In "N" number of articles and blogs, you may have read that Singapore is one of the best places to do business. Interested to start your own business in this Island City? Before you hop on a plane to the Island-City, it is best to equip yourself with some information.
There is a lot of information about Singapore Company registration all over the Internet, however it's scattered here & there and now this article is an attempt to organize all the information at one place to provide an overview of "What You Should Know about Company Registration in Singapore"
What Type Of Registered Address Is Required To Open A Company In Singapore?
A Local Address is one of the most important minimum requirements for opening a company in Singapore. The registered address must be a physical address in Singapore i.e a physical location and not just a Post Office Box Number.
Residential addresses can be also be used as a business address under the Home Office Scheme. But if it is used, it's a must to get prior approval from the Housing Development Board or Urban Redevelopment Authority.
Do I Need To Invest S$$$ For Registering My Business In Singapore?
Only foreigners who enter to Singapore under Singapore Entrepreneur pass scheme in order to start a newly setup Singapore Company are required to invest a minimum Sum of S$50,000 at the time of company incorporation.
Who Can Act As The Company Secretary For A Singapore Company?
In order to act as a company secretary for a newly startup Singapore company, the person must be:
- A Singapore Resident (i.e. a Singapore Resident or a Foreigner who has been issued with an Employment Pass)
- A person who is knowledgeable about the Singapore Companies Act
Note: A Person who is the sole-director of the company cannot act as the company secretary.
What Are The Guidelines for Naming a Singapore Company?
The first step in Singapore Company registration process involves reserving the desired name for the company. As per the guidelines of Singapore Company Registration, a company cannot be registered until the name has been approved. The Company name you chosen does not contain any sensitive or offensive words, the approval process is very quick and happens in less than an hour.
What is The Minimum Age Requirement for Directors and Shareholders of a Singapore Company?
Directors and shareholders of a Singapore company must be at least 18 years of age.
How Long Does It Take to Incorporate a Singapore Company?
The overall process can take anywhere from one day to few weeks depending on the following factors:
- Name Reservation
- Signing of Incorporation Document
Singapore is considered to be the best country for entrepreneurs. Recent study revealed that 7 out of 10 entrepreneurs are defiantly receiving a lot of profits from their startup in Singapore. So, if you're thinking about starting up a business in Singapore, contact KC Ha Consulting Pte Ltd today!
The Author has been working as an experienced business consultant in Singapore. In this article, he explains everything you need to know about Company Registration in Singapore. Visit http://www.singapore-company-registration.net