Strategically located in Southeast Asia, Singapore has been known as one of the countries with high prospects for doing business for both locals and foreigners. It has pleasant tax regulations and laws that make it easy and safe to do business in the country.
Starting a new company may seem to be an arduous thing to do, especially for foreigners that are not familiar with the laws that govern the country. However, in Singapore, company registration has been made simple and no one should be wary of it. For company registration, there are a lot of professional firms that can help you through all the process. Especially for foreigners, this is obligatory.
For company registration like A1 Business, first, you as the applicant must decide on a company name. To ensure that the company name will be registered by the government of Singapore, it must avoid copyright and inappropriate words while being unique at the same time so that it is always easy to be remembered by the customers. You must be aware of using words such as law, bank, media, or finance if possible should be avoided because these names will require a longer time to process. However, if it cannot be helped, then you simply have to be patient in waiting for the process of name approval.
After getting the name of the company approved, you must appoint staff for the company. For company registration requirement, it is mandatory to have one local director who resides in Singapore. This person must be a Singapore citizen, a Singapore resident, or someone who has an Employment Pass to be able to legally work in the country. The company must also have a secretary who is a native person, and it must have shareholders who have paid-up capital of at least S$1. All these authorized people must be at least 18 years old and clean for any criminal records and history of bankruptcy in the past.
A private limited company is one that is most often registered in the country. If you are also planning to incorporate one, you must know that there is a limit of shareholders of fifty people. These shareholders don’t necessarily have to be Singaporean. Foreigners can also fully own a company in Singapore. However, the local director and secretary of the company is at any cost now allowed to be the shareholder of the company.
A private limited company in Singapore must have a physical address registered within the country. It can be a residential or commercial address, as long as it is not a post office box.
After providing all the necessary documentation required by ACRA and fulfilling administrative requirements, the process of company registration is done online. It will only take several days and the approval will be sent through e-mail. After the company is incorporated, you shall proceed to post-incorporation steps and fulfill the requirements if necessary such as getting a business license and permits. However, not all companies or businesses need permits and licenses. If you are unsure, contact the professional firm to confirm the need for license and permit.