7 Things That Your Business Should Do During Company Incorporation

Company Incorporation

Applying for company incorporation in Singapore is a quick and straightforward process. New business registration takes only 2 to 3 days to complete.

The following can be done during company incorporation to ensure that no issues will hamper the process,

  1. Appoint Corporate Secretary

    All Singapore companies must appoint a company secretary. The secretary must be an ordinarily resident of Singapore and must possess knowledge about the Singapore Companies Act. In addition to managing the company’s documents, the secretary is also responsible for notifying the Accounting and Corporate Regulatory Authority (ACRA) on the changes within the company (e.g. appointments, deaths, and resignations of board members) and acting as a channel of communication for the other members of the company.

    Ideally, the appointment of the secretary should be made prior to company incorporation, but companies have a maximum of six months after registration to do so. If the company has no viable candidate for the position, the owners have the option to hire a Singapore company incorporation services firm to act as a corporate secretary.

  2. Make a Company Seal

    All Singapore companies are required to have a company seal after incorporation. The metallic and embossed seal bears the company name as well as its registration number. It is required for stamping all official company documents.

    Before a company can use its seal, members must pass a board resolution and have all documents countersigned by the director and the company secretary.

  3. Open a Corporate Bank Account

    Corporate bank accounts are required in transacting as a business. Individual members may have their own accounts, but these cannot be used in conducting business in Singapore. As bank statements are integral to the annual financial report, businesses should open a corporate bank account immediately after company incorporation.

  4. To open a corporate bank account, a company must present the following documents:

    • Board resolution from the directors
    • Certificate of incorporation
    • Singapore national identification cards of the board members (copies of passports for foreign members)
    • Proof of identity of the beneficiaries
  5. Issue Share Certificates

    To certify the number of shares, a company must issue share certificates. These legal documents show the number of shares that each member has. It should be issued under the company seal and kept by each shareholder.

    In the event that the company changes board members or when the shares are reclassified (consolidated, split or transferred), new share certificates will then be reissued.

  6. Prepare Statutory Books

    Statutory books are public documents that contain the updated information about a company’s corporate officers, its list of shareholders and their number of shares, minutes and resolutions of AGM meetings, and any debentures made by the company.

    The corporate secretary is responsible for creating and maintaining the statutory books and ensures that it is kept at the company’s registered Singapore office.

  7. Prepare the company’s Constitution

    The Constitution contains information about the company. This legal document serves as contracts between the company and its members.

    According to the Companies Act, the Constitution should include the basic information about the company (e.g. name, type of incorporation and agreements) and the company’s internal regulations (e.g. appointment of directors).

  8. Buy Company Business Profile

    The business profile is a PDF file that contains all pertinent information about a company. It provides a snapshot of the company’s basic information, its mission, and its plans for the future. The business profile is available for immediate download once purchased.

    The business profile is essential to all Singapore businesses. It is used for opening bank accounts, applying for permits and licenses as needed, checking background information of other companies before engaging in business with them, and in transacting with ACRA.

Fulfilling Singapore compliance requirements after incorporation ensures that your company remains in good standing with the Singapore government. The steps above are easy to follow and can be completed by a firm that focuses on company incorporation services.

Corporate Services Singapore specializes in helping Singapore medium-sized enterprises and multinational businesses in incorporation requirements. We offer expert advice and support services to companies who are looking to incorporate their business.

Posted in Company Incorporation.