Critical Things to Know about Company Formation in Singapore

If you want to form a company in Singapore, you need to fulfill various regulatory requirements. Minor negligence may result in future complications, including financial loss. It is necessary to make informed decisions that safeguard your interests. You must seek the help of cheap Singapore company formation experts to set up your business in Singapore precisely and safely.

Study the registration requirements carefully

Your company should have at least one shareholder. The maximum number of shareholders you can add is 50. You are allowed to choose corporate entities or individuals as your business partners. Singapore lets people start a company with a minimum investment of $1. Your company can increase the share capital at any given time.

The nationality of directors is not a big concern when it comes to forming a company in this country. You can add foreigners and Singapore residents as shareholders based on your convenience. However, it is essential to add at least one Singapore resident as a director to comply with the registration requirements.

Most people hire a cheap Singapore company formation consultant to get the job done efficiently. These professionals guide you properly and make the process faster to meet your needs. Every business should have a local registered address. This is the place where the company has to maintain the statutory documents. If you want to make the registration successful, you must get the approval of your business name from the Accounting and Corporate Regulatory Authority (ACRA).

Learn about the registration procedure

When you submit a name for approval, you should make it unique. All names that are identical to any existing business will be rejected. Other possible reasons for rejection include infringing any trademarks, vulgar or obscene names, and names reserved by other businesses.

After getting the name approval from ACRA, you can reserve the name for up to 3 months or 120 days. Once you get the approval, you have to submit relevant documents, including the company constitution, signed consent from the board of directors, identification and residential address of shareholders, and signed consent from the company secretary.

Registration with the company registrar

When you submit the incorporation documents, you can register your company with ACRA. It can be done online. If there isn’t any need for further government agency verification, the process will be completed within an hour. A reliable and cheap Singapore company formation consultant coordinates with other agencies to complete the process smoothly.

Other details you need to submit are the residential address proof and passport copy of the officer, shareholders, and beneficial owners. Singapore residents must provide NRIC or Residency cards. Another important document you have to submit is the supporting documents that validate the professional background of the directors.

You may find these tasks daunting, complex, and time-consuming. A small mistake can delay things for several weeks. It is always advisable to hire a trusted and knowledgeable company formation expert in Singapore to make the process smooth and easy. Experienced consultants have the necessary expertise to handle these matters skillfully and help you achieve your business formation goals faster.