Wish to know about Singapore company incorporation? Singapore is famous all around the world for its pro-business environment and advanced economic policies. The city never fails when it comes to drawing the attention of the entrepreneurs as well as organizations from all around the globe. This is the reason why Singapore welcomes thousands of expats from all over the world to embark on the journey of company incorporation in the country.
A majority of business enthusiasts prefer setting up a company or business in Singapore in the form of a private limited company. Forming a private limited company in Singapore turns out to be one of the most common, yet flexible business structures out there. Moreover, there are several benefits of forming a private limited company in the given island country. One of the major benefits of forming company incorporation in Singapore is that it can be completely owned by foreign stakeholders. Due to the business-friendly policies in the nation, the business aspirants are allowed to incorporate a business organization with a minimum amount of capital in hand. Moreover, the paid-up amount can be easily raised even after the company’s incorporation.
Private incorporation in Singapore is regarded as a tax resident of the nation’s jurisdiction. Moreover, the private limited company is also entitled to make use of all the respective tax benefits that are rolled out to the companies by the country.
The Procedure of Singapore Company Incorporation
The ACRA (Accounting & Corporate Regulatory Authority) in Singapore is known to oversee the process of business or company incorporation in the country. The process of incorporation is regulated by the Singapore Companies Act, Cap 50. As a company owner, you are required to follow two vital steps:
- Approval of the Company Name: You are required to choose two to three company names and check the availability of the same on the official website of ACRA. The name is expected to be unique as well as meaningful. It should not violate any trademarks, copyrights, or patent law in the country. Once the company name approval is complete, the company owners can proceed to the next step.
- Company Registration: For registering your company, you can fill up the application form once the company name has been given approval by the concerned authorities. It is important to submit all the necessary documents along with the application form for company registration. Once you have submitted the form along with the documents successfully, you will receive a confirmatory email from the authorities giving the notification that you have applied for company incorporation in Singapore. You might as well receive the soft copy for the incorporation certificate through your email.
What are the Requirements for Company Incorporation in Singapore?
You are required to fulfill the requirements for the company registration process.
- You should start with appointing at least one director who is a resident of Singapore. The director should be a citizen, a PR (permanent resident), or an employment pass holder.
- The number of shareholders for company registration should be between 1 & 50. Both the entity as well as the individual can be the shareholder.
- The minimum amount for paid-up capital for company registration is just S$1.
- There should be the presence of a registered local office address for your company. The address should be a physical address. P.O. box addresses are not allowed.
- Once six months of company incorporation in Singapore has been completed, a company secretary is required to be appointed.
Once you have met the desired requirements, you can go forward with completing the company incorporation formalities.