Business Setup in Singapore and Offshore
Making a business dream Come true calls for more than brainstorming. Once the concept is created and the financing is arranged, the next biggest hurdle involves registering business documents with the proper government authority to ensure that all legalities are carefully attended to. At LCC Global, it is our mission to help entrepreneurs take their ideas to the next level. Our services are designed to help clients properly tend to the legalities of incorporation in Singapore and beyond. Need to register company in Singapore or other locations, such as the British Virgin Islands or Marshall Islands? Our team of corporate advisors is poised to assist with a variety of incorporation plans designed to meet client needs in a professional and expedient manner.
Our plans are tailored to assist both residents of Singapore and other countries in obtaining incorporation quickly so the next phase of operations can begin. For those filing incorporation in Singapore, our plans generally have a one-day turnaround. Incorporation in the British Virgin Islands or Marshall Islands takes about seven working days. Though the registration process of a private limited company in Singapore is easy and stress free, the application fails sometimes when requirements are not met and guidelines are not obeyed. However, through our Singapore company registration services, we can help you in fulfilling general statutory compliance requirements that apply to Singapore private limited companies.
Before applying for the company registration in Singapore, both local and foreign entrepreneurs must be assured of few areas to adhere the registration guidelines. Entrepreneurs must get the estimated name of the company approved & registered before moving forward with the incorporation process. Also, the business owners must present the confirmation on who will be the directors of the business. The directors should be of 18 years or older and not be undischarged bankrupts. The promising Private Limited company should present the names of shareholders and a company can have number of shareholders between 1 and 50. As per Section 171 of the Singapore Companies Act, every person will have to appoint at least one qualified company secretary within 6 months of incorporation, who should be an ordinary resident of Singapore.
Each company must fix its financial year end (FYE) and the promising private limited company owners must provide a local address as the registered address of the company. Foreign entrepreneurs, aiming to registering a business in Singapore must know that Singapore law does not permit foreign individuals to self-register a company, hence they must engage a professional firm to register a Singapore company. Those who do not wish to relocate to Singapore, can run their Singapore incorporated business from the current location but would need at least one local director. For those, who wish to move to Singapore must apply for an Employment Pass from the Ministry of Manpower. With the work pass, foreign entrepreneurs can serve as the local resident director of the company.Required Documents Below given is the some of the documents required for company registration in Singapore:
- Business Name and SSIC code
- A brief description of the Business Activities
- Particulars of Shareholders, Directors and Company Secretary
- Registered Office Address
- Constitution (formerly known as Memorandum and Articles of Association or M&AA)
- Notarised copy of Singapore NRIC (Front and Back)
- Notarised copy of passport
- Proof of overseas address (e.g. a utility bill or bank statement)
- Fully completed ECRA’s Know Your Client (or KYC) document
- Banks may also require their KYC documents in addition to bank opening forms
For Corporate Shareholders (if any)
- Notarised copy of Certificate of Incorporation
- Notarised copy of Business Profile
- Notarised copy of Memorandum and Articles of Association
- Proof of address
Registering A Business In Singapore – The Process
The company registration process in Singapore is fully computerized and the whole process takes about 1-2 days. There are two primary step of company – (a) Name Registration where the decision of approval or the rejection on the preferred company’s name is taken. This process takes about a couple of hours. However, the process can the transferred to some other authorities and then the approval on name might take few days to couple of weeks.(b) Company Registration, where all the required documents are signed and certified. Once the name and the documents have been approved, this process is completed within few hours. Upon completion, the company is registered with ACRA
Registering A Business In Singapore – Post Registration
Once the business is registered, business owners will receive an official email notification of the incorporation. The business owners will then have to setup a corporate bank account, get a license or permit to start business operations, register for Goods & Service Tax (GST) and complete the annual filing requirements and formalities.If it’s time to register company in Singapore, LCC Global is here to assist. Our professionals are well versed in the ins and outs of Singapore Company Registration Services for both legal residents and foreign nationals. In addition to incorporation services, we are also here to assist with auditing, accounting, work pass applications, taxation and more. At LCC Global, it is our pleasure to help our clients realize their business dreams while taking the paperwork burdens off their shoulders. Just reach out to us today to get your paperwork started!