How to Start a Company in Singapore
Formation of company is the first step that should be considered when you’re planning on starting a business in Singapore. There are specific steps that should be followed when considering starting a company in Singapore and engaging a professional firm that understands the process can greatly help with ensuring that every process is well followed. Before you settle on forming a company, you should have a clear understanding of the different types of companies that you can form.
Whether you are considering incorporation of company or starting a completely new company, you should also be aware of the things required if the company is to be considered as compliant. Engaging a professional firm in Singapore that’s well conversant with the processes required can be of great help as you will be assured that every step of the process is well taken care of. When you decide to register a private limited company, ensure that you’re well conversant with all that such a company entails.
The company being formed should be registered with the Accounting and Corporate Regulatory Authority and should be able to abide by the companies Act. Formation of company is likely to be done effectively if you engage a professional company that’s well versed with every process. The minimum requirement when considering formation of company includes; having at least one shareholder, one resident director, one company secretary, an initial amount of paid-up share capital of at least Singaporean $1 and a registered physical address in Singapore.
As you consider formation of company, you should begin by choosing a business name and ensure that the name is approved by the registering body. The registering body can decide to reject a proposed business name when the name you settle for is similar to an already existing company name. The proposed business name can also be rejected if it’s considered undesirable or if it’s similar to the trademarked names. When you engage a company such as onestop-ca.com for incorporation of company, you can be assured of getting quality service as they have a team of professionals that can serve as resident directors and company secretaries.
It’s important to note that either a person or a corporate entity can become a shareholder either by subscribing for shares within the company or by purchasing the company shares. A shareholder or director can either be the same person or different people and such should be taken note of during incorporation of company. Remember that the details of the directors get displayed on public records so taking note of that is vital. Another key professional that should be chosen with care is the company secretary.
During incorporation of company, having a company secretary is part of the requirement and should be taken note of. The person engaged for the task plays such a vital role in the operation of the company and that’s why engaging a professional firm for such positions can be of great help. The governance of a limited company is based on the organization’s constitutional documents such as the Articles of Association and the memorandum of Association.