Various companies are located in Singapore, ranging from banking, insurance, and law firms to art companies. More than 7,000 multinational companies have incorporated in Singapore, according to Singapore Economic Development Board. Company registration is a very viable option for international entrepreneurs who want to venture in Singapore. The main reason for this is that Singapore is a pro-business country that subjects low business taxes and quick company formation.

Here are the procedures in company registration in Singapore:

  1. The company name and structure must be given. The service firm that you have chosen to help for the company formation presets the application to ACRA. The approval or rejection is quick unless the name given is subject for review by external authorities.
  2. If approved, there are manpower requirements that you have to comply with. That is, one Singapore citizen should be a director. He/she must have an entrepass, employment pass and dependent pass for him/her to qualify.
  3. There should be at least one shareholder; it can be the same person as the director.
  4. The authorized share capital for a Singapore registered company should be a minimum of S$1.
  5. The identification number of the company is the Unique Entity Number (UEN).
  6. ACRA will then give the certificate of incorporation that has the company details and can be viewed on the ACRA online public register.

Companies also have benefits from company registration which is tax exemption and incentives. Because of the ease of registration and the benefits that the companies get from it, it is one of the most preferred countries entrepreneur want to invest in.

For a faster and smoother company formation, you can search for firms that specialize in such. They will do the process for you, saving you time, money, and resources. You can then focus on other important matters of your business.