How can Foreign Nationals register for a Company in Singapore?

Company Incorporation Singapore

How can Foreign Nationals register for a Company in Singapore?

Registrationwala

Singapore is the most advanced economy in the entire Asia-Pacific Region. Its affluence and prosperity can be attributed to the employment of corporate-friendly policies in the Island Nation’s administration. But such benefits are not limited to Singaporean Nationals only. Foreigners can also register for a company in Singapore as long as they meet the necessary requirements.

Steps for Company Registration procedure in Singapore

Here are some of the imperative steps involved in the Company Registration procedure in Singapore for foreigners. Let us look at them one by one.

Step 1: Choose an appropriate Business Structure for Company Incorporation in Singapore

The first step is to decide on the type of corporate structure you want to register. Some of the most common options available are the following:

Step 2: Appoint a Singaporean National as a Director for Company Formation in Singapore

Every Company in Singapore must appoint at least one local director, such as the following:

The applicant can always hire a nominee director if a local director is unavailable.

Step 3: Apply for Company Registration with the Singaporean Authority

To start a company in Singapore as a Foreign National, the applicant must submit the necessary documents to the ACRA, i.e., the Accounting and Corporate Regulatory Authority. Such documents can include the following details:

Step 4: Obtain the requisite permits for Business Operations

The applicant must obtain the requisite permits from Government Agencies depending on the nature of the undertaken business activities.

Step 5: Open a Corporate Bank Account in the Registered Company's Name

Thereafter, the newly incorporated must open a Corporate Bank Account in Singapore to manage their audit and financial accounts.

Step 6: Register the Company for Taxes with the IRAS Singapore

Post-registration procedure, the Company must register for taxes with the IRAS, i.e., the Inland Revenue Authority of Singapore.

Step 7: Appoint competent Personnel for Company Incorporation

Every registered Company in Singapore must hire employees in Compliance with Labour Laws and Regulations.

You can engage with a professional firm specializing in Company Formation in Singapore, which will guide you through the registration procedure and ensure requisite Compliance with all regulations.

 

What must you attach to the Company Registration application?

For incorporating a Company in Singapore, the applicant must provide the following documents to support his filed application:

Proof of Company's Trade Name Registration

The applicant must decide on a unique name for the proposed Company. The chosen name must not be similar to any existing Company Trade Name or Trademark of a Brand in Singapore.

Registered Official Address of the Singapore Company Incorporation

The applicant must also detail a registered address for its proposed Company in any form, such as the following:

List of appointed Company Directors & Shareholders

The applicant must also provide details of its directors as well as shareholders, such as the following:

Applicant Company’s Memorandum & Articles of Association (Moa & AoA)

The Company Registration applicant must prepare the Memorandum as well as Articles of Association outlining the Company's objectives, structure, and rules.

Profile of the Business 

The Company Registration applicant must provide a brief description of her to-be-undertaken business activities.

Proof of Company Secretary Appointment

The Company Registration applicant must appoint a Company Secretary within six months of its incorporation with the Singaporean Authority. The appointed Secretary must be a resident of Singapore.

Certificate for Paid-Up Capital Maintenance

The Company Registration applicant must provide details of the initial paid-up capital of your proposed Company. Here, the minimum paid-up capital is one Singaporean dollar.

Identity Documents of Company Executives

The Company Registration applicant must provide certified copies of the director's as well as shareholder's identification documents. They must submit passport copies for non-Singaporeans.

Compliance-filing Declarations

The applicant must sign and submit a declaration of Compliance stating the pertinent requirements as per the Singapore Companies Act.

After handling the required documentation, the applicant can easily register for Company with the Accounting and Corporate Regulatory Authority in Singapore. For more on the Company Registration procedure for Foreign Nationals in Singapore, connect with the Incorporation Experts at Registrationwala.

 

Also read:  How to Start a Business in Singapore

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