Opening a company in Singapore is quite easy considering the Accounting and Corporate Regulatory Authority, simply known as ACRA, has enabled various mechanisms through which the registration procedure can be completed online in just a few steps.
Those who want to open a company in Singapore must comply with a few requirements, which are pretty much the same for local and foreign investors. However, a foreigner who wants to start a business in the city-state will be required to apply for a residence permit, if he or she wants to run the business from Singapore and appoint a local representative in order to complete the incorporation procedure of the company.
It is also useful to know that in case the company owner wants to make certain changes in the company, he or she can do that with the same ACRA. The changes which can be made in a company are regulated by the Singapore Company Law. This also stipulates how these changes are made, the regulations which apply when making these changes and the time frame for making them.
Our Singapore company formation agents can help foreign investors in registering their companies, but also to make the necessary changes in their companies. Below, they will explain what can be changed in a company and how to do that.
Company formation requirements in Singapore
In order to understand the changes that can be brought to a Singapore company, foreign entrepreneurs should first know the requirements for setting it up. The following details must be filed with ACRA when opening a new business in the city-state:
- – the personal information of the shareholders, directors and company secretary;
- – the company’s legal address, which requires a lease contract or a property title;
- – the company name reservation which is issued by ACRA (the company name must be unique);
- – the incorporation documents which are represented by the Memorandum and Articles of Association.
Those who want to make changes in their Singapore companies should know that the information above can be altered by filing a request with ACRA.
A special case of making company changes is related to a company entering liquidation. In this case, the changes are mandatory, as ACRA must be notified about the new status of the company.
Our company registration consultants in Singapore can explain the changes to be made in case of company liquidation.
When can changes in Singapore companies be made?
There are various situations in which the details mentioned above can be made. Among these, those who buy shelf companies in Singapore are usually the most interested in bringing changes to their new companies. These will usually make all the changes mentioned above.
Those who want to change the structure of their company are also required to announce these changes with the Trade Register. In this case, the Articles of Association must be amended and then filed for approval.
Filing the request for modifying company information with ACRA in Singapore
In order to bring any type of change to a company in Singapore, the business owner is first required to set up an account with ACRA through the BizFile window. In order to that, one must also create a SingPass (available for sole traders and natural persons) or CorpPass (available for companies) account.
Then, the following steps must be taken, based on the information to be changed:
- for changing the company name, an application form must be filled out and filed;
- the legal address can also be altered by filing an application form with ACRA – in this case, the application must be filed within 30 days from the change;
- in case the company director or secretary is replaced, the application must be filed in 30 days from the replacement;
- the Articles of Association of the company can also be modified and re-submitted with ACRA.
Foreign companies with branches or subsidiaries in Singapore can also make changes in their local establishments with the same ACRA. These changes must be reported, and the necessary application forms must be submitted within 30 days from entering into effect.
When making changes in a company, all of these must be announced to the Singapore Trade Register and must be supported by documents which state them where the case requires. For example, when changing the company address, the new lease or property tile must be filed with ACRA.
If you are interested in opening a new company in Singapore or making changes to an already registered company, our local representatives can guide you. Do not hesitate to contact us for more information on the changes that can be brought to a company in Singapore.