3 Important Things to Know – Formation Of Company In Singapore
Forming a company especially a limited company enables one to clearly define their brand, own everything that they do and also be able to run their business in an efficient way. Before the formation of company, one should be well versed with a few key elements that help with ensuring that the relevant statutory requirements and other measures are taken into account.
Depending on the size of the company you intend to form, you can either opt for incorporation of company especially if it’s a big one as that helps with limiting your personal liability for the business obligations. Incorporating your company can be an ideal idea if you have lots of other contracts since the ownership of the corporation is contained in shares that can easily be transferred from one owner to another.
Incorporation of company can also be a good idea if you intend to attract outside investors or to sell the business. Unlike a sole proprietorship or a general partnership an incorporated company normally exists beyond the lives of the founders. Depending on the situation that takes place, incorporation of the company may in a way save you money on taxes or maybe otherwise.
Here are some of the things to be aware of before formation of company;
Have a company name
The company name should be unique and without sensitive phrases or words. Before formation of the company, take time and lookout for a unique name that best expresses the type of business you intend to engage in. There are expert companies that help with providing such services and consulting with a firm such as onestop-ca.com can be of great help. Whether you are considering incorporation of company or formation of the company; engaging professionals that are well versed with the regulations and processes can be of great help.
Physical Address of the company
The physical address of the city where the formation of company has taken place should also be included. In the case of incorporation of the company; the articles of incorporation should clearly specify the address within the city where the company is located. It should also identify the person who can receive notices, legal documents and other documents that are addressed to the company.
The business address should also be included and that is generally the place where mails addressed to the business are received.
Name of decision makers and business owners
In the case of incorporation of company the articles of incorporation should have a list of names of some of the decision-makers. It should list the names of directors and incorporators. An incorporator is generally a person involved with preparing, signing and filing the articles of incorporation. It’s advisable that you engage the services of a professional firm that’s well versed with handling issues involving formation of company, incorporation of the company and such tasks.
The name of business owners is another important factor to be aware of. In the case of incorporation of the company, the owners are referred to as shareholders. They are the ones who own the shares of stock within the company. The articles of incorporation should clearly specify the number of shares owned by each business owner.