Many
Indian citizens & companies are looking to start a company in Singapore. If
we are to believe the facts, a number of them have already done so. Flipkart
Singapore is a prime example of an Indian company that has shifted its base.
The straightforward process for establishing a new company set up in Singapore and lower tax rates are a great attraction to Indians. They are also amazed at the ease of doing business in this country.
Currently, this island nation ranks 2nd in the World Bank report for this indicator. The lack of bureaucratic hurdles in opening a company in Singapore is also a novelty for them.
If you want to start a business in Singapore, you should be ready with pre-incorporation requirements. Accounting and Corporate Regulating Agency (ACRA) has made them mandatory. They are as follows:
•
1
to 50 shareholder
•
S$1
of initial paid-up capital
•
At
least 1 local director
•
At
least 1 company secretary
•
Local
registered address
Steps
for Setting Up a New Company in Singapore
The actual process for registering a company consists of 3 steps. They are as follows.
Step 1#
Company
Name Approval
First of all, you need to apply and get the name of your proposed company approved from ACRA. Choose the name for your new company with care.
•
It
should be catchy, easily understandable and relatable to your business activity
•
Offensive,
vulgar, and black-listed company names are rejected
•
It
should not be similar to the existing company names or copy any existing
trademarks or logos
•
ACRA
can reject unacceptable names
Think before including terms like Finance, Casino, Education, Bank in the name of the proposed company. Such applications get referred to the Ministries and may need up to 2 months for the approval.
As an Indian, a foreigner, you will need to hire a registered filing agent to open a company in Singapore. Submit 3-5 names to their expert. They will verify the availability of one on BizFile+ portal and reserve it for you for 60 days.
ACRA charges a fee of S$15 to reserve a company name. They can pay a small fee to extend the period by another 60 days.
Singapore Company Incorporation Documents
Submit the following documents to your agent:
•
Approved
company name
•
Business
activities in brief
•
Local
registered address
•
Details
of shareholders, directors, & company secretary
In addition, you, as a foreigner, must submit a copy of your Indian passport & residential address proof in India.
Company Registration with ACRA
After registering a company name and incorporation documents, they can apply to ACRA and initiate the process to open a company in Singapore.
The process is online, and ACRA has made available a web portal called BizFile+
for the purpose. It takes 1-3 days to process the application. ACRA charges a
fee of S$300 to registering a company.
After successfully incorporating a company, your agent gets an email from ACRA. It contains details of your new company. The email is valid as a Certificate of Incorporation in Singapore. The email contains Company Name, Unique Identification Number, Business profile, etc.
The incorporation experts employed by the agents know the process thoroughly. They advise you on each step in the process, and if the need arises, they can appeal to the authorities on the rejection of the application to open a company in Singapore.
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