Requirements To Set Up A New Company In Singapore
Singapore is a popular destination for many individuals who are interested in setting up a business or expanding business operations. With its strategic location, minimal bureaucracy, well-developed infrastructure, effective tax structures, economic and political stability, Singapore is dubbed as the easiest city to conduct business in.
In order to successfully undergo company formation in Singapore, these requirements must be fulfilled:
– There must be at least one company shareholder. Singapore allows companies with shares that are wholly owned by foreign individuals.
– There must be at least one company director that is a Singapore resident, Dependant Pass holder, Employment Pass holder, or Permanent Resident.
– Interested entrepreneurs must appoint a Company Secretary who is either a local Singapore Resident, EP holder, Permanent Resident or DP holder within six months after the company is incorporated. A qualified Company Secretary should be at least one of the following:
- Member of the Singapore Association of the Institute of Chartered Secretaries and Administrators
- Member of the Institute of Certified Public Accountants of Singapore
- 3-5 years of prior secretarial experience
- Member of the Association of International Accountants (Singapore Branch)
- Member of the Institute of Company Accountants, Singapore
- Qualified under the Legal Profession Act (Cap. 161)
- Public accountant registered under the Accountants Act (Cap. 2)
– The company must have a local registered office address. In looking for a registered office address. Note that a Post Office (P.O.) Box is not considered a registered office address.
– There are no restrictions on the maximum amount of paid-up capital. However, a minimum paid-up capital is $1 in any form of currency is required.
The first phase in the company incorporation process includes preparing of the requirements mentioned above, signing the necessary documents and having your company name reserved or registered. The next phase involves filling out incorporation forms, paying the required fees, and submitting it to the authorities. The last phase includes opening up a bank account for your business and applying for the licenses and business permits that is relevant and required before you can successfully operate in Singapore.
The government has launched many initiatives to support enterprises in Singapore—from productivity to funding, innovation, technology, skills improvement, and overseas business expansion. You may apply for these programmes and schemes to improve company performance and increase its chances of growth.
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