When you are considering the relocation and registration of your organisation to Singapore, it is quite important to keep in mind that most of the Singapore companies are basically registered as private limited liability companies which are commonly known as private limited companies. In Singapore, a private limited company is a different legal entity and the shareholders are not at all liable for the debts of the company beyond the total sum of share capital they have added. In accordance to the Singapore Companies Act, any individual local or foreign above the age of 18 can get registered with a Singapore company.
A well structured private limited liability company in Singapore is a tax efficient business body and hence this structure is the most common kind of business entity that is indexed in Singapore. Here you will get a detailed guide of company registration requirements, procedure and timeline for registering your company in Singapore. Keeping in mind other jurisdiction let me tell you that Singapore has a set of primary and continuing regulatory compliance requirements for starting as well as operating a particular company.
But before the Singapore Company Registration is you need to know few things :
Key Facts and Figures on the Company Formation
-Company Name - The name of the business must first be agreed before the incorporation of the Singapore Company.
-Directors - A minimum of one resident director who needs to be a resident of Singapore is mandatory. There is no limit of the additional foreign or local directors. The Directors should be 18 years of age and should not be a bankrupt or convicted in the past.
-Shareholders - Any Singapore private limited liability company can hold a bare minimum of approx 1 shareholder and a maximum of approx 50 shareholders. The director as well as the shareholder can turn out to be similar or different individual. Existing shares can be transferred and new shares can be issued anytime after the Singapore Company undergoes the incorporation procedure.
Company Secretary - Every business must employ a qualified company secretary in six months of its incorporation.
-Paid- Up Capital - The minimum paid-up capital for registration of a Singapore company is S$1. Paid-up capital can be easily increased at any time after the incorporation of the company.
-Registered Address - With the intention of getting registered with a Singaporean Company a business should hold a registered address within Singapore.
-Taxation - Singapore registered companies enjoys attractive incentives and tax exemptions. Outstanding tax assistances and business reputation of Singapore are the basic reasons why entrepreneurs from all around the world have a preference to form a company or open a business in Singapore.
Considerations for the foreigners when indexing a company in Singapore :
-Employ a professional firm to list a Singapore company. Remember, the law of Singapore does not allow anyone from outside the country to opt for self registration of a particular company.
-Individuals need not opt for special Singaporean visa if anyone want to merely want to incorporate a private limited company but do not hold any plans to relocate to Singapore completely.
-If you plan to relocate to Singapore completely you need to get hold of Entrepreneur Pass as well as Employment Pass Singapore
which can be considered as a type of work pass. Once you get hold of this pass you can act as one of the local resident director of the company.
-All the Singapore Company incorporation official procedures along with work permit formalities can be easily achieved without having to visit Singapore.
Documents Required for Singapore Company formation :
-Company Secretary Essentials
-Description of the Business Activities
-Memorandum and Articles of Association also known as MAA provided by the Singapore Company Registrar
Therefore, these are the requirements any individual requires when planning to go for registration of company in Singapore.
When you are considering the relocation and registration of your organisation to Singapore, it is important to keep in mind that you hold the Singapore Company registration or Singapore business registration with you.
About Author: Nicole is a business journalist by profession. Since, she is based in Singapore, she often writes about