Setting Up A Singapore Company
“There is no security on this earth, there is only opportunity”
Step 1 - Company Name Reservation
The first step in incorporating a local Singapore company is to obtain approval and reserve the proposed Singapore company name.
Names for all companies in Singapore must conform to certain guidelines laid down in the Singapore Companies Act.
An applicant must declare if the proposed company name includes a trademark or patent name, or the name of another company/business existing elsewhere and produce the unconditional written consent of the owner of the trade mark or patent, or the other company for the use of the name. The applicant is also required to declare that he will change the name if it is found otherwise.
A proposed company name will not be approved if it is identical to, or closely resembles the name of another company, foreign company or business firm as to be mistaken for it. Undesirable names, including offensive or vulgar names will also not be approved.
During the name approval application process, the Accounting and Corporate Regulatory Authority (ACRA) requires information on the proposed business activities of the company. Certain types of activities need the necessary approval and license from other Government authorities before the proposed business activity can begin.
Also required during the name approval application process are the details of the proposed Directors*, shareholders and company secretary and the issued/paid-up capital.
*All companies must have a minimum of one local director (either Singaporean, a Singapore Permanent Resident or Singapore Entre Pass Holder.) Thus, any company with one or more foreign Directors must also have a local director. Any person above the age of eighteen (18) may be appointed as a director. However, some individuals e. Bankrupts, are disqualified from being Directors. A Director cannot resign unless there is one local director remaining in the company.
Step 2 - Incorporation
After the company name has been approved, the Memorandum & Articles of Association, setting out the objects and bye-laws of the proposed company must be prepared, signed by shareholders, dated and filed.
Although no longer required to be lodged with ACRA, for the purpose of transparency, incorporation forms 45 and Form 49 are completed and filed in the company’s secretarial register to show that all the company’s officers have consented to their appointment.