The first step for your company to be able to do business in Singapore is to register your business. If you are not a resident of Singapore, you’ll need the service of a lawyer or an accountant to handle the registration requirements on your behalf. Business registration can be accomplished on the same day of application. This is particularly true when the requirements are complete. Once registration is approved, your company representative has yet to process certain post-registration requirements for your business to be recognized as legitimate. And these pertain to opening a bank account for your company, getting a company seal and rubber stamp, and issuing certificate to your shareholders.
Another important procedure you can expect your representative will go through after company registration is the application for a business license. If your company plans to engage in import and export, your representative should register your business with the Singapore Customs. Once your account is activated, the SC will issue a Central Registration Number for your trading business.
However in 2009, the SC ceased issuing Central Registration Number and change it with Unique Entity Number or UEN. Trading businesses use Unique Entity Number in interacting with government organizations since it serves as their identification number. The ACRA Registration Number issued to to local businesses and companies is can also be used as UEN to reduce costs and avoid redundancy in work.
Companies that export or import uncontrolled goods may go on with their transactions even without a permit. Uncontrolled goods are items that are specifically not subject to import or export controls. Obtaining permits for exporting or importing gifts, trade samples and goods for personal use with worth less than SGD 400 may also be unnecessary.
On the other hand, controlled goods need a license (and some a special permit) prior to exporting or importing. For instance, importing high-technology products needs an Import Certificate and Delivery Verification from Singapore Customs. Items that are imported under ICTV should be delivered directly to Singapore and not be rerouted in other cities.
The lawyer or accountant who serves as your representative for the company incorporation in Singapore is also the person you can trust with the said post-registration requirements. It’s important that you deal only with a legitimate firm to help you register company in Singapore.
Author: Anne FarrellThis author has published 2 articles so far.