Company incorporation refers to the process of establishing a private limited company in Singapore. The Companies Act of Singapore, as well as its subsidiary regulations, sets out rules and requirements for company incorporation. Most companies carry out the incorporation process in two stages, namely the establishment of a private limited company and the registration of its name.
The following are common steps involved in the incorporation process:
1) Choosing a name for the private limited company
The name of the private limited company is one of the most important matters involving company incorporation. The name must be distinguishable from any other company in Singapore. For this purpose, it is mandatory to get professional advice from a trademark registration attorney in selecting a unique and important name for the company.
The rules for new company incorporation in Singapore are different depending on whether the name is being registered under the Companies Act or under its subsidiary legislation, namely, Company (Transfer of Name) Regulation 2001 and Company Code of Conduct Regulations 2002?
2) Appointing a registered office address
A registered office is the main place of business of a company in Singapore. The address and contact details of the registered office must be provided to the Registrar of Companies upon incorporation or registration. The following address requirements apply:
The registered office must be situated in Singapore; The street address and postal code for the registered office must be provided.
3) Obtaining a company incorporation certificate
A company incorporation certificate is an important document that confirms the exact details of the private limited company in Singapore. This document is then used to register the name and other details of a private limited company. The incorporation process usually takes two to three weeks, during which time the applicant will receive the aforementioned certificate.
4) Checking with the Accounting and Corporate Regulatory Authority (ACRA)
It is mandatory for all companies in Singapore to register with ACRA within 14 days after incorporation. ACRA also offers an online database where company information can be consulted.
5) Obtaining tax registrations
Companies in Singapore are subject to taxes based on their income and net assets. In this regard, it is necessary to obtain tax registrations and submit returns to the Inland Revenue Authority of Singapore (IRAS) on a regular basis. The procedures for obtaining these tax registrations depend on the nature of the company business, with some businesses requiring licenses from other government agencies in addition to IRAS.
6) Seeking professional advice
If you are a first-time applicant for company incorporation, it is advisable to seek professional help from a lawyer or a consultant in the process to ensure that your application for incorporation is complete and that the incorporation certificate obtained is valid.
Conclusion
It is important to note that there are several tax implications when setting up a private limited company in Singapore, including the need to register with IRAS. In addition, different rules may also apply if a name is being registered under the Companies Act or its subsidiary legislation. If there are any queries, it is recommended to seek professional advice from a lawyer or a consultant before proceeding with company incorporation.