If you’re thinking about starting your own business in Singapore, there are many different steps you need to take before actually launching your product or service and bringing it to market. One of the most important aspects of doing this successfully is ensuring that your company gets incorporated and set up properly—and that you have everything in place regarding Corporate Secretarial Services in Singapore. While these services might sound complicated at first, understanding them better will help ensure that your business launch goes smoothly and your administrative issues get handled properly. Here’s what you need to know about corporate secretarial services in Singapore.
Process for Incorporation
So you want to start a company and now you’re wondering about the process for incorporation. The type of entity that your company is registered as will depend on a number of factors, but it’s most likely going to be either a Sole Proprietorship, Partnership, or Limited Liability Company (LLC). If you want the business entity itself to have protection from personal liability from debt or lawsuits then the LLC is probably going-to-be your best bet. If you’re not ready for this level of commitment just yet then a Sole Proprietorship might be for you because there’s less paperwork involved and no fees.
How to Choose a Company Name
Once you decide on the type of business you are going to start, think about the name. This will be the first step in developing your corporate identity. Follow these steps:
1) Write down a list of names that come to mind as possibilities.
2) List some words or short phrases that relate to what you want your company to represent (e.g., quality, integrity). Make sure that no one else is using it as their company name Corporate Secretarial Services in Singapore for a similar product or service.
3) Use Google and do a search for all permutations of each possible name – just typing in letters without thinking about spaces between words and punctuation can lead you down many dead-end paths!
Selecting Directors, Shareholders and Company Secretary
In order for a company to operate and be recognized as an independent legal entity, it needs at least one Director. A Company Secretary is someone appointed by the Board of Directors and holds the responsibility of overseeing that all statutory requirements are met. Shareholders are shareholders who own shares in the company. Typically, there will be no less than three directors or shareholders who have sufficient standing in the Corporate Secretarial Services in Singapore to hold meetings, appoint a Corporate Secretary and sign for important documents on behalf of the company. These people are often referred to as natural persons, meaning they have not been legally incorporated into the company. These may include shareholder members of the board, those with power of attorney over the company’s shareholding structure, and those authorized to vote on the board.
The Articles can also state the number of directors (i.e., 5) that should serve as well as their duties and responsibilities while acting within their capacity as corporate secretaries.
Some other benefits to Corporate Secretarial Services in Singapore include:
– Easy access to skilled professionals who specialize in certain fields such as corporate law, finance and accountancy – Cost savings if multiple services are outsourced simultaneously
Establish the Company Bank Account
First, you need to establish the company bank account with a trusted financial institution. Corporate Secretarial Services in Singapore, it is important that you inform the bank of your intention to use the account as a corporate account before commencing any transactions. Bank documents must be submitted at least two days before opening the account. The company’s Articles of Association, company’s Shareholders’ Agreement and Board Minutes will also be required for submission during this time. After opening up your corporate account, you’ll need an authority signature on all the transactions initiated from this account. It is recommended that one individual acts as signatory for these transactions, which should minimise potential confusion. One of the first things that you need to do is set up a company bank account. Bank accounts have a three-tier hierarchical structure with several account types, so it’s important that you know what type of bank account will work best for your business.
Before getting started, you should research and find out which bank offers the most competitive rates on all its services (compared with similar banks). This will help you make an informed decision on which service provider is best for your business. Once you decide which bank has the best rates, it’s time to open your company account and fill out their application form; this form must be completed thoroughly, as some banks require specific information about shareholders and company directors.
Obtain Service-Licence Number (SLN)
In order to offer Corporate Secretarial Services in Singapore (CSCS) legally, you’ll need a Service-Licence Number from ACRA. It’s a simple application process and SLN applicants need to satisfy the following conditions:
- Legal capacity – An applicant must be at least 18 years old;
- Moral character – A person with criminal records is not qualified for an SLN;
- Valid residential address – Applicants must reside at the address given in their application and can’t be located outside of Singapore at the time of applying;
- Taxpayer Identification Number – The person applying for the licence must have a Taxpayer Identification Number or obtain one before submitting the SLN application form.
- Provide details of employer – For those who are self-employed, they should provide evidence that they have been carrying on their profession independently for at least two years prior to submitting the application form.
- Specific type of service offered – The applicant should specify what type of CSCS they are interested in providing as this would dictate which category it falls under e.g., Corporate Secretarial Services in Singapore(CS), Company Secretary/Legal Counsel (CL), Company Registrar/Director (CR).
