The administrative procedure of business registration should be straightforward, quick, and affordable. However, it can be difficult to navigate between the legal documentation that must be prepared and the formalities that must be performed when forming a business for the first time.
The process of forming a business in Singapore is simple and devoid of red tape. In addition, the government provides tax breaks to entrepreneurs and assists them with a variety of programs in their early stages. The Company Registrar is the Accounting & Corporate Regulatory Authority (ACRA). It is in charge of supervising the Singapore business registration process. Chapter 50 of the Companies Act governs it. In addition, you must fulfill all of the organization’s compliance criteria.
Fortunately, company incorporation experts has detailed below the 6 steps to register your business:
1. Register your business: Choose your legal form
Choosing the legal form for your business will allow you to choose what type of company you intend to create. But, what is the daily management that you want for your activity? It is a present choice but also a future one. Today you are creating a business on your own, but tomorrow you may want or need partners to join you.
Is there a legal form that allows me to switch freely from a one-person to a multi-person form? Singapore company law is particularly rich and offers many combinations which will undoubtedly allow you to develop your project as you wish.
2. Write the articles of association to register your company
Firstly, the drafting of the articles of association constitutes the formalization in writing of the choice of your legal form. Depending on the choice made, you will benefit from more or less freedom in drafting your articles of association.
Then, such a formalization implies questioning the purpose of the company and the professional capacity of the partners (diplomas, experience), its domicile, the distribution of the share capital between the partners, its tax regime, the social regime of the partners, the organization of management between the partners, their responsibilities, the consequences in the event of death, divorce, etc. This phase of preparing the articles of association is essential.
Finally, company incorporation professionals guide you step by step in drafting your company statutes using the personalized online questionnaire. This questionnaire includes your answers to each question and adapts subsequent questions. Your answers will allow the selected lawyer to begin drafting your articles of association. After talking to you, they will finalize the document and make it available to you.
3. Build up social capital
Without contribution, there is no society. The contribution is the contract by which the partner assigns a good or a right to the company in return for the delivery of company securities. The entire amount of the contributions determines the share capital, which is thus regarded as a vital component in the operation of the business.
4. List the acts carried out in the name and on behalf of the newly founded firm
These activities or quantities of money done prior to the establishment can be taken over by the company once it is established. A summary of these actions will be attached to the company’s articles of incorporation.
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Publish a legal notice
The publishing of a legal notice is a required step in the registration of a business. Many media will publish legal announcements of business formation. Prefectural ordinance determines publication rates, which may differ from department to department.
6. Submit the file to the Business Formalities Centre of your department
This is the last step in business registration. The submission of his creation file to the ACRA is without appointment but is a stressful step for the creator because his file must not contain any errors under penalty of seeing his file rejected.
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