How to form and setup a Singapore Company

Setting up a company in Singapore could be the wisest choice any aspiring entrepreneur can make. It is because Singapore is not only a financial hub, but it is likewise an ideal location to expand your business towards the Asian region.
So, what is the procedure for setting up a Singapore company and how long does the process take place? The incorporation process in Singapore has been made relatively easy, faster, and more efficient by the full computerization of the process by the Singapore Registrar of Companies. By such computerization, application forms may be downloaded online and can be submitted and complied with through electronic methods. You are assured of avoidance of red tape and bureaucracy in your company registration application. Thus, under normal circumstances, it only takes 1-2 days to complete the incorporation process. There are two major steps involved in the setup of a Singapore company: 1)Company Name Approval; and 2)Company Registration Proper. These two steps may be accomplished in a day, provided all the required documents and requisite guidelines have been complied with.
1.) Company Name Approval
The Accounting & Corporate Regulatory Authority (ACRA) evaluates and approves every company name application. In order to ensure successful name approval application, and hence, hastening the incorporation process, stick with the guidelines recommended by the Singapore Companies Act such as avoiding names that are obscene, vulgar and rude, names that are already in use by existing companies, and names that infringe on existing trademarks and patents. It generally takes less than hour for you to be notified whether your proposed company name is rejected or approved. If your proposed company name contains certain words that might still needs the review and approval of a corresponding external government authority, such as bank, finance, law, or media, the name approval may be delayed by a few more days.
2.) Company Registration Proper
After your company name is approved, you can now proceed to register your Singapore company. Assuming all the required documents are already prepared and completed, the incorporation process can be completed after a few hours. The Registrar of Companies accepts and evaluates all applications for company registration. A corresponding registration fee is charged for every company registration application. Delays in the incorporation process may take place if the incorporation documents are not yet signed by all the shareholders especially if such shareholder is not in the country and the document still needs to be shipped to his location for his signature.

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