When setting up a local company, a private limited company is one of the most popular entity types. Aside from the prestige, as compared to starting a sole proprietorship, a private limited company offers the new business owner limited liability, and therefore protects the owner personally from any debts that the business might incur.
The process to register private limited company Singapore is complicated and any new entrepreneur should consult an experienced company registration Singapore services provider. However, if you are a new entrepreneur who is keen to register private limited company in Singapore, read our short guide below.
a. Company Name
Before setting up a local company, it is always advisable to come up with a few potential names for the new private limited company. ACRA has also enable applicants to reserve a company name before the actual process to register private limited company Singapore through Bizfile. It is important to note that the Registrar may reject a proposed name which is:
- Undesirable in the view of Singapore’s Law
- Similar to existing business entities
- Usage of certain controlled words such as “Group”, “Bank”, “School” etc. These keywords will be subjected to approval
b. Business Activities
When setting up a local company in Singapore, the private limited company is required to have at least one, and maximum two, business activities in conjunction with the Singapore Standard Industrial Classification Code also known as the “SSIC Code”. In event that the company has more than two business activities, it is always advisable to put in the two activities that will be generating the most revenue for the company.
To set up a private limited company in Singapore, one of the requirements is to have at least one local resident Director. A Singapore Citizen, Permanent Resident and EntrePass holder can act as the sole director of the Company. Foreigners who wish to be a director of the Company must note that there have to be at least one local resident of Singapore who is a director during the process of register private limited company Singapore. Alternatively, the Company can engage the service of a professional company registration Singapore firm which offers nominee director services.
d. Share Capital & Shareholders
The minimum requirement for Share Capital when setting up a local company is S$1 and the Company must have at least 1 shareholder. The Shareholder can be a local or foreign individual or even a corporate entity. The paid up capital have to be deposited in the bank account registered under the Company after setting up the private limited company in Singapore and can be subsequently withdrawn and used for business-related expenses.
e. Corporate Secretary
All local Companies that goes through the process of company registration Singapore, has to appoint a Corporate Secretary within 6 months from the incorporation date. The Corporate Secretary must be a natural person and a local resident in Singapore. The main responsibility of a Corporate Secretary is to provide advisory and ensure that the Company is in compliance to Singapore legislation and laws.
f. Registered Address
It is compulsory for companies set up in Singapore to provide a registered office address during application to register private limited company Singapore. In addition, the registered office address must be a Singapore address. This address shall be the place whereby all communications and notices are addressed to and where the company’s register and records are kept. It is required that the address registered in the Registrar is accessible to the public during normal office hours but it is not necessary that the address is where the local company officially conducts their daily operations.
Aside from the company registration Singapore requirements stated above required when setting up a private limited company in Singapore, you will also have to provide the information to your professional company registration Singapore provider in order to set up the Company:
- NRIC (front & back) for the local & foreign directors/shareholders
- Passport image for the foreign directors/shareholders
- Proof of residency for the foreign directors/shareholders (eg. last 3 months utility bills/mobile bills)
Importance of Web Design and Company Branding
Once you have registered a new private limited company in Singapore, the next logical step should be to set up a website for your new company. Aside from being the first thing a potential customer looks at, a website represents the branding and culture of your new private limited company.
A website is similar to a first impression when meeting a new person. Potential clients, employees and partners judge your business by your website within the first few seconds of browsing your site. To make a good first impression and help users find the information that they are looking for, your website has to be clear and simple-to-use, yet with an appealing and beautiful web design.
In addition, having a good web design is pivotal in digital marketing. A responsive web design with a user-friendly interface is more likely to have a high conversion rate and lower bounce rate. Having an aesthetically pleasing web design would persuade users to spend more time on your website, therefore creating an increase in enquiries about your new company’s services or sale in products in your eCommerce store.
If you are keen to find an experienced web design agency to help you create a beautiful website for your new business, contact SBWD at +65 6980 8096.