The Accounting and Corporate Regulatory Authority in Singapore has made the formation of incorporated entities as simple and pain free as possible. However, it is important to remember that each step in the process should be considered with due care. All the information required from applications for registration and Singapore Company Formation to the relevant licensing body can be found on ACRA’s website. However, you can always employ a professional services organization to complete and submit the relevant documentation for you, reducing the complexity of the process to the bare minimum if you do not have the time to investigate all the particulars of registration. A list of the types of businesses allowed to operate in Singapore can be found on the ACRA website, though the most common types are: private company, limited liability partnership and sole proprietorship.
This is a quick guideline to the process of Singapore Company Formation and incorporation. It is by no means complete but should be used as a checklist guide on the 註冊香港公司 time and effort required by a company or individual wanting to set up business in Singapore.
The first step is to make sure that your company name will be approved by the governing bodies. It will be rejected if it infringes on already established organizations or brands too closely. However, in most cases the name reservation process for your company only takes a couple hours. If is referred to a government body the process can take up to two weeks. If the name is rejected you can submit an appeal (which will take 3-5 days to process) to submit another name for approval.
Once your company name is approved, you can complete the registration documents for Singapore Company Formation. These are found through BizFile on the ACRA website with other relevant documentation and approval times and bodies. If you are having these documents processed by a professional body that specializes in company formation and registration in Singapore, the relevant party within the company will still have to sign the relevant documents for submission. This individual does not have to be in Singapore to complete this and can courier the documents if located elsewhere. After the approval period (which can range from less than a day to two months, depending on the type of company), the business will then be registered.
The final step is to open a bank account in Singapore under the business name so you will be able to conduct transactions under the company’s name. The relevant stakeholders do not have to be in the country to open a bank account, as it can be conducted via a phone interview. However, if the stakeholder can conduct the interview in Singapore, it will facilitate the faster set up of the bank account