If you’re trying to register a new company in Singapore, it is the Accounting and Corporate Regulatory Authority (ACRA) that is responsible for the approval of the name.
The ACRA is also the authorised body that will deny a name proposal for a new business if it has similarities with the name of an already existing Singaporean entity.
Steps for successful approval of company name
When planning to incorporate a new company in Singapore, take heed of the following steps for successful approval:
Reserve The Proposed Company Name
Before you are allowed to go through the registration process of your new business in Singapore, you will have to book a proposed name to the designated government body responsible for the approval of the name.
Evaluation and subsequent approval/rejection of the proposed name can be done within the same day.
If your proposed name includes words such as media, bank, finance, and law, this might take a few days or even weeks depending on the approval of other government agencies that will be involved in the review of your application.
Therefore, it is necessary to do a full background research before choosing the final name for your new company so you won’t have to deal with unnecessary delays and hurdles.
Proceed with Registration Process
As soon as the company registrar approves your proposed business name, you have to make all necessary documents available right away. It is also important that any legal forms you submit is properly filled up and signed.
Unacceptable names to avoid
The approval of a company name should comply with the Section 27(1) of the Companies Act (2006). According to Section 27, a proposed Singapore Company and business name can only be approved if it:
- Is not identical to another business name even if it is just phonetically similar
- Is not already reserved by another person
- Is not perceived as obscene, rude, or undesirable
- Does not infringe any trademarks
- Bears acceptance by the Registrar as per the directions of the Minister
Utmost caution is highly recommended to avoid getting notice of warning from the Registrar that another company or business entity has filed a valid complaint due to the resemblance of your proposed business name to their already existing name.
Specific details during the registration process
- The approved business name
- Brief overview or background summary of the nature of business
- Complete and accurate details of all directors and shareholders
- Particulars of the company secretary
- Registered physical address and contact information
- Memorandum and Articles of Association (MAA)
Note: The Singapore Company Registrar will provide a standard MAA for businesses applying for the first time. If this does not fit the nature of your business or does not reflect the identity of your company, you have to come up with your own customised version.
Endorsement for company incorporation
If a new company requires the direct involvement of its directors, they must provide a formal endorsement by using BizFile+, ACRA’s electronic filing and information retrieval system. This must be done within 60 days from the name application approval date.
Company name reservation
A company name that has already been approved by the government’s authorised body will have a 60-day reservation period during which time you will proceed with registration process.
If you need additional time for your company incorporation, you can file for an extension via BizFile+. This will last for another 60 days without any charge.
Indeed, the Singapore government is a strong supporter of the incorporation of local and foreign companies within the city-state. Low corporate tax rates, extensive tax treaty network, flexible foreign company rules, and world-class physical infrastructure are just some of the reasons why over 19,000 international companies and 7,000 multinationals are already set up in this business-friendly spot in Asia.
A smart choice for your company incorporation
If you need someone who has a proven track record as a corporate services provider in Singapore, look no further – Corporate Services Singapore is here to help.
Our highly trained incorporation specialists can attend to any services needed by start-ups and SMEs as well as publicly-listed companies and top-tier multinational companies from various sectors of the society, both locally and globally.
If you would like to speak to us about your proposed company name or get professional assistance on your corporate secretarial needs as well as taxation, payroll, and audit services, we can ensure your guaranteed satisfaction throughout the entire process.