Expert Tips to Incorporating a Company in Singapore
Most of the Industries in Singapore are fully open to foreign investors who are considering incorporation of a company in Singapore as they don’t have to be subjected to higher paid-up amounts of capital, licensing obligations alongside other requirements. Foreign investors can also manage their Singapore companies from their countries; however, they will need to engage local director services.
Before you settle on formation of company in Singapore, there are a number of factors that you should be well conversant with such as;
Pre-registration tasks
Having knowledge of these pre-registration tasks can help with planning, information collection, and organization for your incorporation of company applications. You can then coordinate your activities well before you opt to submit your application. It would be best if you decided whether you are going to do the registration of the company by yourself or you intend to engage a professional firm.
For foreign investors, working with a professional firm for incorporation of company can be of great help. Considering the legal nature of setting up a company, a foreigner may not be familiar with all the requirements. Even if they choose to work with a nominee director in Singapore, engaging a professional firm comes with that element of confidence as they are well conversant with compliance issues and all the legal requirements.
Some of the pre-registration tasks that you should include;
Deciding on possible names for the company
Before registration of the company name, you should come up with some potential names that you propose for the formation of company. The names that you choose should not resemble an existing company name in Singapore. The name should not be considered as undesirable in view of the Singaporean government. The name should also not have certain words that are under control or regulation of the government.
Check for licensing requirements that require a business license if one is to operate within the country legally. The licenses have specific conditions that should be met, so one should be aware of such before incorporation of company.
Decide on directors and share capital of the company
The investors should make a decision on who will act as the directors of the company. Incorporation of company in Singapore requires that a company have a minimum of one director. However, there is no upper limit to the number of directors that a company can have. The nominal paid-up share capital can be between $1 – $100, and the capital can be subsequently increased as necessary.
Decide on company secretary and registered address
Another important task that you should consider engaging in is the selection of a company secretary for the planning of incorporation of company. The company secretary services should be provided by a natural person who is a resident of Singapore and is well knowledgeable of Singaporean laws. Engaging a professional firm for company secretary services can be great as they can effectively handle compliance issues. It would be best if you also decided on the registered legal address that you intend to use.
