Singapore-Entrepreneurs

5 Useful Tips on Singapore Business Registration

With every passing day the fame of Singapore as a lucrative business destination for the foreign nationals is spreading. The rules and regulations for owners to set up an offshore company are very easy to follow. These features have led to hundreds of companies ranging from insurance and law firms to design and art companies setting up their base in the Central Business District of Singapore. According to the latest statistics from the Singapore Economic Development Board there are more than 7,000 multinational companies having their regional or global registered offices in Singapore. Singapore business registration is a vital act for all the entrepreneurs whether it is the international businessman or a SME business owner. The Singapore business registration makes the other processes involved in setting up a business very quick.

Though most of the companies get their Singapore business registration with the help of firms yet it is vital that you keep some tips on the procedure in mind:

1.    After the company name and its corporate structure is decided upon the service firm will submit the application regarding the Singapore business registration to the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The approval or rejection of the form is usually done in quick time. The delay may happen only in case of the name being reviewed by an external authority. In such cases it may take 2-3 weeks before the notification is received.
2.    On the approval of the details the company will have to appoint at least one resident individual director. In such cases the corporate directors are not allowed. By the word “resident” it is meant a permanent resident, Singapore citizen, and a person having Entrepass, Dependent Pass or Employment Pass.
3.    You have to appoint at least one shareholder. There can be a maximum of 50 shareholders for a company. If need be then the director and shareholder can be the same person.
4.    A Unique Entity Number (UEN) is given to the registered company that serves as identification number.
5.    After the process for Singapore business registration is completed you will get a certificate from ACRA. The company details can be viewed by online public at the ACRA website.

These are the 5 steps that are involved in getting a Singapore business registration. Keeping these steps in mind helps the business owners in understanding the work of firms.

Summary: Singapore business registration helps the business owners open a business in Singapore without any hassles. Though the work is tackled by the firms but the business owners should have a basic idea

Tags: Singapore business registration, Singapore business setup, Singapore business startup