The Three Main Stages Required for Company Registration in Singapore

The Three Main Stages Required for Company Registration in Singapore

Singapore is a business paradise, and a reliable leverage that investors use to grow their brands into multinationals. Its open and market-driven economy has made it the go-to jurisdiction for enterprises that want to grow rapidly and become multinationals. So, have you been thinking of going offshore and seeing your brand boomerang fast to reach multinational status? Singapore is the perfect point for success.

This post takes a closer look at the two main stages, the pre-incorporation and post-incorporation, involved in company registration in Singapore.

Signs that Show it is Time for Your Company to Go Offshore

  • Your business back home has been making a stream of losses over the last several fiscal years.

  • The business environment, especially policies, is hostile.

  • High taxes by the governments back home.

  • The market share has been shrinking rapidly back home.

  • The company’s long-term strategic plan indicates it is time to expand offshore.

  • Your company has been making steady profits over the last couple of years, and you are looking for new ways of growing sales and profits.

Stages Involved in Company Registration in Singapore

The process of company incorporation in Singapore can be broken down into three main stages:

Stage One: Pre-registration Procedures and Documents Preparation

This stage involves preparing all the requirements for company registration in Singapore. So, start by reviewing the requirements, which include:

  • Select the right company name and have it reserved for your company.

  • The main business activities.

  • Pre-paid capital.

  • The company’s constitution.

  • Registered address.

  • The particulars of directors, shareholders, and company secretary.

  • If you do not have a Singapore citizen to act as your resident director, make sure to have a nominee director to meet all the requirements for company registration.

  • Prepare all the documents needed for company registration.

Stage Two: Submit All the Documents the to the Companies Registry for Incorporation

Once you have prepared all the documents required for company incorporation, submit them to the company’s registry. They will be reviewed by the registry to determine whether all the requirements have been met. In case the registry wants further details about the company you are registering, be ready to provide them as fast as possible so that the process can be completed promptly.

After the company’s certificate of incorporation is issued, you are notified to pick it up ready for operations. When you get to this point, it means that you are only a few steps to making your dream of going offshore a reality.

Stage Three: Post Registration Procedure

After getting the certificate of incorporation, there are additional steps that are required for your company. These are referred to as post-registration requirements, and it is crucial to also get them right.

  • Acquire the required business permits. Some businesses, such as those in education, hospitality, finance, import/export, and telecoms, are required to get more permits from the Singapore administration.

  • Open a bank account. The company’s bank account is very important because it makes it possible to get paid and pay the expenses incurred. It is also very important for a company’s accounting purposes.

  • Goods and service tax registration. If you are anticipating your company to have a turnover of more than SG$1 million, it is required to be registered for GST.

  • Craft a good strategy for market entry. This should be drawn based on market research, factoring in the targeted customers and competition.

As you can see, the process of company registration has to go through all the stages. Well, it can be pretty complex, but you can simplify it now by working with an agency of experts. These are professionals who understand the process well and are willing to help you every step of the way.

After registration, the agency will also come in handy in helping with other executive functions, such as accounting and payroll management.

 

Dan Edward