When registering your business in Singapore, you will receive hard and soft copies of the Certificate of Incorporation from ACRA. You also need a Business Profile which contains important details about your company.
Choosing a good business registration Singapore service is very important. The firm you choose should be able to guide you through the whole process of incorporation.
Company name
When setting up a new company, you must select a suitable name for your business. The company name must be distinct, easily recognizable and not infringe on any trademarks. In addition, it must be available for use and not be offensive or deceptive.
A good name will give your company credibility and create the right impression with clients. It will also allow you to apply for a corporate bank account. In addition, you may need to obtain a business license to operate your company.
When choosing a name, you must first check its availability on ACRA’s website, BizFile. The name must be in English and cannot be obscene, vulgar, or contain prohibited words, including those relating to banking, insurance, education, and law. It must also have an SSIC code that reflects the nature of your business activity.
Shareholders
A shareholder is an owner of a company. They own a certain percentage of the company’s shares, and in turn have the rights and responsibilities that come with it. They also have the right to be treated fairly at all meetings and have their views heard.
Companies must be registered with ACRA and obtain a business profile (Bizfile) before they can open for business in Singapore. They must also register for the Goods and Services Tax, a sales tax that is levied on businesses that sell goods and services in Singapore.
Under new changes to the Corporate Registers Act, local and foreign companies and LLPs must now keep a non-public register of nominee shareholders and their nominators. This is a move to minimize the risk of illicit actors gaining control over companies.
Memorandum of Association
In Singapore, the Memorandum of Association is a key document in the business registration process. It outlines the company’s overall corporate structure and aims. It also sets out the responsibilities of its shareholders and directors. The MoA must be signed by a minimum of seven members for a public company and two members for a private company.
After the MoA has been signed, companies can apply for their business licenses and open a corporate bank account. They can also receive a business profile and certificate of incorporation from ACRA.
Many business activities require a permit to operate. These include financial services, travel agencies, employment agencies, eateries, and importers and exporters. It is a good idea to seek advice from specialist or professional advisers before starting a business.
Nominee director
For foreign companies looking to register in Singapore, a nominee director can help them comply with local regulations. The nominee director acts as a representative for the company and signs routine notices, such as tax documents and bank opening resolutions. They also ensure regulatory filings are completed on time. They can also be the authorised signatory for the company’s bank accounts.
A Nominee Director can be hired from a reputable service provider for a fee. These providers typically provide an agreement outlining the nominee’s responsibilities and duties. The agreement should be signed by both parties and submitted to ACRA.
The Nominee Director should be a Singapore citizen, permanent resident, or hold an Employment Pass. It is important to find a person who is able to represent the company’s interests in the event that it breaches local regulations.
Registered address
A registered address is an address that a company or LLP must display on its official stationery and the location where it keeps its statutory records. This address is also where notices from the government and other official correspondence will be sent to. It is important that the address be located in Singapore, but it does not have to be where the company conducts its business operations.
A home address can be used as a registered office in Singapore, but it must be approved by the authorities. You must also comply with the conditions of the Home Office Scheme, which is available through URA or HDB. The address must be accessible to the public for at least three hours during regular business hours each day.