Singapore Company Incorporation
Singapore Company Incorporation Under The Companies Act
Individuals, that include both locals and foreigners who are interested in conducting business in Singapore to take advantage of its booming economy, can incorporate their companies under the Companies Act. There are two types of business entities which may be incorporated in this Southeast Asian city-state under the aforementioned Act. The first are companies incorporated under the Singapore law. The second are foreign companies which have undergone the process of incorporation outside this city-state.
Singapore Company Incorporation: Submission Of Pertinent Documents
In this article, we will discuss the pertinent documents that a foreign company which is applying for incorporation must submit to the Registry of Companies and Businesses.
First, the representative of the foreign company or the applicant, in a manner of speaking, must submit the document known as the Application for Approval and Reservation of Name for Registration of a foreign company. This document is otherwise known and generally remembered as Form 14B.
Afterwards, the applicant will then be asked to pay the applicable charges that will amount to a total of $65. Fifteen Singapore dollars goes to the Name Approval fee and the remaining $50 is for the Business Registration fee.
The step that comes next after the approval but before the applicant can actually start conducting business is another submission of pertinent documents. Such documents include copies of the Certificate of Incorporation; company’s certified constitution; and the memorandum or power of attorney expressly stating the appointment of at least two individuals whom the company will give authorisation to. This authorisation enables those locally resident individuals to accept notices and the like in behalf of the company.
Assistance For A Foreign Company Applying For Singapore Company Incorporation
A foreign company who wants to incorporate its business in one of the world’s most progressive business hubs can actually seek the legal assistance of a lawyer, ask for the professional help of an accountant or consider the assistance extended by the services provider during the preparation and submission of the documents and until such time that the newly incorporated business can actually start its operations in Singapore.