Singapore’s economic success is largely due to its wide trade networks and government programs. They have made it exceedingly attractive for businesses to start operating in the city-state, whether they are multinational corporations or start-ups. The procedure for company incorporation singaporetakes about 1-3 days. Take a look to learn about setting up a company in Singapore.
Company Incorporation Singapore – Learn About Company Incorporation In Singapore
In Singapore, all businesses must register with the Accounting & Corporate Regulatory Authority and follow the Companies Act. We need to provide certain information to the service provider before incorporating a company in Singapore.
Company Incorporation Singapore – Things To Know Before You Setup A Company In Singapore
- Name Of The Company: ACRA must approve the name of the company before it is incorporated. ACRA will reject a proposed company name for incorporation if it is similar to an existing company or a well-known brand.
- Shareholder: A person or a corporation can become a shareholder by subscribing to the company’s stock or purchasing its stock. At least one shareholder must be a corporation or an individual. A shareholder and a director can be the same person or two different people. It is permissible to hold 100 percent of the stock in either a domestic or foreign company. Shareholder information will be made public.
- Resident Directors: At least one director of a Singapore Private Limited Company must be a Singapore citizen, permanent resident, or holder of an Employment Pass/EntrePass with a Singapore residential address. A Singapore Private Limited Company can appoint an unlimited number of extra-local and foreign directors. The director must be at least 18 years old, and he or she must not be bankrupt or have ever been convicted of criminal misconduct. The directors’ information will be available to the public.
- Secretary: All Singapore corporations must hire a capable company secretary, whose role is to maintain regulatory compliance. The company secretary must be a person who lives in Singapore. Companies must appoint a company secretary within six months after company incorporation singapore.
- Capital: A Singapore business must have a minimum paid-up capital of $1 or its equivalent in any currency before it can be registered. One par value share is the required minimum issued capital. No “bearer” or “no par value” shares are allowed. After the company’s incorporation, the share or paid-up capital can be increased at any moment.
Address:Companies must also have a registered office where all notices and legal documents must be sent, as well as where the company must preserve the numerous records needed by law. A registered office address is necessary for every company registered in Singapore.