Steps & Requirements To Incorporating A Company In Singapore
Singapore has consistently been ranked as one of the most favourable places for doing business, and that’s due to a number of factors such as friendly tax regime, ease of incorporation of company and other issues. Before getting started with formation of company in Singapore, there are a number of factors that one should be well-conversant with. A foreigner who is considering registration of an offshore company in Singapore should consider engaging a reputable corporate service provider in Singapore for such tasks.
The process of company registration in Singapore entails the following:
Shareholding: For a company to be registered in Singapore, there should be a minimum of 1 shareholder and a maximum of 50 shareholders. The shareholders can either be corporate entities or natural persons. Foreigners are also allowed to have 100% shareholding.
Share Capital: The minimum share capital that’s required for incorporation of company in Singapore is S$1. A company is allowed to increase the share capital at any given time by adding additional capital.
Directors: Both foreign investors and residents of Singapore can be directors of a company registered in Singapore. Corporate directors are however, not permitted. When registering a company, it’s a statutory requirement that one of the directors must be a local resident of Singapore. Foreign-owned companies can engage a company like Onestop CA Singapore for local director services.
Company Secretary: After registration of a company, it’s a requirement that a company secretary is appointed within six months of incorporation. The company secretary appointed should also be a resident of Singapore.
Company Name: A company name that’s chosen should be approved before incorporation of company.
Registered Address: Every company being registered in Singapore is required to have a local registered address where all the statutory documents can be kept.
Once you identify the corporate service provider in Singapore that you want to engage for the registration process, it’s important to note that all the procedure can be undertaken efficiently and within the shortest period of time. Once all of the requirements are in place, the procedure then involves: approval of company name, preparation of the relevant documents and the registration process. There are some of the fees that should be paid, such as name approval fee and company registration fee.
The first step when dealing with formation of company is to begin by getting the company name approved by ACRA. The name chosen should be subject to the following requirements:
- The name should never be identical to any existing business name in Singapore
- The name should not infringe any of the trademarks
- The name should not be vulgar or obscene
- The name should not have been reserved by another company.
The second step is to prepare the company registration documents. These include company constitution, a signed consent to act as company director, signed consent to act as company secretary, identification details and the residential address for the shareholders.
The last step is the registration of company with Singapore Company Registrar. Working with a reputable corporate service provider such as Onestop CA Singapore helps with ensuring that all the procedures, requirements and steps are followed accordingly.