Proper planning in advance of registration can save you oodles of time and heartache. Use this simple checklist as a guide for what needs to be done/decided before making the application.
Will you DIY or hire a firm to handle the incorporation of the company?
Unless you are a foreigner or foreign company, you have the option of choosing to incorporate on your own or hiring a firm to incorporate for you. The registration process itself is a fairly straightforward one. However, the ongoing legal requirements post-registration are a different ball-game altogether and it may be worthwhile considering hiring out this function to a company that has experience in this area.
What are the details of the company?
You should have the name of your company, your preferred company registration date, the nature of your business with its accompanying SSIC (Singapore Standard Industrial Classification) code, and the registered address of the company ready before moving on.
What are the details of the shareholders?
You should have confirmed who the initial shareholders of the company will be, the share capital amount, and the number of shares allocated amongst the shareholders. You should have all the particulars of your shareholders ready, such as copies of their identity card for residents or copies of registration documents for corporate entities.
What are the details of the directors?
You should have confirmed who the initial directors of the company will be. Remember, a Singapore company has the minimum requirement of a single director who is ordinarily resident in Singapore, and the directors should be above the age of 18, and of general good standing (not undischarged bankrupts, and not disqualified from acting as directors in Singapore). You should have all the particulars of your directors ready, such as copies of their identity card, etc.
What are the details of the company secretary?
While you don’t actually need to appoint a company secretary for the first 6 months, it’s always better not to put things off to the last minute. If the company has more than one director, one of the directors can also act as company secretary as long as he is suitably qualified.
Will you have a specially drafted constitution or will you opt for a model constitution?
The Constitution (previously the Memorandum and Articles of Association) of the company sets out all the relevant details, rules and regulations that the company must abide by. You should either have a specially drafted constitution (in accordance with Section 22 of the Companies Act) in place or opt for a model constitution (in accordance with Section 37 of the Companies Act).