What is a Singapore company certificate of incorporation?
Table of Contents
Singapore is a small island nation in Southeast Asia, a haven for financiers, and the largest offshore zone in the world. The country, which does not have any minerals, was able to become one of the leaders of the world economy only due to the accumulation of funds in its banks from Asia, Europe, and America.
Singapore company certificate of incorporation is a document that can be received after registering your firm with ACRA. Having a certificate of incorporation indicates that your firm complies with all regulatory requirements and rules and guarantees its distinct from the legal identity of its owners. If you want to register a firm in this city, you will be given this registration.
The certificate of incorporation contains such information:
- Firm name.
- Registration number.
- Date of firm registration.
- The nature of the organization.
Any parties to a transaction may require a certificate of incorporation as proof of the existence of a legal entity. You will need such a certificate to enter into any agreement or business contract. Opening a firm or account is practically a prerequisite for those who want to do business outside their home country: travel companies, multinational giants, and those worried about their future.
Pros of a certificate of incorporation
When deciding to open a firm, you need to be aware of some mandatory rules for all:
- Basic law governs the activities of all businesses Companies Law.
- Firm is the only possible form of business. Endings of names are only Private Limited or Pte. Ltd; this is a must-know for those who have decided to open an offshore firm.
- Issue of bearer shares without declared par is not allowed.
- Obtaining certificate is possible for any business. Obtaining a license is only necessary for those who decide to open a bank, insurance firm, or trust.
- The size of the capital is not regulated. The minimum amount has not been set.
- You can buy an offshore firm if you have at least one member and director. The latter must be a citizen of the country or stay on its territory for at least 183 days a year. It is obligatory to have an office where the firm is registered.
- Opening a current account in a bank implies a mandatory meeting between the business owner and the bank’s representatives. Most banking structures provide for a minimum balance and activation payment
- Registration of a firm gives the right to hold meetings of shareholders anywhere in the world
- The register of owners is open. Everyone has access to it. Suppose you do not want to to uncover information about the real owners and shareholders. In that case, you need to select a nominee director who is not entitled to act on their behalf when performing any actions related to shares of a shelf firm or a public firm. A power of attorney is signed with such a director, defining their powers.
After the preparation of the constituent documents, the firm can be officially registered with ACRA. The registration process takes place online and takes several days. In rare cases, if the registration of a firm needs to be transferred to another government agency for further verification, the process can take several weeks.
To register your firm, you will need the following documents:
- Copy of the passport
- NRIC or Resident Card (this residents only)
- Proof of residential address (e.g., driver’s license, recent utility bill, rental agreement, etc.)
- Brief professional information; this could be a bio (CV), resume, or a link to a person’s LinkedIn profile.
From the corporate shareholder:
- Extract from the register of companies, which contains the following information:
- Firm name, registration number, and legal address
- Paid-up capital and details of all directors
- Types of business activities that the firm is engaged in.
- An authorized person’s decision, which includes the following:
- Permit to own shares of the proposed firm
- Appointment of an Authorized Person to sign the firmincorporation documents on behalf of the joint-stock company.
- An ownership structure diagram that defines the Ultimate Beneficial Owners (UBO). KYC due diligence may require the identification of key UBOs.