Company Formation Singapore
Company Formation Singapore – Getting It Done Right
Having an opportunity to set up a business in the Lion City is something that a lot of entrepreneurs would endeavour to do. Described in detail here are the processes involved in company formation Singapore businessmen and service firms have to subject themselves to. These are all governed by the Singapore Companies Act (SCA) which serves as the regulatory statute for the business sector in the country.
Adhering to and fulfilling these requirements is quite easy, which is one of the many reasons that a lot of foreign nationals would want to set up a business here. Be sure to acquaint yourself with the requirements of the SCA or the Singapore Companies Act. They vary depending on the type of business as well as the kind of industry where the business will belong. Make it a point to work closely with ACRA or the Accounting and Company Regulation Authority which will be your partner in realising your business goals.
Regulations For Company Formation Singapore Companies Act Requires
In terms of personnel prerequisites, there should be at least one shareholder who can be a local resident or a foreigner. There should also be a minimum of one director who’s at least 18 years old and a Singapore citizen or permanent resident. Note that holders of Singapore Employment Passes are also allowed. The company secretary must be appointed within the first six months of incorporation and he or she should be a Singapore resident.
Another requirement of company formation Singapore entrepreneurs have to adhere to is that the business must have a local address. Note also that the business name must be free from words that are deemed offensive. Minimum paid-up capital is at SGD1. Be sure to secure and prepare the appropriate and valid licenses and permits if the business is related to child care and education.
Company Formation Singapore – Getting The Services Of A Business Consultancy Firm
Engaging a proficient consultancy firm to handle the above-mentioned requirements will allow you to focus more on the other essential aspects of your impending business. You can then be more hands on and be able to give your full attention to the core of the organisation. On another note, hiring a business consultancy firm to attend to the processing of the requirements is especially required if you’re a foreign national.