The procedure to incorporate a company in Singapore is fast and straightforward today. Anyway, there are certain requirements to be fulfilled before you can register a company in Singapore. The foreign companies have their head offices in Singapore because Singapore is motivated to attract them and develop local businesses in Singapore and provides tax exemptions.
All companies in Singapore must be registered with the Accounting and Corporate Regulatory Authority (ACRA) and maintain the Companies Act. While there are five different elements to look over, the most widely recognized and adaptable business element that can be set up in Singapore is the private limited company. The Accounting and Corporate Regulatory Authority (ACRA) which also acts as the Company Registrar of Singapore, oversees the procedure for limited company incorporation in Singapore. If you have chosen to set up a new company or move a current one to the city-state, make sure to follow the requirements authorized by ACRA.
Setting up a business in Singapore can be less tired and time wasting if you have a bit of advice with a well-known incorporated company agent. If a foreigner wants to start a new business in Singapore then he needs to get help from local-business registration provider as they are not allowed to start a new company on their own.
Requirements to incorporate a company in Singapore:
Following are the steps to incorporate a limited company in Singapore:
- Shareholder (individual or corporate entity) at least one.
- At least $1 initial paid share capital.
- One resident director.
- One company secretary.
- Registered Singapore office physical address.
Company name is necessary to register a company in ACRA. It must be unique, easy to read and meaningful. Attempt to incorporate your business exercises in the name itself for this reason. It is also necessary to check whether your picked organization name matches an accessible domain name, as an appropriate web address is a must for expanding business nowadays. Regardless of whether to go for .sg, .com, .org or some other extension will rely upon your target market.
In Singapore, you need at least one and a limit of 50 shareholders for a Singapore Private Limited Company. The shareholder can be foreigners or local people of Singapore, individual or a corporate can be tilted as a shareholder either by buying in for offers in the company or by purchasing the company’s shares. Detail of shareholders will show up on public records.
To incorporate a company in Singapore, you should have at least one director who is resident in Singapore, which means a Singapore native, Singapore permanent resident or an individual who holds an Employment EntrePass with a residential address in Singapore. Following that the director ought not to be bankrupted or indicted for any criminal negligence in the past.
If you want to incorporate a limited company in Singapore, your company must have Company Secretary to guarantee administrative compliance. Singapore organizations state to designate secretary within the six months of company incorporation. Secretary should be commonly resident in Singapore.
A company should have registered physical address not the P.O.Box. The address will also be considered as an official place to send all notices and official documents. You can use the residential address for your company depends on your business category.