Before you finally decide to start up a business in Singapore, you should be aware of the procedures that need to be followed. If you are registering a foreign company in Singapore, it is highly advised that you engage a professional service like Paul Hype Page & Co. so that we may assist you in the preparation and filing of the application and registration.
According to the Company’s Act, you first need to appoint two local agents on your company’s behalf for your company incorporation in Singapore. The agents must be residents of Singapore. For Accounting and Corporate Regulatory Authority (ACRA) purposes, if a person provides a local address and proves that he/she lives in Singapore on a long-term basis, the ACRA may accept that the person is ordinarily resident here.
You need to take care of a few payments before you finally register your company. Here is a rough idea of what you might need to pay (these fees are subject to changes and not including administration charges): • Name approval fee: SGD$15 • Registration fee for foreign company with shared capital: SGD$300 • Registration fee for foreign company without shared capital: SGD$1200
When registering foreign companies, it usually takes less than 30 minutes after the registration fee is paid. However, it could also end up taking more than a few weeks to 2 months if the application needs to be sent to other authorities for review or approval. How Long Will The Approved Name Be Reserved? A company name that is approved will remain reserved for a period of 60 days, starting from the date of application. For a small amount of fee, you can extend the reservation of the approved company name for another cycle of 60 days. You should also keep in mind that you need to apply for the extension by the 59th day; otherwise, your request will be rejected.
If you are starting up specific businesses like banks, insurance companies, or medical services, then you might require securing special business licenses from the relevant departments. These licenses might also be required for manufacturing tobacco products and other items like firecrackers. If you are new to the business world and it is your first time taking your company to foreign soil, you might find the procedures overwhelming. We highly recommend that, to avoid any problems, you contact us as soon as you decide to set up your company in Singapore!
Categories: Singapore Incorporation and Company Registration