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It is required to complete the relevant papers to electronically incorporate your firm after your company name has been approved. For the company incorporation services it is important.
To register a business with ACRA, you’ll need the following papers:
- A Consent to Act document must be signed by each director.
- The Consent to Act form must be signed by the company’s secretary.
You may either read this article draught your own constitution or use the one provided by the government.
It is a requirement of the corporation that all officers and shareholders show identity and proof of residence.
Additionally, your company incorporation service provider must do “Know Your Customer” due diligence on your business in compliance with anti-money laundering regulations as part of its firm formation services (KYC).
Your chosen Singapore company formation service will walk you through the process of completing all of the essential papers, ensuring that the process is as simple and straightforward as possible. One day after receiving the request, the documentation for these registrations must be filled out and approved. Find the Guide to company incorporation there.
Accreditation by the Securities and Investments Commission is necessary for all companies
After the Singapore Accounting and Corporate Regulatory Authority (SACCRA) has accepted your company name and all of your registration documentation, your firm will be formally registered.
On the internet, this knowledge may be found in less than an hour. It is possible, although not often, that the matter must be sent to another government department, resulting in an additional few weeks of delay. New businesses in Singapore are often permitted to operate within one day after registering their company.
Steps to Take After You’ve Applied for a Singapore Business License
If you’ve followed the instructions to the letter, you’ll be able to do official business in Singapore right away. In the next days and weeks, you’ll also want to undertake the following:
- Determine what licenses you’ll need to practice your profession and apply for them.
- The first step to incorporation is to create a bank account for a company.
- The Singapore Goods and Services Tax registration form must be completed (GST).
- To do business in Singapore, importers and exporters must be registered with Singapore Customs.
- Your ACRA registration number should appear on all official communication, such as letterheads, invoices, and contracts.
- If you or any of your overseas coworkers need a work visa for Singapore, then fill out the appropriate forms.
Maintaining ACRA compliance is essential at all times
All of the aforementioned activities may be taken care of by your company formation service provider in the most efficient manner possible.
In what way does ACRA differ from other similar acronyms?
It is the responsibility of the Accounting and Corporate Regulatory Authority of Singapore (ACRA) to ensure the proper registration and compliance of businesses in the country. As a result of ACRA’s lack of bureaucracy and red tape, it is far easier to incorporate a business in the Philippines than in other nations. If everything goes according to plan, you may not have to interact with them at all if your chosen company formation service provider takes care of most of the work.
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