Setting up and running one's own company is an initiative that many people aspire to. The procedure is rather complex and varies depending on the remit of the company and sometimes it also depends on the country concerned. In Singapore, for example, the process has to be followed with a clear sequence of steps. Moreover, it is recommended to entrust the job to an expert in the field. What are the steps involved in setting up a company in Singapore?
Defining the legal status of the company
The first thing to do when setting up a company in Singapore is to choose its legal form, you can go on this website to have more understanding on the types of legal structures in this country. In Singapore there are different types of legal status. There are sole proprietorship, limited liability companies, limited partnerships and private limited liability structures. There are some key parameters in the selection of the latter. These are the number of partners, the capital invested, the roles of each partner and the long-term objectives of the company.
Naming the company
The next step in setting up a company is to give it a name. In Singapore, the private limited company is the most commonly used option and such a company must have a name. The Accounting and Company Regulatory Authority (ACRA) is the body that deals with this task. The name of the business must be defined according to ACRA's principles and guidelines. The body then conducts a name search available on its website before approving it. This avoids the use of an already reserved name.
Registering the organisation with ACRA
Registering the business with ACRA is part of the follow up to the process of setting it up. To do this, certain documents need to be assembled in English and submitted to ACRA. These include the company's official legal status, identification of the company's partners and proof of their address. These are supplemented by letters of consent from the company's officers and secretary, and a certification of the client's identity. Once submitted, ACRA can now provide the company with the Certificate of Registration.