Singapore Company Registration Q&A
What is Required for a Successful Registration of Singapore Company?
Singapore company registration is a fast and efficient process, unlike many who claim that the entire registration process is lengthy and cumbersome. You can perform Singapore company registration online easily provided you can fulfil the following three important criteria below:
First, you need to check whether your desired company name is available by checking with the ACRA website and if found available, you need to pay for the booking fee, which is the fee for reserving your company name.
Second, you need to fill up essential government incorporation forms and prepare documents such as the company constitutions which will state the:
- Officers’ name e.g. the director, corporate secretary and the shareholder.
- Paid-up capital for the new business/company
Third, once you have prepared and show all the required incorporation documents, you shall be allowed to perform Singapore Company Incorporation by filing all the necessary data and materials with ACRA.Remember, our team at WLP Group can perform all the three steps above for Singapore company registration and incorporation.
2. What is the First Step I Need to Do Before I Can Perform Singapore Company Registration?
Before you can register a company in Singapore, you must get your business name approved by the ACRA first. The Singapore company name registration procedure is not complicated and subject to the conditions below:
· Your new company name cannot be identical to an existing business name in Singapore.
· Your new company name must not infringe on any trademarks.
· Your new company name must not show any elements of obscenity or vulgar.
3. How fast can I know the final outcome for my Singapore Company Registration process?
Your business name/company name could be approved instantly without further delay by ACRA unless your business name application breached ACRA’s business registration rules.
A company name can be referred to another government authority or licensing agency for further verification and confirmation if the business name contains sensitive words such as “banks”, “broker”, “finance”, “legal”, “law”, “money lending”, “school”. This can postpone your Company name approval process by another few weeks.
If ACRA approves your company name, you can book or reserve that name for up to 120 days. If you do nothing about it or failed to incorporate your Company within that 120 days timeframe, the reserved title shall be released for free.
4. What documents and forms are required for Singapore Company Registration?
You must get the following documents ready for new company registration once your business/company name is approved and reserved by ACRA.
Documents required by ACRA: Company Constitution, which is formerly known as the Articles of Association. You can choose between adopting the standard Singapore Company Constitution (offered by ACRA) or design your own Company Constitution. Do take note that an ACRA standard constitution is acceptable for most small and medium-sized companies and include terms that are deemed fair to all shareholders.
Signed ACRA Forms (for both Director and Secretary). Both local and foreign directors must sign and consent to act as Company Director. Meanwhile, a company secretary is required to sign and agree to serve as the Company Secretary.
Original Identification Documents (To Be Checked and Verified by CSP). Every official of the Company must produce identification documents such as the Singapore NRIC, PRs, Passport (for foreigners), proof of residential address.
KYC and Due Diligence: The ACRA and the actual Corporate Service Provider (CSP) such as our Company need to perform KYC (Know-Your-Customer) due diligence before dealing with the potential client. All documents must be translated into English and must be error-free.
5. What’s the Typical Timeframe Required to Register a Company in Singapore?
WLP Group or other Corporate Service Provider (CSP) can start registering the Company online provided all company incorporation documents and forms are ready to be filled by ACRA . Usually, this takes less than 3 hours to complete unless in some exceptional cases whereby the company registration has to be transferred to another government agency for further vetting; in which the entire process may take up to 4 weeks or a month.
6. Can a Foreigner Self-Register Their Own Singapore Company?
They can freely register a company in Singapore and possess 100% shares of their Company. They have the option to run their Singapore company locally or in overseas. If they want to relocate to the Lion City, then they must secure an Employment Pass (EP) or Work Pass Visa.
7. Can a Foreigner perform Company Incorporation Singapore Without The Assistance of a Corporate Service Provider (CSP)?
The answer is a straight NO! The Singapore government forbids foreigners to incorporate a company without engaging a third party CSP. Foreigners need to use a local corporate service provider like WLP Group. We act as the Filing Agent on behalf of our clients. The Filling Agent is a company secretary who is a resident of Singapore and fully comprehends the Singapore company law in detail.