Setting Up a Local Company in Singapore

Setting Up a Local Company in Singapore

Are you an aspiring entrepreneur with brilliant business ideas?

Setting up a local company may seem overwhelming at first but it’s a straightforward process when you know the steps. This blog post will help navigate through the initial incorporation of your Company!

You must first register a business with ACRA to operate a business in Singapore.

Here are the steps:

Step 1: How to Choose and Submit a Company Name with ACRA

The first step is to submit a company name application with ACRA. Make sure the company name is unique, professional and compliant with ACRA guidelines.

If you’re unsure, you can check ACRA’s BizFile+ portal[RJ4]  to see if the name is available.

Related read: Foreigners Registering a Business Company in Singapore[RJ5] 

 

Step 2: How to Incorporate a Company in Singapore

Once your company name has been approved, you can proceed with incorporation. But before that, you’ll need to decide on a few important details:

  1. Company type (Private Limited, Sole Proprietorship, etc.)
  2. Financial year end
  3. Appointment of directors and secretary
  4. Shareholders and share capital allocation
  5. Registered office address – Want a more professional location (alternate address) instead of disclosing your residential address? (Look for us now)

Related read: Singapore Company Constitution

What Happens After Company Incorporation in Singapore?

After company’s incorporation, you must maintain statutory registers (for shareholders, directors, secretaries, auditors, and CEOs). You’ll also need to keep proper records and filings to stay compliant.

Related: Maintaining Company Registers

Common Mistakes When Setting Up a Company in Singapore

When you are setting up a company in Singapore, avoid these common mistakes:

  • Choosing a name too similar to another business
  • Not appointing a company secretary within 6 months
  • Using a home address instead of a registered office
  • Not allocating sufficient share capital at incorporation
  • Failing to keep proper company registers and records

These small errors can cost time, money, and lead to ACRA penalties.

Need help?

Sounds like too much information and administrative work? At BlackCap Advisory, we help entrepreneurs in Singapore incorporate smoothly, stay compliant and focus on growing their business chat with us now!