Singapore is known for providing an ideal business environment for businesses in different niches. Currently, more than 19,000 international companies and 7,000 multinationals have established themselves on the island nation. Low corporate tax rates, eight limited treaties that focus on income generated from air and ship transport enterprises, flexible foreign company rules and no capital gains tax are some of the key incentives that motivate entrepreneurs to start a company in Singapore.
Taking careful note of the following two steps will help you register a company successfully in Singapore.
1# Reserve Your Company Name
Before the registration process takes off, the Singapore government has to approve your company name. The approval determined by the Company Registrar who has all the resources required to evaluate the submitted name/s, and arrive at a decision on the same day.
Do be reminded that the inclusion of words such as finance, bank, media, and law in your proposed company name/s could delay the process by days, even weeks, as other government agencies will also need to review the application before the Registrar grants approval.
Therefore, it is recommended to choose a name that is:
- Not already being used by existing companies
- Does not infringe any copyrights or trademarks
- Not perceived rude or obscene
- Not already reserved by another person
Taking time to carry out a background research or choosing an incorporation package from a service provider such as VentureHaven before submitting a name will help avoid unnecessary delays and hurdles.
2# Registration Process
Once the proposed name is approved, the process proper of incorporation will commence, and all the necessary documents will be made available to you within a few hours. Making sure all forms are correctly and completely filled and signed is important, to avoid any delay in the registration process.
Let us proceed and look at the specific details that need to be provided during the registration process.
- The approved company name
- Brief overview of the business activities, such as the products and services to be rendered
- Accurate details of all the shareholders
- Exact details of the directors
- Registered physical address
- Particulars of the company secretary
- Memorandum and Articles of Association (MAA). It is important to note that Singapore Company Registrar already has a standard MAA that is ideal for most businesses. If not, you will have to come up with customized one for your company.
Singapore government is keen indeed on providing the best environment for both local and international companies for conducting business. Be sure to follow the set company registration rules and regulations to expedite the process.