Starting a new business in Singapore as exciting as embarking on an adventure. In the beginning, you are nervous and excited, and perhaps a little unsure of how to navigate this new endeavour. Understandably, it can be hard to figure out what must be completed before you can get started on your business ventures, especially if you’re brand new or don’t have any experience in the field.
Can’t wait to see your idea grow into something that you can call your own? Like many of those before you, the first thing you’d have to do is to incorporate, that is to register your company, through the Accounting and Corporate Regulatory Authority, ACRA for short.
Before you begin to incorporate your new business through to ACRA, you will need to first arrive at a company name that is unique and professional. After brainstorming for the perfect name, make sure to check the availability of your company name via BizFile+. There are several things you’d need to ensure in order to guarantee a smooth processing of the incorporation of your company in Singapore.
First, check that your business name is not identical or overtly similar to another existing business. In doing so, you’d also find it easier for customers to tie your services back to your own company, instead of another’s.
Next, ensure that your selected business name is not vulgar, obscene or offensive. You run the risk of having your ACRA application rejected immediately if that were to be the case.
Lastly, ensure that your company name is not prohibited by order of the Ministry of Finance – for example, using the word “Temasek” as part of your company name is not acceptable. Take note that there may be cases where your company name application may be submitted to the Referral Authorities for review.
The next step after selecting a proper business name is to then proceed to register your company name, for just $15. Unless you do this, you cannot successfully incorporate your business entity in Singapore. One thing to remember is that if your company name application is approved by ACRA, it will automatically be reserved for you for 120 days. Within this time frame, you must incorporate your company.
In order to incorporate your company in Singapore, there are several documents that you would need to provide. The mandatory information required are:
This information is especially important in order to prevent delays for compliance approvals.
Once you have prepared all the required documents, the company incorporation can be processed rather smoothly and quickly. In many cases, it is likely that you would be able to open a bank account for business purposes within the day. After that, you can proceed with business as usual, such as finding the right way to cover your company’s accounting needs.
In the event that your company incorporation is not completed within 120 days, the company name that was approved will no longer be reserved for you. With this in mind, keep on your toes, stay informed and incorporate your company promptly.
Ready to set up a business but not sure where to start? If you’re still familiarising yourself on how to incorporate a company in Singapore, you’ll find that the journey can be so much easier and well-managed with the help of a trusted advisor. It doesn’t matter if you’re a local or foreign entrepreneur, Chartsworth can guide you to registering your new business in Singapore hassle-free and efficiently. Here’s to a successful company incorporation with Chartsworth today!