Every year, there is a significant increase in business and economic life of Singapore. This is due to the fact that the country is very stable economically and politically. A lot of entrepreneurs have revealed that the country has served as a form of saving grace to their business. This is because of the benefits of the economic policies of the country as compared to other regions in the world today. Different type of companies are being set up regularly, be it a private company, or a joint company. this also attracts a lot of investors to the region, hereby making Singapore one of the most comfortable places to run an enterprise.

It should, however, be known that before a company formation in Singapore, a lot of procedure must be duly followed. Also, there are rules and laws pertaining to a company set up in Singapore. All of these must be followed to the letter for a successful business set up in the country. For those looking to set up a company in Singapore, we are going to put you through the necessary process and guidelines in this article. And we are sure this is going to make the whole procedure easy for you.

Setting Up a Company in Singapore:

The whole process of setting up a company in Singapore is overseen by the Accounting and Cooperate Regulatory Authority (ACRA). It is this authority body that would help you through the initial steps involved in the formation of a company in Singapore. These initial steps are two, and they are:

  • Approval of the Company Name: When a company name has been chosen, it is the job of ACRA to approve the name of the company. Before the name of the company can be approved, the name must be original. This means that it must not be coined from a pre-existing name. Also, the name must not violate on laws that have to do with trademark, patent or copyright. Once ACRA can confirm that the company name meets the above regulations, they will confirm the name.
  • Registration of the Company: After the approval of the company name, the next thing to do is to register the name of the company. make sure that all documents needed for the registration of the company are provided. Upon completion of the registration of the company, a mail will be received, to certify the name of the company.

Requirements for Setting up A Company

There are requirements for every newly incorporated company in Singapore. And it is necessary that entrepreneurs take note of this requirement as they must be well adhered to. The requirements include:

  • The board of director of the company must consist of at least one citizen of Singapore.
  • The approved number of shareholders for a company is between the range of one to fifty
  • There must be an appointment of a company secretary within 6 months of setting up the company
  • The company must have a registered address from where operations are being run.

If you want your company formation in Singapore to be a success, you have to follow all the procedures, and make sure you stick to rules and regulations.

Author's Bio: 

David Neeble is a freelance writer who can actually answer yes to the question, “And from that you make a living?” He has written about Business Services, personal finance and shopping strategies for a variety of publications. His motto is learning, writing, and taking life less-seriously.