Company Incorporation Singapore Business Name Requirements
Singapore has one of the fastest and most uncomplicated procedures in registering businesses in the world. The relatively straightforward procedure is perhaps also one of the factors why the country is a preferred business location of foreign and local business persons. And while the procedure is fast, the implementation of system and guidelines is strict. It is crucial that you follow all company incorporation Singapore rules. This is for the benefit of both the government and the companies. This helps uphold the legitimacy of the business industry in the country.
There are a number of steps that you must follow if you are thinking of incorporating your business. First, you need the permission of the Accounting and Corporate Regulatory Authority (ACRA) in selecting your company name. ACRA will give its permission unless your selected business name is undesirable, similar to another existing company name, or has name or trademark similar to already well-known names. If the name does not belong in any of the stated cases, it will only take all over three hours for ACRA to approve it unless it can find any other complaints to the proposed name or if it requires additional assessment from external authorities.
However, keep in mind that as opposed to the previous rule, ACRA will not check the uniqueness of the proposed name anymore. It is the applicant’s responsibility to ensure that the business name doesn’t resemble another existing business name. The Registrar will only order you to change your business’s name if there is a valid complaint regarding the similarity your business name to an existing company’s name within 60 days. If there is no complaint received in 60 days, the newly registered company name is already irrefutable.
Company Incorporation Singapore Guidelines
You can prepare the files and register the business within the same day after the name approval. But of course, the files you need to submit should obtain the signatures of the directors and shareholders of the business. The law requires a minimum of one resident director and one shareholder to register. As for the resident director, it should be someone who has a citizenship or a permanent residency, or someone with an EntrePass, Employment Pass, or Dependent Pass.
You would need to employ a corporate secretary who has a primary place of residence in Singapore within six months of incorporating your business. If you are a local resident, you have an option of whether or not to hire a professional corporate services company to help you with the procedure. But if you are a foreigner, it is a requirement to hire a corporate services company that act on your behalf.
It is only $1 to incorporate a business. That’s the minimum paid-up capital requisite. Open bank accounts within two weeks after registering your company. You can finish the whole process in only one to two days unless ACRA needs extra information about your directors and shareholders or if there are additional objections to the selected name.