A Quick Guide To Company Incorporation In Singapore
Looking into the internal organization of the business, developing products, perfecting a service and doing a market study for your offers are important steps to do before embarking on a business endeavour. However, equally vital is the meticulous attention that you give in fulfilling all the requirements of company incorporation. This involves gathering and submitting the needed legal documents as well as appointing the company’s personnel requirements in accordance with the set rules and regulations.
Requirements For Company Incorporation For Local Residents
One major requirement is registering the business with ACRA or the Accounting and Corporate Regulatory Authority. Start by registering the business name which should be free from offensive language and not in any way identical or very similar to any of the existing registered business names. Minimum paid-up capital is set at 1SGD.
It’s a must that there’s at least one shareholder who can be a local or foreign individual. Aside from this, there should also be at least one director no younger than 18 years old and a company secretary to be appointed and employed within the first 6 months of the incorporation. Specifically for the director, he or she should be a resident, defined as a Singapore citizen, a Permanent resident, or an EntrePass, Employment Pass or Dependent Pass holder.
Requirements For Company Incorporation For Foreigners
Foreign nationals interested to form any kind of enterprise in Singapore are very much welcome. There are just a few factors that have to be considered: (1) must be at least 18 years old; (2) must have no record of bankruptcy; (3) either a Singapore permanent resident or an EntrePass holder. In relation to the third item, an option is to appoint a local resident director. Multinational companies wanting to set up a branch in Singapore are required to appoint two local agents who are classified as Singapore residents (see description of Singapore resident above).
Hiring a business services firm to fulfill the requirements in the company incorporation process is mandatory for foreigners. These firms posses the necessary knowledge and networking skills to carry out the said tasks. Local business owners can also take advantage of the expertise of these firms, allowing them to focus on the other important facets of the business.