A guideline for the company’s incorporation procedure in Singapore

1. A guideline for the company’s incorporation procedure in Singapore

2. Singapore has managed to retain its position as one of the flourishing region for establishing companies. Many new as well as existing entrepreneurs have chosen Singapore over other countries, due to the excellent environment for the business-friendly policies. The incorporation and registration process in Singapore is the memorandum depicted by the government of Singapore, which is used to form a corporate organization or company. That includes company’s director’s nomination, name check and reservation, business monitoring and auditing, handling corporate compliance with disclosure requirements and other business regulation. • The entire method of company’s incorporation and registration process in Singapore are discussed herein

3. Nomination of director • One of the mandatory requirements for setting up a business in Singapore is the need to employ the services and nominate a resident Singapore citizen, in detail, for incorporation of a company in Singapore, the board of directors must have at least one director who must be a resident in Singapore, which means a Singapore citizen, a Singapore permanent resident or a person who holds an employment Pass or a dependant’s Pass with a residential address in Singapore.

4. The time required for the incorporation process • With an awareness of the departments and nature of business will help to compile and submit documents for faster processing, it is possible to get the company incorporated within a day. For instance, if you happen to be away and without any local assistance, the preparation of documentation and updating, uploading the same may consume time. Though the timelines are short, it all depends on how well you run within the system. Thus hiring a professional accounting service in Singapore will help you to save your precious time

5. Company’s name check and reservation • After determining your company’s name and you need to check whether it is occupied by some other companies or not. If the name that you have chosen does not conflict with existing names or other pending applications, the name is allotted quickly and then you need to reserve it by the procedures given by ACRA (Accounting and Corporate Regulatory Authority) in Singapore. Therefore, enlist the support of incorporation companies to get the naming processed faster

6. Registered address for the company • Every company registered in Singapore is required to have a registered office address to keep the various registers that it is required to maintain under the law and the registered address must be a physical address and cannot be a PO Box. Also use of residential address is allowed for certain types of business.

7. Governance Structure for the company • The governance structure of a company is used to form a corporate entity or company and ACRA is the national regulator for business entities, it also plays the role to assist for the development of business entities in Singapore. The governance structure of a company and the interrelationship between the company and its shareholders is governed by the company’s constitutional documents (the Memorandum of Association and the Articles of Association) as well as by the provisions of the Companies Act

8. Conclusion • Once your company is incorporated by the incorporation and registration process in Singapore, then you can kick start your business to reach your dream. But you must comply with the statutory requirements set by Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS), to maintain your business flawlessly and thus hiring a professional accounting service in Singapore will lead and assist your financial affairs and lead your business transactions with ease. • Company Incorporation Singapore