Company Formation In Singapore
The Key People When It Comes To Company Formation In Singapore
The success of your newly incorporated business is basically influenced by the people behind it. So take the responsibility of appointing and choosing directors, shareholders and company secretary seriously. These people will either help you realise your goals or contribute to your failure.
The law stipulates certain basic requirements when it comes to naming these key people. The following is a rundown of the qualifications. Read on to be guided.
You need to appoint at least one director. But if you intend to have more than just one, the law allows you to do so. In fact, it doesn’t set a maximum number of directors who can legally be associated to a certain company. The law only states that the appointed individual must be of legal age and must not have any criminal convictions or pending charges. In addition, that person can only be appointed as a director if he or she has no history of bankruptcy.
A private limited company conducting business in Singapore must have at least one shareholder. Unlike in the directorial position, the law sets a limit on the number of shareholders that the company can have. One company can only appoint up to 50 shareholders. However, the position of a shareholder is not limited to Singaporeans or other individuals of foreign citizenship. As a matter of fact, another company can assume the same position. A trust can likewise be appointed as a company shareholder.
In terms of appointing a company secretary for your incorporated business, the law specifies that the individual who can legally take on this role must be a natural person who is an ordinarily resident of the city-state. This position must be filled within the period of six months beginning on the date when your application for incorporation has been approved.
Company Formation In Singapore: Issuance Of The Official Soft Copies
If the government requires you, the applicant to submit pertinent documents to facilitate the process of incorporation of your business, it also issues two important documents to you in return. One of which is the Certificate of Incorporation which you will receive via email from the Company Registrar. It reflects essential figures that correspond to your company registration number.
The other important document that you will receive from the Company Registrar is the Company Business Profile. It contains relevant information about your newly incorporated business. You can send a request for a copy of this via email. The Office of the Registrar, however, charges a fee for this particular document.
Company formation in Singapore is cheap, simple and quick. These are the best features of the process that draw investors in. And the internet is one crucial tool that helps the government to stay true to its word. The two aforementioned documents issued to the applicant are sent and received via email. They are soft copies in themselves, but that doesn’t render them unofficial or insufficient in the eyes of the Singapore law.
Company Formation In Singapore & Acquiring Licenses
Restaurateurs, importers, exporters and financial services providers have one thing in common. Besides incorporating their respective businesses, they similarly engage in doing businesses activities that require them to first secure certain licenses to operate before they can officially start. This legal requirement also applies to travel agencies and academic institutions among others.