Worldwide, most experts have always rated Singapore as the best country to set up a company more easily and cheaply. By offering tax waivers and supporting the starting-up companies, the government provides the best environment for companies. However, for the foreign entities, or local entities with inadequate knowledge of the process, it’ll be necessary to get a business registration service provider to guide them through the cheap Singapore company formation process. This article outlines the process they can use to register their company easily and cheaply in Singapore.
Step 1. Getting the company name approval
The Accounting Corporate Regulatory Authority (ACRA) should approve the company’s name before proceeding to the next step. You need to draft the name of the company for the registration service provider to submit to ACRA. Nevertheless, for the authority to approve your name, you must follow the following guidelines when choosing the name:
- The name should be unique, not resembling any existing company’s name in Singapore.
- It should be easy to read.
- Your company’s name shouldn’t infringe on other competitors or trademarks.
- Additionally, if the name contains words such as media, bank, and finance, it needs the approval of the higher authorities.
The registration service provider will help you get the approval of the company name easily. Thus, providing you with cheap Singapore company formation services, it’ll save you from long delays seeking approval. Furthermore, it’ll you from using more funds to seek approval for the company’s name.
Step 2. Preparation of the company registration documents
After the approval and reservation of the company name, you’ll need to prepare the documents for registration. The registration service provider will help you compile all the documents you’ll need to register your company successfully. The following are the documents essential for the company registration:
- A brief statement of the activities your company will be engaging in, and also the company’s constitution.
- The company’s address.
- Passports with the overseas address details for all the foreign entities
- Details of the company’s directors, secretaries, and their signed consent letters.
- The stakeholders and employees’ details, including their professional background, for the proposed company.
The ACRA needs you to provide the above documents as a minimum requirement. The registration service provider will help compile these documents with much ease.
Step 3. Submission of the applications to ACRA
After compiling the documents, your registration service provider will help you submit the applications to the authority. The registration service provider should submit online. You could get your company official registration in less than one hour if all the documents are in order. However, it may take a longer duration if ACRA may need references from other government agencies. The faster approval of the process ensures you get the best and cheap Singapore company formation services. The registration service provider will then guide you to get your official soft copy and copy certificate to start your company services legally in the country.
Final thoughts
The process of company formation and incorporation in Singapore is easy. It’ll be good to get the services of a good registration service provider to help you get the faster and cheaper Singapore company formation services. The services may range from post-registration compliances, registration & incorporation, and various advisory services.
