While government processes in Singapore are now much more manageable, the company registration board of Singapore (ACRA) still recommends entrepreneurs to avail incorporation services from professionals. This is to facilitate a smoother and more convenient incorporation experience for applicants. Moreover, entrepreneurs can save more time and effort handing the incorporation processing to experts.
This article presents an overview of Singapore’s incorporation process and why you should not incorporate a company yourself. We aim to provide a glimpse into how you will benefit from hiring an incorporation service provider.
Overview of the Incorporation Process and Its Challenges
There are three general steps to incorporating a company in Singapore. Firstly, the business owner will have to register your company name with ACRA. This is overall a quick process so long as you follow ACRA’s guidelines for a company name. Next, you will have to prepare the necessary details and documents about your company. The list of requirements is freely available online. Lastly, you have to process your incorporation with ACRA, at a fee.
These steps are, in general, very straightforward. However, setting up a business in specific industries may need additional approval and documents from appropriate regulatory agencies. More significantly, have another set of requirements to fulfil depending on the type of company they are setting up in Singapore. And if you want to avail of the many government grants for entrepreneurs in Singapore, you have to make sure that you comply with their corresponding guidelines.
These in-between necessities complicate the incorporation process. Not everyone has the time to deal with this weight in addition to the stress of running a business. This predicament is what drives many entrepreneurs to acquire incorporation services from experts who regularly handle these activities. It saves more time and energy, putting them instead to better use by planning and preparing startup operations.
Key Statutory Requirements
You have to remember these rules when applying your company name for approval.
- Supply at least 3 to 5 tentative names to your service provider
- Pick a unique corporate name that gives a hint of the nature of your business
- Avoid having a name that contains vulgar or obscene words
- Your company name should not infringe copyrights and trademarks
- Your name application can be referred to a higher authority. This process can extend your approval for up to 2 months.
Furthermore, in preparing your documents for incorporation, you have to note and draw up the following details.
- Description of business activities
- Registered company address
- Particulars of shareholders, directors, company secretary
- Foreign Individuals: a copy of passport & proof of residential address (overseas)
- Foreign Companies: Memorandum & Articles of Associations, Certificate of Incorporation
- Singapore Residents: A copy of their Singapore identity card
- If you are applying on your own, you have to obtain a SingPass to avail of Singapore’s online government platforms.
- Appoint company secretary before incorporating, or within six months from incorporation date. The secretary must be a natural person and a Singaporean resident.
- The company must have at least one director who is a Singaporean resident.
- Should have at least one (local or foreign), shareholder
Key Benefits of Engaging an Incorporation Service Provider
Now that we have a glimpse of the incorporation process and requirements, we can now clearly see why incorporation service from professionals is essential. Even with the straightforward steps, incorporating a company can be challenging and overwhelming, which is why incorporation services provide much-needed benefits.
An incorporation service provider’s strength and expertise will give you more insights and information on incorporating your particular business type. Every business varies in size, sector and needs, and so your incorporating agent will be able to guide you through addressing your concerns and questions.
Moreover, you also free up your time and get to spend it on more important business matters. When you hire an incorporation service provider, you only have to prepare the necessary documents and details, and they will be the one to process it for you. It relieves you of the effort and the stress of going to different offices to process your incorporation.
Furthermore, you can ensure that you process your business registration and incorporation with an incorporation service provider right the first time. It is nerve-wracking to risk your funds, time and effort in investing in a business. Not getting the procedures the first time can be disheartening and exhausting. With an incorporation service provider, you have the support of experts who can help you get things done right.
Why 3e Accounting Is the Preferred Choice for Incorporation Service
Are you looking for the top incorporation service provider in Singapore? 3E Accounting provides top-quality corporate service that comes with care and dedication to help you reach your goals. Here are the top reasons why you should avail of our incorporation services.
Accreditations & Awards Received, Incorporated >4000 Companies
3E Accounting offers only the best services to our clients. Our efforts to continue providing quality services have been recognised repeatedly with our accreditations and awards proving just that. Our firm is a recognised ACRA filing agent that gives us all the qualifications to facilitate company incorporation and ACRA compliance filings. Since 2011, our service firm has successfully incorporated more than 4,000 companies in Singapore alone.
One-stop Solution for Business Needs in Singapore
Our diverse services include incorporation services and accounting, tax, immigration, and compliance services to start-ups, SMEs, and multinational companies. As such, 3E Accounting is your one-stop solution for any of your business needs in Singapore.
Assist in Incorporation Within 2 Hours
Incorporation is now much more straightforward in Singapore, and with the help of our 3E Accounting teams, you can complete your company incorporation in mere two hours. Our firm is a recognised filing agent of the Accounting and Corporate Regulatory Authority of Singapore (ACRA). This makes us very-well equipped to handle business incorporation from any industries.
Professionals to Look After Your Business Needs
Our teams in the firm consist only of highly experienced and competent professionals in Singapore. Bearing diverse and commendable qualifications, our teams endeavour to deliver care and excellent professional services.
Competitive Package Fees With Free Value-added Services
Our company runs a business, too, so we understand that giving value is the key to maintaining a profitable business. Therefore, here in 3E Accounting, we offer only functional and helpful services at reasonable fees. Further, our packages are also inclusive of supplementary services, free of charge.
Set up your company today, and outsource your services from 3E Accounting today. Setting up a company in Singapore is now much easier and convenient with our company formation services. Contact us today to avail our incorporation services Singapore.