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Incorporating A Business In Singapore

February 27, 2018 | Author: | Posted in BUSINESS

Singapore’s company registration process is straightforward and can be done without much fuss. You can have a fully registered company within minutes if you have all requirements prepared and as long as you’re deemed qualified. Singapore carries out firm yet effective laws, though, making sure the speed and simplicity of the process don’t make the whole system less legitimate. This allows all businesses to gain fairly in the system, and stop others from taking undue advantage of it.

Everyone has a fair chance of making it in the country, whether they are a local citizen or a foreign investor. They submit to the same process, though with just a couple of minor differences. Singaporean citizens and permanent residents have their NRIC number or SingPass so they can submit their own application for company incorporation online. But for foreign citizens who want to be actively involved in the operations of their company, they would need to apply for an EntrePass visa from MOM, or the Ministry of Manpower.

If you are a foreigner who does not intend to stay in Singapore to supervise your company’s operations, can go through company incorporation process without the need to request for an EntrePass. You would just need to have at least one local resident director, who is a local citizen or permanent resident residing in the country. You can also appoint a nominee director from a company incorporation Singapore services company to act as your local resident director.

But no matter what your citizenship is, you are eligible to register a company in Singapore if you’re at least 18 years of age and not an undischarged bankrupt. Or if so, you need to obtain the permission of the High Court or the Official Assignee. You likewise need at least one shareholder besides the aforementioned resident director. The resident director and the shareholder can be one person if the lone shareholder is a person and not a corporation. Singapore allows 100 percent local or foreign shareholding as well.

You would need a registered office address, not a P.O. box number, as your corporation’s official address. Within six months of registration, you would need to hire a company secretary who is ordinarily a resident of Singapore. Also, ACRA (Accounting and Corporate Regulatory Authority) should approve your proposed corporation name first. And in order to obtain ACRA’s approval, the corporation name should not be undesirable, identical to another existing company, or similar to established names or trademarks.

For related articles on company formation in Singapore or Click here to learn more.



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