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 will need the service of an accountant or a lawyer 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 will have to process certain post-registration requirements for your company to actually start its operation. And these pertain to opening a bank account for your company, issuing certificate to your shareholders and getting a company seal and rubber stamp.
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 SC or Singapore Customs. Once your account is activated, the SC will issue a Central Registration Number for your trading business.
In 2009, Singapore Customs has started to issue UEN or Unique Equity Number as a replacement to Central Registration Number. UEN is considered as the business' identification number which is primarily used in interacting with government agencies in Singapore. To reduce costs and redundancy in process, the ACRA Registration Number issued to local businesses and companies is retained.
In Singapore imported and exported goods are classified as controlled and uncontrolled. Uncontrolled goods are those that are not subject to export or import controls. Other items that fall under uncontrolled goods are trade samples, gifts and goods for personal use that are worth less than SGD 400.
Controlled goods, on the other hand, require a permit prior to importing and exporting. Moreover, some items like high-technology products need a special permit. Singapore Customs issues Import Certificate and Delivery Verification for items that are classified under ICTV.
The lawyer or accountant who acts as your representative for the company incorporation in Singapore is also the professional you can trust with the said post-registration requirements. Make sure that you deal with a legitimate firm to help you register company in Singapore.
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 SC or Singapore Customs. Once your account is activated, the SC will issue a Central Registration Number for your trading business.
In 2009, Singapore Customs has started to issue UEN or Unique Equity Number as a replacement to Central Registration Number. UEN is considered as the business' identification number which is primarily used in interacting with government agencies in Singapore. To reduce costs and redundancy in process, the ACRA Registration Number issued to local businesses and companies is retained.
In Singapore imported and exported goods are classified as controlled and uncontrolled. Uncontrolled goods are those that are not subject to export or import controls. Other items that fall under uncontrolled goods are trade samples, gifts and goods for personal use that are worth less than SGD 400.
Controlled goods, on the other hand, require a permit prior to importing and exporting. Moreover, some items like high-technology products need a special permit. Singapore Customs issues Import Certificate and Delivery Verification for items that are classified under ICTV.
The lawyer or accountant who acts as your representative for the company incorporation in Singapore is also the professional you can trust with the said post-registration requirements. Make sure that you deal with a legitimate firm to help you register company in Singapore.
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