5 Quick and Easy Steps to Incorporate Company Online
Many Singaporeans and foreigners find Singapore’s registration process complex and challenging. Indeed, a missing document or deadline may require you to delay the incorporation process. Even if you can incorporate company online conveniently, knowing these five quick and easy steps to do it is a crucial step and milestone that establishes your startup.
Ready Your Registration Requirements
Singapore’s incorporation laws are similar to most business registration laws. It should have one shareholder at least, and have at least S $1 under its name. The Singaporean government requires that all businesses have at least one director and company secretary who lives in Singapore, regardless of nationality. Lastly, the company must have a registered address in Singapore.
Registrants will likely fill out a company registration form. Plus, they must have a company memorandum and articles of association.
A company’s memorandum is a document that sets out the objectives and fundamental purposes of the company. The articles of association are documents that set out the rules and regulations for how a company will operate. It is legally binding, so changing these rules requires amending the articles of association. All directors must have a statutory declaration along with their NRIC or working pass (for foreigners).
Determine Corporate Structure
The corporate structure is the hierarchical level of people within a company. Owners can create this by assigning people to different levels.
Shareholders include the business owner and their partners. Company directors and secretaries must have defined names and roles. You can work with an accounting outsourcing service to help you determine your business’ corporate structure in the shortest possible time.
Include Supporting Documents For Registering Your Corporate Structure
Once the corporate structure gets its approval, Singapore’s registration will ask you for copies of the following documents.
- The Memorandum or Articles of Incorporation, which include the company’s name, address, and purpose.
- Articles of association, which include the company’s share interest (how much is owned by each shareholder), number of shares, among others.
- Certificate of corporate existence, which includes the company’s date of incorporation and registration, among others.
- A list of the company’s directors and shareholders, along with their addresses.
- A list of all company officers authorized to sign on behalf of the company and their addresses.
- The ‘Bylaws’ section of the Articles of Incorporation that summarizes how the board members are elected, when they can be recalled, and how often the Board can meet.
- Certificate of good standing for the corporation from a local registry that confirms that the company is in good standing with their local jurisdiction.
Verify Your Company Name’s Availability and Claim It
Singapore’s company registration will run a cross-check to ensure your company has no duplicate organization claiming the same name. This process may take up to a few days to a week. Once done, you can verify your company name’s availability and claim it.
All approved company names do not have obscenities, don’t infringe on any trademarks, are unreserved, and do not have any matches. Any names that comply with ACRA’s requirements can get approval in an hour or less.
Sign Incorporation Documents
Once you’ve finalized all of the above, you can finally sign the following documents:
- Company Constitution
- Company Director Consent that enables directors to act their roles in the company
- Company Secretary Consent that enables secretaries to act their roles in the company
- Company Controller/Owner Declaration
Make It Easier to Incorporate Your Company Online
MyCo is an automated accounting and incorporation service in Singapore that guarantees a smooth, flowing experience registering and establishing your business’ existence in Singapore. Just fill out our quick form to get started, or contact us to learn more!