Setting up a company in Singapore is always a good choice as the country offers great tax structure and exemptions that helps companies to grow. These business friendly policies allows many companies to be started in Singapore. To regulate the registration, companies that wishes to start business in Singapore have to follow the Singapore Companies Act.
Most business setup in Singapore are private limited companies. Singapore government gives more tax incentives to this type of setup as it protects the owners from liabilities to the share capital that they hold.
There are a few things that registrants must know before setting up a company:
– The name of the company must be approved by the government.
– The company name cannot be related to Singapore. eg. Temasek, etc.
– The company must have a Singapore address and it cannot be a PO Box.
– The company must have at least one director who is a Singapore citizen.
– The company can have up to 50 shareholders.
– The company must appoint a company secretary who is a Singapore citizen.
Registration will be able to take place when the above requirements (plus any new rulings as of today) are fulfilled. At the point of registration, the registrar of companies will require the following:
– Name of company proposed
– Description of business activities
– Shareholder particulars
– Company secretary and directors particulars
– Company registered address
In Singapore, the registration can be done online and it is fairly fast. The approval can be as fast as half a day and there will be a registration fee of S$300.
Once the registration is complete, the registrar of companies will send an email to notify the applicant and it will include a registration number. The registrant can also apply to have the business profile sent to you via mail.
If you have any questions or require any advise, we at BizVodic will be glad to assist you in any part of the company registration process.