Incorporating A Company In Singapore: A Guide For Foreigners
When considering the registration of a company in Singapore as a foreigner, there are several things that one should be aware of. Singapore is well known as one of the Asia’s vibrant business destinations for many foreigners and this is due to a number of reasons. Since foreigners cannot personally register companies in Singapore, it’s vital that they work with the reputable corporate service provider in Singapore for such services.
Working with a corporate service provider for incorporation of a company in Singapore will make it easy for foreign investors to manage the complex and tedious process at an affordable cost. Working with a local business that provides incorporation of company services is the best step that a foreigner should consider when registering a company in Singapore. According to Singapore Companies Act; an individual over 18 years or older is authorized to register a company.
Steps to follow when registering a company in Singapore;
Company Name and Type
The first step that should be considered during formation of company is the choice of a suitable name. The preferred name should then be submitted and registration can only proceed after the name has been approved. The applicant should then go ahead and define the company structure. There are different types of company structures that one can choose from such as;
Private Company
A private company is that which is limited by shares. It has a maximum of 50 shareholders. This is the type of company that foreign investors can consider operating in Singapore. Working with a corporate service provider in Singapore such as Onestop CA Singapore will provide you with more insight on what’s ideal for the type of business you intend to operate.
Directors and Key Personnel
Once the company structure has been settled upon, the next step entails some key personnel’s appointment. The positions include that of the director, company secretary, nominee director, and auditor.
Director: The director of the company should be the person who is in charge of the day to day operations of the company. The director can either be a local resident of Singapore or a foreigner. However, if a foreigner then there should be a nominee director who is a resident of Singapore that acts on behalf of the directors.
Company Secretary
After six months of incorporation of company, it’s a statutory requirement in Singapore that a company secretary be selected. The company secretary should be a local resident of Singapore. Foreigners may find it challenging to get the reputable professionals they can work with. That is why it’s vital that you engage a reputable firm for company secretary services in Singapore.
Shareholders
It’s a requirement that a registered company in Singapore has a minimum of one shareholder and a maximum number highly depends on the type of the company and its structure. The minimum paid up capital should be S$1 and in general cases, the company is expected to issue two types of share; ordinary and preference shares.
Registered office address and Constitution
When submitting your application for formation of company; it’s a requirement that the applicant provide a registered address. This should be a valid address that’s accessible by the public. The applicant is also required to submit the company constitution that states the company’s key objectives; rules and regulations, details, operations and they will be executed, responsibilities and rights of the directors and key personnel.
