Starting a company in Singapore is an exciting step for any entrepreneur or business. The country’s renowned business-friendly regulatory environment and robust infrastructure makes it a popular choice for international entrepreneurs and businesses. However, the process of getting a license to operate in the lion city can be intimidating for those unfamiliar with the local requirements and procedures. Fortunately, with a little help, the process can be streamlined and simplified. In this article, we will take you through the 9 basic steps to register your new company in Singapore.
The first step is to decide on the type of company you want to set up. There are a variety of options available, including sole proprietorships, exempt private limited companies, non-exempt private limited companies, public limited companies, and limited partnerships. The best option for most is a private limited company, which will provide you with greater protection by establishing a legal entity that stands on its own and is separate from its owners, thus shielding the shareholders from liability.
After deciding on the type of company, it’s time to start preparing the required documents. One of the key documents is the company name approval letter, which will be used to verify that your chosen name complies with ACRA regulations. Names that do not comply can be subject to additional processing time and may incur fees.
Another important document is the letter of intent, which will indicate the intended business activities and shareholding structure of your company. The letter must be signed by the company director and the company secretary, both of whom must be Singapore citizens. If you’re a foreigner, it’s possible to appoint a nominee director and company secretary, which will reduce your compliance burden. how to start a company in Singapore