The process of starting a business requires numerous considerations. These include location, market size, legal requirements and incorporation process. Singapore has proven to be a very attractive and rewarding place for local and foreign entrepreneurs. With its solid trademark intellectual property protection, effective tax framework, hardworking professional workforce and simplified company registration process, Singapore is the ideal location for businesses to thrive.
The first step in registering your company in Singapore is to choose a name. The name should be unique and not already in use by another entity. It must also not offend or infringe on any trademark or copyright laws. The next step is to submit the selected name to ACRA for approval. This process can be completed in an hour or less if the name adheres to ACRA regulations.
After the approved name is received, you will need to prepare the company’s incorporation documents. This includes the memorandum and articles of association. Once the company’s constitution is ready, you can submit it to ACRA for official registration.
Once the ACRA approves your company’s registration, you will receive a certificate of incorporation. The document contains the company’s registered business number and other important details. In addition, you will receive a free business profile (Bizfile) from ACRA. You will also need to apply for any necessary business licenses and permits depending on the type of your industry.
Finally, you will need to open a corporate bank account in the company’s name. This is an essential requirement to ensure the proper flow of cash for your business operations. how to register a company in Singapore