There is no better country to establish a business or corporation, than the top global Asian country in the world. Singapore has always maintained a strong trading reputation because of its welcoming tax laws and their favorable intellectual property laws. The majority of Singapore businesses are recognized and registered as private limited companies.
Setting up a private limited company is the type of business which is highly favored and is the top most common type of structured tax entity. Foreign and local entrepreneurs over 18 years of age, can start and register a company in Singapore. There are regulatory and legal requirements that business owners must secure through a professional firm to submit on their behalf to properly begin operating in Singapore.
A professional Singapore registration company is the only type of assigned firm that can register or incorporate a company in Singapore. The business registration and corporate Singapore laws state that local or foreign individuals can not register their own company or business. Entrepreneurs can both operate a company while residing outside of the county or they can operate a company while residing in Singapore. Either choice still requires a permanent, physical Singapore address, but no P.O. Box numbers, which is where a licensed registration company can work on a business owner’s behalf.
The main Singapore registration agency that a new company must register through is The Accounting and Corporate Regulatory Authority (“ACRA”). The ACRA requires that Ltd company must have a specific paid up capital to register. Other licenses, immigration or visas, employment passes and other regulatory documents must also be obtained through a registration company. Starting a business in Singapore will require professional information, such as:
– a registered rubber stamp
– an established Singapore bank account
– a registered company seal
– share certificates for shareholders, which must also include a shareholder’s allocation.
To set up a Singapore Ltd Company, the following steps are required:
1. Establish an approved name for the company. Quick tips for a successful approval is a name that is not obscene, is not similar to an existing Singapore company name, is not already reserved and does not have any trademark infringements.
2. When the company name has been approved, then the Certificate of Incorporation process takes place. A registration fee is required. Filing documents include various forms that require a Memorandum and Articles of Association (“MAA”) which outlines the company’s by-laws, structure and business activities. A Certificate of Identity, a Declaration of Compliance, office registered hours and the Director’s and top staff identities are additional information to be filed. Whatever registration firm that is chosen to represent a new business owner, will supply the necessary incorporating forms needed.
Additional requirements for a Singapore business registration in setting up a Ltd company entreats a private limited company from 1 or up to 50 corporate or individual shareholders. Shareholders can be a Singaporean or a foreigner, a director must be a Singapore resident or a foreign employment pass holder and a secretary must also be a Singaporean.