Among the many reasons that foreigners quote for starting a company in
Singapore is the ease with which you can open the company. There are enough
excellent consultants who will help you start the company without any effort
from your side. These agencies are experienced in all the company registration
procedures and they have the right people who will coordinate with you for the
incorporation of your company.
The agencies are big enough to take care of all your requirements but
small enough to be available at your service anytime you need it. They have helped
many small businesses to be started in Singapore. They will guide you through
all the legalities of forming and running a business in Singapore. Their
experts will also provide you with a lot of assistance in running the company
smoothly.
Getting Familiar with the Registration Process
The first phase in the company registration in Singapore process is the registration of the name. All companies
must register their names with the ACRA before submission of the incorporation
papers. The name will
be yours for four months within which you can incorporate your company. The
registration of the name is very important because it will be your brand name
and you must select it well.
The name should also be selected in a way that it doesn’t get rejected
by the ACRA. Names that are already in use will be rejected. You cannot have
vulgar or obscene names for the company. The names should not suggest any
relationship with the government or its departments. It should not breach any
trademark regulations. It is always better to select two or three additional
names so that you can use them if your preferred name is rejected.
Difficulties in the Incorporation Process
Once the name is registered the incorporation can be completed within a
day. But the difficulties arise when the companies are trying to fulfill all
the conditions for incorporating the company. Small companies and foreign
investors will find it most difficult to fulfill the conditions that are laid
down by the ACRA for incorporating a company. But these obstacles can be
overcome if you have a good agency to support you.
The first requirement is that you should have a Singapore resident as a
director at a minimum. This means that the person must be a citizen of
Singapore, permanent resident in Singapore or a holder of EntrePass or
employment pass. The pass must be issued for working in the said company and
the person must have a residence in Singapore. Nobody can get employment pass in Singapore unless the
company is registered.
The second condition is to have a registered office address in
Singapore. No company can have a registered office address in such short
notice. Moreover, it will be too expensive for a new company to have a
registered office in a reputed commercial area. The third requirement is the
appointment of a company secretary and it should be done in six months at max
from the incorporation date. The company secretary must be highly qualified and
experienced in running the company. You cannot find such a person when you are
new to the business and the country.
Incorporating the Company with Services from
Consultants
If you are wondering how to
incorporate a company without the resources to fulfill the conditions, then
this is where these consultants can be a great support to you. The corporate
consultants in Singapore offer all these services at very nominal rates. They
will help you with assigning one of their persons as the nominee director. This
person will have good standing in the business community and will improve your
brand image. This can be a temporary or permanent arrangement.
The agencies will offer their address as your registered office address
and provide services like receiving and forwarding your mails, offering meeting
rooms, and providing the necessary stationery. They will also offer corporate
secretarial services to fulfill the need for a company secretary.