Business Post Contributor
Singapore is a popular destination for foreign investors to grow their businesses. The process of Singapore Company Registration is easy and straightforward. Nigeria and Singapore have various agreements between nations such as the Bilateral Investment Treaty (BIT) to promote greater investment flows between the two countries by protecting the interests of their investors, the Singapore–Nigeria Double Tax Avoidance Agreement (DTA), and the Singapore–Nigeria Air Services Agreement (ASA) which was established on March 8, 2012.
The ASA makes it easier for trade, investment, tourism, and people-to-people travel between Singapore and Nigeria to expand. The designated carriers of both nations may run up to seven weekly passenger services and three weekly cargo services under the conditions of this agreement.
Requirements for Business Registration in Singapore
- Shareholder
In Singapore, a company must have at least one shareholder. It is easy considering that the owner counts as one. Make sure all owners are included in the documentation when setting up the company.
- Director
A resident director who is authorized to represent your business in Singapore is required. This individual must reside in Singapore. You can add as many foreign directors as you like once you fulfill this requirement.
- Company Secretary
Singaporean businesses require a company secretary. He manages compliance and other legal requirements. When the government makes changes or needs to get in touch with you regarding an issue, the secretary speaks on behalf of your company.
- Registered address
A physical address is required for any company looking to incorporate in Singapore. A P.O. Box is not allowed. To meet the requirement, you can set up a physical address with a Singapore service.
Documents required to start a business in Singapore
● Directors’ and Shareholders’ Identification Documents
● Company Registration Form
● Company Name Approval
● Appointment of Company Secretary
● Memorandum and Articles of Association
● Business Licenses and Permits
How Can a Nigerian Start a Business in Singapore?
- Decide the company structures
Before registering a company in Singapore, you need to choose a company structure for your business. Sole proprietorships, partnerships, and private companies are the types of company structures available in Singapore.
- Name approval
You need to register your chosen company name with ACRA. You can move forward once they have approved the name.
The registered business name shouldn’t be the same as another business, IP laws shouldn’t be violated by it and it should not be offensive and must be understandable.
- Prepare the documents and register with ACRA
You must prepare the required documents listed above. Submit an application for business registration to ACRA and use the Bizfile+ platform to upload the required documents.
- Get the certificate of incorporation
After the registration, the certificate of incorporation will be delivered to you. The business name, the date of establishment, and a unique identification number (UEN) will all be included in the certificate of incorporation.
- Obtain the necessary permits
After incorporating the company, you must apply for and get the necessary licenses and permits. You can start conducting your business operations only after getting the licenses and permits from the relevant authorities.
- Register for GST
Businesses in Singapore are only required to register for GST if their annual revenues exceed S$1 million.
A firm is required to register and collect GST if its taxable revenue for the previous year exceeds S$1 million, or if it is expected to exceed S$1 million in taxable revenue in the upcoming year.
You must apply for GST registration with the Inland Revenue Authority of Singapore (IRAS).
- Open a corporate bank account
It is advisable to open a corporate bank account after registering a business in Singapore to conduct business transactions. You can consider the following options:
- Opening with a traditional bank (DBS, OCBC, UOB)
- Opening with a neobank (Aspire, Wise, Revolut)
- Opening with a digital bank (ANEXT, Green Link Digital Bank)
