When planning to start a company, it is important to carry out a feasibility study to know the best regions to establish it. Singapore is best known for providing the best business environment for businesses in different niches.
Currently, there are more than 19,000 international companies and 7,000 multinationals that have set camp in the country. 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 primary aspects that motivate entrepreneurs to start a company in Singapore.
Here are the company registration steps that you need to take to start a company in this country successfully.
1. Reserve the Company Name
Before the registration process commences, Singapore government has to approve the company name. The approval process is steered by the Company Registrar who has all the resources required to evaluate the name and arrive at a decision on the same day.
However, the inclusion of words such as finance, bank, media, and law in the company name could delay the process by days and even weeks since other government agencies will need to review the application to before the Registrar approves it.
To ease the process, it is recommended to choose a name that is;
- Not already being used by the existing companies
- Does not infringe any copyrights or trademarks
- Not perceived rude or obscene
- Not already reserved by another person
Take time to carry out a background research before settling on a particular name to avoid unnecessary delays and hurdles.
2. Registration Process
Once the company registrar approves the proposed name, the process of incorporation will commence, and all the necessary documents will be made available to you within a few hours. It is important to make sure that all the forms are properly filled and signed.
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.
Indeed, Singapore government is keen on providing the best working environment for both local and international companies. Be sure to follow the set company registration rules and regulations to expedite the process.