Business Formation In Singapore
The Essentials Of Business Formation In Singapore
The current economic situation in the country has become very conducive for building businesses. This is the justification as to why several businessmen both locally and internationally are now undergoing business formation in Singapore.
However, before joining the bandwagon, there are essential aspects that you will need to be aware of. These are vital to your business as a whole.
Business Formation In Singapore: The Registration Process
Every company that enters the country is required to undergo the registration process. Without it, the business will not be allowed to operate. In order to proceed with the registration, business owners are to prepare the following information/ documentation.
First, the proposed name of the company; this serves as the main identity of the business. Prior to approval, the assigned authorities need to double-check if the name is not yet used by other businesses. Second, the company should furnish a copy of the business activities with the corresponding descriptions. The activities should be specific; for instance, ship management services. Third is the documentation noting the paid-up capital which should also include the total number of shares per shareholder. Fourth, the actual address of the business in Singapore. This allows cross-checking to ensure that the company being registered is existent. Last, the contact information of the directors and shareholders. It is required that there should be at least one director who is a resident, a citizen, or an individual with an employment pass in Singapore.
Additional Features Of Business Formation In Singapore
Apart from the registration process, every business is also expected to employ a specific group of individuals assigned with essential functions. An accountant and a bookkeeper, these entities are responsible in ensuring that the finances and books of a company are always updated and in order. Their presence makes the annual income tax filing more efficient. A company secretary; every company in Singapore is required to hire a company secretary within 6 months from incorporation.