Register Of Companies
Register Of Companies – Setting Up Businesses In Singapore
One of Singapore’s major goals is to become the preferred venue of entrepreneurs who want to form companies. So far, the city-state has been successful in this endeavour. A quick look at the register of companies would show that numerous businesses, from startup firms to multinational enterprises, are currently operating in the country. Thanks to the government’s pro-business policies including its simple and hassle-free company registration process.
Basic Requirements For The Register Of Companies In Singapore
Setting up a private limited company in Singapore is fairly easy. One of the basic registration requirements is to come up with a company name. Remember that you cannot file your incorporation request unless your company name is approved.
Rejection of your proposed company name may cause a delay in the registration of your company. So, to avoid delays, make sure that your proposed name isn’t the same as existing business names and does not violate any trademarks. The use of vulgar names should also be avoided.
Apart from coming up with a proposed name, you are also required to submit a description of your business operations and how they will be conducted. This narrative gives the government a sneak peek into the kind of transactions that will be done by your company.
Declaring your paid-up capital is also needed. In Singapore law, the minimum paid-up capital required is S$1. However, there are some industries that require a specific minimum paid-up capital. For example, if you’re going to put up a tourism-related business, the minimum paid-up capital is S$100,000.
Register Of Companies Also Requires Information About Company Owners
As required by Singapore law, you also need to submit the names, contact information and other particulars of all your directors and shareholders. This is to make sure that no one among them has any history of illegal activities in Singapore. Singapore law also requires that at least one of your directors is a Singapore citizen, a permanent resident or an Employment Pass (EP) holder.
Basically, the requirements and procedures in registering a company in Singapore are simple. However, simple as they may be, it’s still best to hire a firm offering incorporation services. This is to avoid committing errors which can delay the opening of your company.