Singapore offshore company formation

Are there any restrictions on company name in Singapore?

While you can easily register for a new business in Singapore, you should be careful when choosing your company name. It is advisable to perform a name check to make sure that your company name can be approved for registration by the Singapore Accounting and Corporate Regulatory Authority (ACRA) in the first place. Here are the applicable restrictions for a new company name in Singapore.

• Undesirable. Your company name will be rejected if it contains offensive or vulgar words;
• Identical to an already available company name in Singapore
• Identical to an already reserved company name. There are companies in Singapore that have not been incorporated but have already registered their business name as a reservation to ACRA. Business names are reserved for at least 60 days, and up to 120 days. This is why anyone who plans to set up a new business in Singapore must perform a proper company name check.
• Prohibited by order of the Minister for Finance. The word "Temasek" is prohibited to be used as a company name. Currently, this is the only word which the Minister has directed the Registrar not to accept for registration..
• Certain words such as “bank”, “insurance”, “university”, and “education” are not in the criteria for Singapore company name restrictions, but are strictly used under Government authorities and will require permission before you can set up a new business.

• A UEN number in Singapore is the standard identification number of an entity
• UEN number allows a company to make transactions with Singapore’s government agencies indicated on the license, the certification.
• A UEN number in Singapore is indicated on the license, the certification.
• The UEN number is unique and cannot be changed even if the business name changes. This number will not be given to any other entity.

A UEN(Unique Entity Number) in Singapore is a 9 to 10 digit code that is issued by the government in Singapore to all entities that are operating in the country. However, a UEN number in Singapore commonly known as a business registration number or company registration number, and it is issued primarily by ACRA. Every business, company or organization in Singapore is required to have a UEN to be entitled to operate within the country.

What is the use of a UEN in Singapore?

• The limited ability to share transfers
• The number of shareholders must not exceed the regulation
• It is not possible to issue a prospectus to the public
• Shares can not be quotes

The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants, and corporate service providers; it also facilitates enterprise.

ACRA document in Singapore provides a reliable and vibrant business environment in the country. ACRA’s role is to achieve synergies between monitoring of corporate compliance with disclosure requirements and regulation of public accountants performing statutory audits.

ACRA’s function is to establish and manage a repository of the document and information related to the business entities that are registered there, and to provide access to the public to those documents and information.

You can check if a company is registered in Singapore by visiting the Accounting and Corporate Regulatory Authority (ACRA) website and conducting a due diligence check. Follow these steps:

1. Visit ACRA Register

2. Enter company name and UEN, then click “Search”

3. If a company is already registered in Singapore, you should see its information below.

The duration of the Work Permit (WP) in Singapore is typically 2 years, depending on the worker's working time, security bond, and passport validity, whichever is shorter.

As long as the Work Permit is valid, the holders can stay in Singapore to work in the occupation and for the employer specified in their Work Permit card.

Work Permit holders cannot register a company in Singapore. It means that they are not permitted to serve as sole proprietors, partners, or directors of any Singapore-registered companies.

They will have violated the terms of the work pass if doing so, and their work passes will be revoked. They will also have to serve an employment ban.

For work permit holders to register a company in Singapore, they can apply for a Singapore Employment Pass (EP) or Entrepreneur Pass (EntrePass) from the Ministry of Manpower (MOM).

The EP is a type of work visa issued to non-Singaporean professional employees, managers and owners/directors of Singapore companies. EP holders are permitted to own shares in Singapore companies, but cannot be the director in such companies if they are working for another employer.

The EntrePass is also a type of work visa for foreigners who wish to register a company in Singapore. EntrePass holders must present a minimum of $50,000 in paid-up capital. It is helpful for foreign business owners who lack formal credentials but have a proven successful track record.