How to Incorporate a Company in Singapore
Whether you are an established international company or an ambitious start-up, incorporating your business in Singapore is an effective way to gain access to the developing Asian markets. With its stable economy, strong legal framework, and efficient tax system, the country offers an ideal environment for doing business. However, the process of registering a company can be daunting for newcomers to Singapore. This article demystifies the process and outlines all the necessary steps to take.
There are four types of companies available in Singapore: Private Limited, Listed Companies, a Societe Anonyme, and Trusts. Your chosen company incorporation partner should be able to advise you on the most suitable type of business for your particular needs. In addition to choosing the right business structure, you will need to prepare a Company Constitution (formerly known as the Articles of Association) and submit it to ACRA. The document sets out the fundamental rules for the company and establishes relationships between key actors in the business. You will also need to provide identification documents for directors and shareholders, as well as proof of residential address in order to comply with anti-money laundering regulations.
All companies are required to set up a Register of Registrable Controllers, or RORC, within 30 days of registration. The RORC records the identity of the underlying beneficial owner of the company and provides transparency for stakeholders. Unless exempt, all companies are also required to appoint an auditor. Once the initial registration process is complete, you will receive an email from ACRA confirming that your company has been successfully incorporated. A soft copy of your Certificate of Incorporation and Company Business Profile will be provided for free, and hard copies can be purchased from ACRA.
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