Understand the Jurisdictions Setup Requirement Before Proceed Your Company Registration in Singapore
Opening a company in Singapore can be confusing to some, mostly foreigners who want to dwell with their business skills in the ever-flourishing economy. Well, Singapore is one of the easiest places to conduct business, and the same goes for registering a company in Singapore. As a foreigner, all you need to do is know the requirements and work with a local company registration service in Singapore. Then, here are the things you should know about company registration in Singapore.
First Thing You Need to Know About Company Registration in Singapore is the Types of Business Entities in Singapore
Every company registration process in Singapore is monitored by the Accounting and Regulatory (ACRA). In general, there are three types of business entities in Singapore. They are the Sole Proprietorship, Partnership, and a Private Limited Company.
Keep in mind that foreigners can only opt for a private limited company in Singapore. So, here are the requirements for opening a private limited company in Singapore:
- You need at least one resident director. You can have more than one director if you want and in this case, you are free to hire non-resident directors as well.
- Your company can have a maximum of 50 shareholders. Also, the shareholding can be 100% foreign.
- In case of a Singaporean registering a company, the paid-up capital is S$1, but for a foreigner, it is S$1 million.
- You must hire a company secretary within six months from the time of company registration. The secretary must be based in Singapore (a Singapore resident).
Do You Need to Be Physically Present While Opening a Company in Singapore?
Let 3E Accounting handle your Singapore company registration. Just contact us and we will take you through the entire registration process such that you will not have to be present in Singapore for your Singapore company formation.
Also while registering a company, you will need to propose a company name. Here are the requirements for it:
- The name shouldn’t be vulgar or be promoting bad behaviour.
- The name can’t be reserved or very similar to exciting companies.
- We recommend you to have at least 2 or 3 alternatives for your company name. This can help the registration to be hassle-free.
You will also need to acquire a registered address for your company. The registered address should be a physical address and can’t be PO box number.
What Document Do I Need to Complete the Company Registration in Singapore?
You will need these documents for opening a company in Singapore.
- A short application briefing what the business is about. Also, indicate why the business will help Singaporean economy.
- Company name and Registered address information.
- Particulars of the director, secretary, and shareholders. Remember that directors and secretary should be at least 18 years of age and have clean police records.
- Memorandum and Articles of Association (MAA). This is provided by the Singapore Company Registrar.
Keep in mind that you are not allowed to register a company in Singapore as a foreigner by yourself. You need to hire a local agent. From documents to the registration certificate, 3E Accounting will do everything for you and have a Singapore company registered for you in the most affordable rate. Contact us now.