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Questions and Answers
What is the initial action required to start the incorporation process for a local company?
What is the initial action required to start the incorporation process for a local company?
What does the checklist page require you to do after it is displayed?
What does the checklist page require you to do after it is displayed?
What happens if the financial year end date is set more than 18 months from the incorporation date?
What happens if the financial year end date is set more than 18 months from the incorporation date?
Which category must be selected when appointing an officer or shareholder?
Which category must be selected when appointing an officer or shareholder?
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What information is required if NRIC (Citizen) or NRIC (Permanent Resident) is the selected identification type?
What information is required if NRIC (Citizen) or NRIC (Permanent Resident) is the selected identification type?
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Which button must be clicked to add new officers or shareholders during the incorporation process?
Which button must be clicked to add new officers or shareholders during the incorporation process?
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What is displayed after entering the Transaction No. and clicking 'Next'?
What is displayed after entering the Transaction No. and clicking 'Next'?
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What must you ensure regarding the financial year end date during the incorporation process?
What must you ensure regarding the financial year end date during the incorporation process?
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What is the first action required after entering the bio/non-bio data information?
What is the first action required after entering the bio/non-bio data information?
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Which identification type requires the entry of an Identification No.?
Which identification type requires the entry of an Identification No.?
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What information is NOT required when entering officer/shareholder information?
What information is NOT required when entering officer/shareholder information?
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What must be selected after populating the 'Officers/Shareholders Details' table?
What must be selected after populating the 'Officers/Shareholders Details' table?
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How is the 'Share Capital Information' section displayed?
How is the 'Share Capital Information' section displayed?
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Which of the following is NOT an option for 'Shares Payable'?
Which of the following is NOT an option for 'Shares Payable'?
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What must be entered in case the Identification type selected is FIN?
What must be entered in case the Identification type selected is FIN?
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When is it necessary to click the ‘Retrieve’ command button?
When is it necessary to click the ‘Retrieve’ command button?
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What is the first action required when initiating the incorporation of a local company?
What is the first action required when initiating the incorporation of a local company?
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At what stage do you need to click on ‘Edit Shareholding’?
At what stage do you need to click on ‘Edit Shareholding’?
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What action should be taken if there are Sub-Classes of shares?
What action should be taken if there are Sub-Classes of shares?
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What information is required when entering the details for Group Share Allotment?
What information is required when entering the details for Group Share Allotment?
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When is the action of clicking ‘New Group’ necessary?
When is the action of clicking ‘New Group’ necessary?
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What must be selected before entering Group Share Allotment details?
What must be selected before entering Group Share Allotment details?
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What step follows the selection of a Group during the allotment process?
What step follows the selection of a Group during the allotment process?
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Which action is taken if there are no Sub-Classes of shares?
Which action is taken if there are no Sub-Classes of shares?
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What is the first step required to add a shareholder to the group during the incorporation process?
What is the first step required to add a shareholder to the group during the incorporation process?
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Which action follows after clicking on 'Registered Office and Constitution' tab?
Which action follows after clicking on 'Registered Office and Constitution' tab?
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What should you do after entering the postal code during the incorporation process?
What should you do after entering the postal code during the incorporation process?
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What must be done prior to clicking on 'Submit' during the incorporation process?
What must be done prior to clicking on 'Submit' during the incorporation process?
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What can you do if you realize changes are needed after reviewing the Preview page?
What can you do if you realize changes are needed after reviewing the Preview page?
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What information is needed to be entered under the 'Notice of Compliance' section?
What information is needed to be entered under the 'Notice of Compliance' section?
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What is the main action to take after adding a shareholder to the group?
What is the main action to take after adding a shareholder to the group?
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What is required to finalize the incorporation if all details are verified?
What is required to finalize the incorporation if all details are verified?
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What should be done if there are Sub-Classes of shares during incorporation?
What should be done if there are Sub-Classes of shares during incorporation?
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What action is taken after entering the details for a Sub-Class of shares?
What action is taken after entering the details for a Sub-Class of shares?
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What happens after the Sub-Class is entered and added?
What happens after the Sub-Class is entered and added?
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Before adding share capital, what step must be completed?
Before adding share capital, what step must be completed?
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Why would a user select ‘Both’ under 'Shares Payable'?
Why would a user select ‘Both’ under 'Shares Payable'?
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What is the purpose of clicking on the ‘Shareholder Details’ tab?
What is the purpose of clicking on the ‘Shareholder Details’ tab?
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What should be done if more than one Sub-Class of shares is required?
What should be done if more than one Sub-Class of shares is required?
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Which document is necessary to attach when selecting the method of allotment?
Which document is necessary to attach when selecting the method of allotment?
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Study Notes
Incorporation of a Local Company in Singapore
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Process: Begin by navigating to www.bizfile.gov.sg and following the 'eServices' pathway to 'Local Company', 'Start a new Local Company', then 'Incorporation of Local Company'. This redirects to a login page. Step-by-step guides are available for reference.
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Company Structure: A Singaporean company is a business entity. It holds rights to own property, has perpetual succession, and can sue/be sued in its own name. These are differentiated by type (private, exempt private, public limited by shares, public limited by guarantee).
Application for New Company Name
- Process: Use the 'Application for New Company Name' eService to reserve a company name. Expect a processing time of 5-20 minutes.
Incorporation of Local Company
- Process: Use the eService to incorporate after successfully reserving a company name. Expect a processing time of approximately 20 minutes.
Withdrawal of Name Application
- Process: Withdraw an approved local company name application using this eService. It takes approximately 15 minutes.
Notice of Compliance (Prospectus)
- Process: Notify ACRA if the company has issued a prospectus. Takes roughly 2 minutes.
In-Principle Approval from Referral Authorities
- Process: Involves getting approval from other regulatory bodies.
Financial Year End
- Process: Select the relevant financial year end date.
Company Type and Proposed Name
- Company Type Details: e.g. PUBLIC COMPANY LIMITED BY SHARES
- Proposed company name: Include this in the application.
Company Activity
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Primary Activity: Include a description of the business's primary activity such as WHOLESALE OF AGRICULTURAL RAW MATERIALS...or appropriate industry classifier.
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Secondary Activity: Add a similar description of secondary activities.
Officer/Shareholder Details
- Information Required: Director and corporate officer details—address, identification numbers, types, nationalities, and contact info; share details; registered office address; and custom-built constitution copies, if needed.
Important Notes
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Foreign Directors/Shareholders: A Corporate Service Provider (CSP) is required if foreign directors or shareholders are involved.
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File Size/Type: Maximum file size for file submissions is 5MB; usable file types include PDF.
Additional Considerations
- Time to Process: Expect an application timeframe of 3 business days for a company name application. Processing may take 14 business days to 2 months if the application requires referral/review by another agency.
- Other eServices: Details on multiple other eServices for company management are available.
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Description
This quiz covers the step-by-step process of incorporating a local company in Singapore, including the application for a company name and understanding company structures. It provides essential details for navigating through the BizFile platform and the necessary eServices involved in the incorporation process.
