3 Things to Know before Incorporation of Company in Singapore
Many investors prefer investing in Singapore given the ease that comes with doing business in the country alongside other factors. Tax exemptions and government policies are other key reasons that make many investors opt for the formation of company in Singapore. Before you go ahead with your plans of starting a company in Singapore, it’s important to note that there are compliance requirements that you should be ready to abide by when considering incorporation of company.
Formation of a company in Singapore can be less time consuming if you work with a reputable organization to help with the process such as onestop-ca.com. Working with a firm that understands all the legal and statutory requirements can make the whole process to take the shortest time possible. You will also be assured that the necessary measures have been taken in incorporation of company as you engage a reputable firm. Here are some of the things to be aware of before you consider starting a business in Singapore;
Settle for an ideal business structure
Before you begin the formation of company process, you should take time and identify a business structure that is ideal for you. Choosing the right business structure will also help with maximizing the tax benefits as you do your business. You can either decide to register the company as Private Limited Company (Pte, Ltd) a Sole Proprietorship or Limited Liability Partnership (LLP).
It’s therefore vital that you take time to understand what each of the businesses entails so that you can decide on the structure to choose before incorporation of company.
Understand pre-registration requirements
Before incorporation of company you will be required to at least appoint a minimum of one resident director. As for the shareholders, you can have any number between 1 to 50. You will also need an address that is locally registered, that which you can use for your company in Singapore. After formation of company, you should also be ready to appoint a company secretary within six months from the date of incorporation of company.
Another key thing that you should know before formation of company is that you should be ready with a paid-up initial capital of S $1 as a minimum.
Understand available options for starting a business
There are about two options that you can consider adopting when considering formation of company in Singapore. You can either relocate to Singapore and start your business or appoint a local nominee director who can execute some of the key tasks on your behalf. If you choose to work with a local nominee director then you should be well versed with all the roles and other key information that a local nominee director should be engaged in.
The process of incorporation of company can be involving especially if you don’t live in Singapore. You can make the whole process easier by engaging a reputable firm that offers local nominee director services. The company can even help with advice on formation of company and other required services.
We hope this blog post was helpful to you.