5 Steps to Setting up Foreign Company in Singapore
From its infrastructure and modern facilities, attractive government incentives, strategic location, and a well-educated and highly qualified workforce; there are several factors that attract investors to Singapore. The country is well-positioned as the regional headquarters of foreign companies, and that makes it the most preferred destination for foreign investors considering formation of company.
Incorporation of Company in Singapore is simple, especially if you engage the services of a corporate service provider for incorporation services Singapore. When considering setting up a company in Singapore, here are some of the options to consider, especially for foreign corporate entities. A foreign entity can consider setting up a branch office, representative office or a subsidiary office. However, the help of a corporate service provider Singapore, can be of great help when considering such.
Here are some of the steps to setting up a foreign company in Singapore;
Before you consider the formation of company in Singapore; it’s important to note that company owners normally have limited liability. It, therefore, means that they are not personally responsible for the legal actions or debts that the company faces. Limited companies, however, have several compliance requirements that should be adhered to. These include filing of yearly returns, the holding of annual general meetings, and many other regulations. Failure to do such may attract penalties.
Choose Business Entity
After putting all requirements in place, begin the process by choosing a business entity. New companies are required to register with the Accounting & Corporate Regulatory Authority (ACRA). You can opt to register a limited company due to its scalability. However, there are several options that can be explored when considering the formation of a company. Engaging a corporate service provider Singapore for such services can help with ensuring that every step is well executed with accuracy.
Set up your company
When forming a foreign company in Singapore, it’s important to note that the Singapore Companies Act governs a private limited company. The company should therefore comply with all the laws as required by ACRA and the Inland Revenue Authority of Singapore. Enlisting Incorporation services Singapore helps with ensuring that every step of the setting up process is well executed and with accuracy.
- ACRA should approve the company name that you choose
- The minimum number of shareholders required is one
- As for the directors, at least one director should be a resident of Singapore
- A company secretary that’s appointed should be a resident of Singapore
- There should be a paid-up capital of at least S$1
- As for the address, a physical address is required.
When appointing a director, it’s a requirement that one director must be a citizen of Singapore. The director should be a person living within the country; however, you can appoint as many as desired.
For a private limited company, there should at least be one shareholder and not more than 50 shareholders. The shareholder can either be a legal entity, trust, another company or even an actual person. Companies within Singapore are allowed to have 100 percent local or foreign ownership.
Engaging a reputable firm for incorporation services, Singapore helps with ensuring that every step is well executed and with accuracy.
Originally published by onestop-ca.com