How To Incorporate Your Business In The Lion City
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Company registration in Singapore is one of the fastest and most straightforward procedures in the world. The exact enactment of the regulations and policies is for the advantage of both the government and the companies to preserve the legitimacy of the business industry. And maybe the rather straightforward procedure is one of the factors why Singapore is a favorite business destination of many business persons around the world.
If you are thinking of registering your business in the country, there are a number of steps you must follow. The first is to get authorization from the Accounting and Corporate Regulatory Authority (ACRA) for your company's name. There are three circumstances when ACRA can reject your selected name, namely if it is undesirable, similar to another existing company name, or has name or trademark similar to established names. Otherwise, it will just take two to three hours for the authorization of the name unless it requires more review from external authorities or if the ACRA finds any other objections to the selected name.
After the name permission, you can now organize incorporation documents and register the company within the same day if the documents already have the the signature of the directors and shareholders. You need one resident director and one shareholder to sign the documents. For the resident director, he or she must hold a citizenship or a permanent residency, or an EntrePass, Employment Pass or Dependent Pass.
Within six months of registration, your company must hire a secretary who has a principal place of residence in the country. For local residents, they may opt to hire a professional corporate services firm to help them with the procedure. But for foreign nationals, they don't have a choice but to hire a corporate services business to act on their behalf.
The minimum paid-up capital requisite for company registration is only $1. You can open bank accounts up to two weeks after incorporating your business. The entire procedure will normally take just one to two days unless there are complaints to the selected name or if ACRA requests extra details about your directors and shareholders.
Article Source: Articlelogy.com
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