

A company in Singapore must have a registered address, which must be a physical address and not a PO Box. The registered address must be a place where official correspondence can be sent and where company records and registers are kept.

6. Paid-up Capital

A company in Singapore must have a minimum paid-up capital of S$1. The paid-up capital can be increased at any time after incorporation.

7.Incorporation Documents

To register a company in Singapore, you will need to prepare and submit the following documents:

• Directors’ and Shareholders’ Particulars
• Company Name Approval
• Company Registration Form
• Memorandum and Articles of Association
• Company Secretary’s Particulars
• Business Licenses and Permits
• Bank Account Details

8.Registration Fees

There are registration fees involved in setting up a company in Singapore. The fees include a name reservation fee, incorporation fees and a fee for issuing the Certificate of Incorporation. The total cost of registering a company in Singapore varies depending on the type of company and the services required.

Documents Required

These are the necessary documents required for company registration in Singapore for Indians.

1. Directors’ and Shareholders’ Identification Documents:

One of the primary requirements for company registration in Singapore is submitting identification documents for all directors and shareholders. For Indian nationals, this includes a copy of their passport, proof of address, and any other identification documents issued by the Indian government. The documents must be certified by a notary public, advocate, attorney, or certified public accountant.

2. Company Name Approval

Business owners must choose a unique company name that is not already in use. Entrepreneurs should ensure that the company name is not offensive, prohibited, or similar to any existing business name. The registration documents should also include a brief description of the company’s intended activities.

3.Company Registration Form:

The Singapore Registrar of Companies (Accounting and Corporate Regulatory Authority (ACRA)) issues a Certificate of Incorporation when a new company is registered. The certificate acknowledges that the business was established or incorporated on the specified date. Additionally, it demonstrates that all legal conditions for company creation have been met.

4. Memorandum and Articles of Association:

The Memorandum and Articles of Association (M&AA) are legal documents that outline the company’s objectives, rules, and regulations. They also define the company’s structure, share capital, and management structure. Entrepreneurs should ensure that the M&AA is in compliance with Singapore’s Company Law and that all the shareholders sign it. The M&A must be filed with ACRA during the company registration process.

5.Appointment of Company Secretary:

Singapore law requires that every company must appoint a company secretary within six months of incorporation. The secretary should be a resident of Singapore and must have the necessary knowledge and experience to fulfill their duties. Entrepreneurs can engage a professional company secretary to fulfill this requirement.

6.Business Licenses and Permits:

Certain business activities require specific licenses and permits before they can be legally carried out in Singapore. Entrepreneurs should research the applicable licenses and permits for their business activities and ensure they obtain them before commencing operations.

7.Bank Account Details:

Finally, entrepreneurs should provide the company’s bank account details as part of the registration process. The bank account should be opened with a local Singapore bank and in the company’s name.

Benefits of Registering a Company in Singapore

• Strategic Location: Singapore is strategically located in the heart of Southeast Asia and is a hub for global trade. It has excellent connectivity with the rest of the world. It is an ideal location for businesses looking to expand globally.
• Business-Friendly Environment: Singapore has a business-friendly environment and is ranked as one of the most accessible places to conduct business globally. The country has a low tax rate, streamlined regulations, and supportive government policies.
• Protection of Intellectual Property: Singapore has a robust legal system that protects intellectual property. The country has strict laws against piracy, counterfeiting, and trademark infringement.
• Skilled Workforce: Singapore has a highly skilled and educated workforce. The country has a strong emphasis on education and training. It has a large pool of experienced professionals in various fields.

Registering a company in Singapore can be straightforward if you follow the necessary steps and requirements. Singapore offers many benefits for businesses looking to expand globally, including a strategic location, a business-friendly environment, intellectual property protection, and a skilled workforce. As an Indian entrepreneur, registering a company in Singapore can be an excellent way to expand your business and tap into the country’s many opportunities. CS SOMA  can help you start your business in Singapore quickly and securely.