A multiprocessor system capable of exploiting fine-grained parallelism must support efficient synchronization and data passing mechanisms. This paper demonstrates the use of shared register channels as the communication mechanism among processors in a multiprocessor chip. A register channel is provided with a synchronization bit that is used to ensure that a processor succeeds in reading a channel only after the channel has been written to. In contrast to a VLIW machine a system with channels does not require strict lockstep operation of its processors. This reduces the delays caused by unpredictable events such as memory bank conflicts. Providing channels accessible at the speed of registers constraints the number of channels that can be supported in hardware. This paper presents compile-time techniques that efficiently allocate the channels and successfully exploit the fine-grained parallelism using a small number of channels. The scheduling of operations is carried out in a manner that reduces communication among the processors and hence the number of channels required. Redundant synchronizations subsumed by other synchronizations are eliminated and channels are reused whenever possible. Results of experiments demonstrating the effectiveness of the techniques in utilizing a small number of channels are presented.