Company Registration Singapore
Company Registration Singapore – Tips For Local And Foreign Entrepreneurs
For many business-minded individuals, Singapore is the best place to set up a company. This is because this Southeast Asian city-state provides a pro-enterprise environment characterised by competitive tax benefits, business-friendly laws, stable political climate, etc. Establishing your business or setting up a branch here is sure to bring you and your company enormous benefits.
The Different Types Of Company Registration Singapore Allows
Opening a business in Singapore is just like starting one in another nation in that you cannot operate unless you register your company. Hence, one of the very first things you need to accomplish is the registration of your company in this country.
There are different types of business entities in Singapore – limited liability company (LLC), sole proprietorship and partnership. Of these, the most common type is the private limited company (under LLC), also called a corporation in other countries. This is primarily because in this business type, the liability is limited – company debts beyond the amount of paid-up capital are no longer liabilities of shareholders.
Meanwhile, foreign companies have the option of registering a Subsidiary Company, Branch Office or a Representative Office. For foreign SMEs, registering a subsidiary is a wiser choice. In this setup, the subsidiary company becomes a private limited company and the parent company becomes a shareholder.
If the parent company merely wants to have an extension in Singapore, registering a branch office is the way to go. Here, branch liabilities are also the parent company’s liabilities. Meanwhile, a representative office is only allowed to conduct business research and but not to engage in profit-oriented endeavours.
Company Registration Singapore Requirements
Once you have chosen the business structure for your company, you can now proceed to registering it. Of course, the registration requirements vary per type of business. What’s important to note, however, is that, regardless of your chosen type of business, you cannot proceed with the registration without an approved company name.
So, to avoid registration delays, make sure you carefully select the name of your company. Read the rules or better yet, enlist the services of a firm specialising in company registration services. Working with company registration specialists is the best way to avoid registration hassles and ensure the speedy registration of your business.