If you wish to develop business in Singapore or already hold a company in Singapore then here are some points you need to keep in mind.
ACRA stands for Accounting and Corporate Regulatory Authority. Registration with ACRA is required by all those companies that carry an ongoing activity for Profit in Singapore.
The minimum age for registration is 18 years.
If a company is a partnership firm with more than 20 owner’s then the company must be registered with ACRA.
If a Foreigner wishes to run a company in Singapore, he needs to have one residing partner in Singapore.
The address of the firm can be shown the same as the residential address of the companies address.
If you require to register your company’s name, check the availability of name on BizFile.
The name application costs $15. Post-approval, the name will be reserved for 120 days. If you do not register the business or incorporate the company within these 120 days, then the name will no longer be reserved and will be made available for the public.
So you have taken the decision to form a company in Singapore due to the ease of conducting business in the country and also due to the various tax exemption facilities which the government of Singapore offers? For registering a company in Singapore, the Accounting & Corporate Regulatory Authority—ACRA would be supervising the procedures for business registration. Before one starts the process of registration, one has to decide as to which structure of business would be suited for your company. The Accounting & Corporate Regulatory Authority permits doing registration in the following given business types such as Limited Liability Partnership–LLP, Sole Proprietorship, and Private Limited Company–Pvt. Ltd.
One has to follow the following steps for registering a business in Singapore:
1) Reservation of the business name: For registering a new business, the name of the company has to get its approval from ACRA. The approval of the name would be made easily in case the following is kept in mind: The company’s name should be free from any obscene or vulgar words, can be read easily, is meaningful, and is unique. There must not be any forms of trademark infringement and should be free from issues pertaining to copyright.
2) Registration of company: Once the name of the company is approved by ACRA, one could make an application for registering the company. It will not take more time for the company registration to be done in case all the documents are clear.
There are several advantages to registering a business with ACRA, such as:
Giving your business access to governmental funding, such as those made available by Enterprise Singapore.
Additionally, if you choose to incorporate a company or set up a limited liability partnership (instead of registering a sole-proprietorship or partnership), your personal and business finances are separated. This means your personal liabilities are limited i.e. in case the business issued, you are not in danger of losing your personal assets.
In case your Business is shutting down or you are moving to a different country. You need to fill Cessation Form.
The Notice of Cessation is filed when a foreign company informs the Registrar that it has ceased to have a place of business in Singapore or to carry on business in Singapore. The foreign company has 7 days after ceasing to inform the Registrar.