Register Business In Singapore
How Register Business In Singapore
Singapore, the Merlion City is known as a world-class business hub. It is the gateway to both international and Asian markets and the fourth biggest foreign exchange trading hub in the world. When it comes to its wealth management sector, it is second to Switzerland. Singapore also ranked number 1 in terms of the ability to protect investors. As such, it is safe to regard this cosmopolitan city as one of the most business-friendly cities in the world. And with all these benefits, it is not a surprise why there are loads of investors and entrepreneurs trying to open up companies and businesses in the land of Merlion.
Essential Facts That You Need To Know Before You Register Business In Singapore
Most companies in Singapore are registered as private liability Companies or LLC. Basically, in accordance to the Singapore Companies Act, if you are above 18 years old, whether you are a foreigner or a local, you can already register a company.
To start the registration process, the first thing that you need to consider is the company name. You can present your name and structure to the Accounting and Corporate Regulatory Authority of Singapore (ACRA). In the event that an external authority needs to approve these, it usually takes one to three weeks for you to receive the notification. Upon approval of the company name and structure, the next step is to choose the directors. You can choose one director as you desire; however, there are no limits to the number of directors. The director must be at least 18 years old and should be a resident of Singapore as well. And in order for you to register your company must also have to register a physical address, which is either residential or commercial.
How To Register Business In Singapore As A Foreigner
Singapore’s economy lures a number of foreign investors yearly. If you are among them and you have plans to relocate your business in Singapore, it is vital for you to obtain an employment pass or an entrepreneur pass. You must also appoint a professional firm to register a Singapore company.
In the event that you have no plans of relocating, you have the option to operate from overseas provided that you look for a local resident director for your company. There are incorporation services who offer local nominee directors for this purpose.