Singapore is one of the leading Asian countries for business and commerce and has been rated as one of the best business environments in Asia Pacific. Small and big businessmen are attracted to this small country.
If you are planning on starting a business in Singapore here are some useful tips that can help you in the Singapore business incorporation process.
Singapore Companies Act
The individual should be knowledgeable enough about Singapore Companies Act (SCA)if he/she plans to set up a company in Singapore.Singapore Companies Act has basically governed almost all type of business but be reminded that there are some type of businesses that might fall under some regulations depending on the kind of business.
Things needed for Singapore business set up
The law states that the in order to set up a company in Singapore, the company must have a minimum of;
1 Shareholder + 1 Director + 1 Company Secretary
It is required that the director of the company should be a resident in Singapore.The director should be a Employment Pass holder.An individual with no history of bankruptcy and 18 years of age and above is only allowed to be a company director.
Maximum of 50 shareholders are required for a business in Singapore.Individual and corporate entity is accepted as shareholders. The director mentioned could be a holder of company share but could also be a different person. They accept full shareholding from local or pure foreigners.
The company secretary
A secretary should be present in a company according to SCA. The secretary should be appointed six months of company incorporation and should be a resident in Singapore.
Be reminded that S$ 1 minimum initial paid up share capital.
The minimum paid-up capital for registration of a Singapore company is S$ 1 unless if you are an EntrePass holder in which case the paid-up capital will be S$ 50,000.
A company should have a proper registered address.The office address must be a Singapore registered address and addresses with a PO Box are not allowed.If a service from a professional service provider is present, the whole process will now be easy. A professional service provider will not only assist you in registering a company in Singapore but will also assist you throughout the entire process of business incorporation.
Professional business incorporation services ensure that they are giving you the correct information, proper documentation and where to get the right resources in putting up a business in Singapore.
A good business incorporation services give you recommendations regarding appropriate requisites for license customize to the kind of business you have and aside from that you can also take advantage of their concierge services such as finding the location of your office that fits your business, building your IT and networking infrastructure, etc.,
There are a lot of firms who can provide you essential services for the success of your business like taxation services, bookkeeping services and business accounting services.
Asiabizsetup has been assisting clients from all over the globe for Singapore company registration matters. It facilitates processing and submission of requirements to incorporate a Singapore Company.