Singapore is well known for being among the top cities in the world to run a company. And doing it is shockingly fast and simple. Read our detailed instructions to find out how to Setting up a business in Singapore and start doing business there in only a few days.
How to Establish a Company in Singapore
Selecting a Registered Singapore Company Incorporation Service Provider is the first step.
Prior to beginning, it’s crucial to be aware that the Singaporean government requires all potential foreign companies seeking to incorporate there to work with service providers who have valid registrations as Singapore companies.
It is thus simpler to comply with the requirements of the Singapore Accounting and Corporate Regulatory Authority (ACRA), an organization under the direction of the Singaporean government.
To make the procedure as fast and simple as possible, your selected Singapore company registration service provider will also help you through each step we outline below.
You should be able to create a Singapore company using their online onboarding form after you’ve selected a business registration agency.
The Singapore Company Registration Service is the next stage. Being Alert
Once they obtain your information, they will check to make sure everything is correct.
This helps to safeguard your interests as well as the interests of the business registration service provider. Even though Singapore is one of the most open financial hubs in the world, it is crucial that all parties do business on an equal level.
There won’t be any problems if you complete the onboarding form completely and truthfully.
Choose Your Singapore Company Registration Package in Step 3
The majority of Singapore company registration services provide a range of packages from the most basic to full-service options that even introduce you to the local bank management and provide a trustworthy recommendation.
Here is an online wizard that can build a package for forming a Singaporean firm that suits your demands.
You could be able to legally operate out of Singapore in only one day if you choose a reliable Singapore company registration service provider.
Reserve Your Singapore Company Name in Step Four
Your Singapore company registration service provider may submit your business name to ACRA on your behalf, and they will handle all ensuing procedures.
Just a few things should be taken into account while establishing a Singapore business name:
- The business name must be entirely distinct from any other Singaporean companies;
- There cannot be any trademark infringement with the company name;
- The business name cannot already be in use by another organisation.
Your Singapore business name will likely be approved by ACRA in less than an hour if it meets those requirements.
This rule would only be an exemption if your Singaporean company worked in a field that needed a licence, such as law, medicine, accountancy, etc. In rare circumstances, ACRA could take a few weeks to confirm that you are a licenced professional member.
ACRA will retain your Singapore business name in reserve once it has been approved for up to 120 days before making it available upon request.
Five: Sign the paperwork to set up your Singaporean company.
The accompanying paperwork must now be produced in order for ACRA to accept your application to establish a Singapore business. You will once again get guidance from your Singapore company registration service provider throughout this procedure.
Step 6: Register your Singapore firm for an ACRA account.
Once everything is finished, all that is needed to do is submit your Singapore business registration to ACRA. This online assignment should just take a few hours to complete.
Step 7: Run Your Company Legally in Singapore
I’m done now! If everything goes well, as it usually does, you will be able to lawfully do business in Singapore. The greatest part is that the full Setting up a business in Singapore procedure might be completed in a single day if all the necessary paperwork and information are prepared in advance.
You’ll need to complete a few further steps, such as banking and obtaining additional supporting documents, but your Singapore business formation service provider will assist you with all of that.
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