If you have never set up a company in Singapore before, don’t fret. The Singaporean government has made it easy for anyone to register a company in Singapore. You just need to follow a few simple steps to create your own company.
What is ACRA?
The Singaporean government has designated the Accounting & Corporate Regulatory Authority (or ACRA for short) as the Company Registrar. This is based on the Singaporean Companies Act, specifically Chapter 50. What this means is that all new companies that will be registered in Singapore should come under the scrutiny of the ACRA. You cannot set up a Singaporean company unless you follow the ACRA rules on how to set up company in Singapore.
Foreigners Need Assistance for Singapore Company Set Up
You need to recruit a local business registration provider if you are a foreigner and want to set up a Singaporean company. A foreigner cannot legally register the company without assistance.
You should also get a work visa or pass in Singapore prior to company set up if you are a foreigner.
These rules actually work to your benefit, if you are a foreigner. Hiring a business registration provider and securing your own work visa or pass means that you will be protected by Singaporean law. It also means you won’t forget to comply with any rules on company registration set by the government. The business registration provider will be able to guide you in this.
There are some requirements specific to foreign company owners. For one, a foreigner setting up a company in Singapore should have a valid passport. You will have to give a clear photocopy of this passport to the ACRA. You will also have to prove that you have a valid residence overseas. If you are currently residing in Singapore, the ACRA will ask you to present the photocopy of your Singapore identity card.
Three Main Steps in Singaporean Company Registration
First, you should submit your new company name to ACRA before you can set up a Singaporean company. The ACRA will have to check their database to see if anyone has already reserved that company name for their own. If there is no match, then ACRA will approve your new company name. You have 60 days to process your company registration after name approval.
Second, complete the documents you need for company registration in Singapore. At this stage, you should pay close attention to the kinds of documents being submitted.
Third, you should present the new company name, along with the required documents, to the ACRA. This should be a quick process if you have accurate documents. The ACRA will remind you to submit any missing documents first before your company can be registered. So, to expedite the process, be meticulous about the details in the documents.
Don’t forget to go through your Singapore company registration number check as part of developing your company business profile. This should be done after the ACRA has approved your new company registration. If you are in doubt as to the validity of your company registration number, you can always go online to check.
Take note also that there are other requirements set by the government after you have successfully set up your company. You need to comply with these requirements every year. And remember to be present in Singapore during the company registration since the government requires your physical presence at that time.