If you're a resident of Singapore or maybe a foreigner and wish to begin business there, then the primary thing you need to go for is company registration.
If you're a resident of Singapore or maybe a foreigner and wish to begin business there,
then the primary thing you need to go for is company registration. Let’s discover what type of companies you can possess in Singapore. Let us also examine the company registration process, the main advantages of setting up a business, the process to file an application and more.
The best advice is always to take on the aid of service providers. There are lots of well known names among the Singapore company registration agents. They offer you a two step registration process, which includes obtaining the company name approved and the company incorporation, that takes just a few hours. There's another benefit of deciding on service providers. With the registration service, they also offer you swarm of aiding services like the obtaining the Employment pass for the foreign applicants or a Corporate Secretarial Service. Aquire a service provider whose list of clients is huge and remarkable. If local big companies chose a service provider, you can blindly utilize the same one with no uncertainty.
The prerequisites which need to be fulfilled to get the company registration done in Singapore are:
• Company’s Name: Prior to your company formation starts, it's very important to get your company’s name approved. To determine the name of your company, it is possible to take the aid of the name research function, given by your agent, which is basically the Directory of Registered Agencies. This process allows you to select a name you prefer.
• Directors: To acquire your company registration completed, it's important to have a resident Director. Meaning the director must be the Singaporean resident or should have an Employment Pass or a dependent pass. He/she must not be below 18 years old, must not have any previous record of conviction and should not be bankrupt. It's not mandatory that the director should be the share holder of the company.
• Shareholder: Your Company must have a minimum of one share holder and the maximum number can go up to 50. A shareholder might be a individual or a legal entity.
• Company Secretary: In six months of your company incorporation, you're required to hire a company secretary who's a Singapore resident. • Paid Up Capital: The quantity of the investor financing ought to be compensated completely through the investors. To join up your organization in Singapore, the lowest compensated up capital is $1.
• Registered Address: The registered address of your place of work should be a local address for sure.
• The two steps of company registration in Singapore are:
1. Company Name Approval: Upon having accomplished the R&D from your side and choosing a name for your company, it is important to get that name approved. This can be done by applying electrically with ACRA (Accounting and Corporate Regulatory Authority Singapore. Once the name gets approved, it will be reserved for about 60 days, from the date of filling up the application.
2. Company Incorporation: The next thing includes filling an incorporation request and approval. You can do this within couple of hours if everything is completed from your side to prevent any setbacks. The incorporation documents must be completed effectively with the signatures of Director and the Share holders.
Company formation in Singapore just isn't an easy process with regard to foreigners however, if handled appropriately it is not difficult too.
Summary: If you are a resident of Singapore or possibly a foreigner and want to start your business there, then the first thing you'll want to go for is company registration. Let’s see what type of companies local Singaporeans and foreigners can personal in Singapore. Let us also examine the company registration requirements, advantages of setting up a business, the procedure to file an application and more.
