An Overview on the Process of Forming a Singapore Company
By: ashley123 | Posted: 25th November 2010
A company is a type of business formation which stands on its own as a legal entity separate from its owners, or more correctly referred as shareholders.
For businessmen who want to enjoy a more stable business structure and "limited liability," most professionals recommend a Singapore company which is traditionally viewed as the most ideal setup for medium- and large-sized enterprises.
Steps on how to setup a company in Singapore:
1. Company name registration.The name of the company submitted in the Registrar of Company (ROC) cannot be used for other company entity, should not violate the trademark of other organizations and also is non suggestive of indecency and vulgarity.
2. After the approval of ROC, the organization will open a bank account purely for its business.
3. Memorandum and Articles of Association should be filed to ROC These documents explains the intent to incorporate, the business activities a company will be engaged to, and the policies governing its internal management which should include the issuance and handling of the stock shares, the board of directors, and the key executives and officers.
4. Complying the necessary requirements as stipulated by the Singapore Companies Act like being able to secure an office address and being able to appoint at least one shareholder (which could be a an individual or a corporate entity), a qualified secretary and resident director.
- The range for share holders is from 1 to 50 persons or corporate individual.
- The resident director can be an individual holding a permanent residence in Singapore, a Singaporean citizen or a foreigner with employment pass, EntrePass, or Dependant Pass with residential address in Singapore.
- The secretary of the company should be capable of doing the responsibilities entailed in the said position and should not be one of the shareholders.
- A registered office address, which should be a "physical address" and not a PO Box, is where the authorities will send the notifications to a company. Additionally, it is also the place where shareholders will store the legal documents. (Note: If the registered office address is a residential and not a commercial place, a company should seek the permission of the Housing and Development Board or the Urban Development Authority.)
5. Before the company starts its operation, the company must first pass the new business start-up documents to ROC. Furthermore, the company is required to file for an identity certification of all the shareholders and officers, notice of the location of a registered address, statutory statement of compliance, return of allotment of shares, profiles of all the main executives (e.g., secretaries, directors, and auditors), and signed and notarized consent of each person who will act as a director.
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Since 1998, Rikvin consultancy has been providing highly professional company incorporation services, both in attractive standard packages as well as customised services. Online incorporation being a hallmark service, other services of Rikvin include Singapore Corporate Tax, Offshore Incorporation, EntrePass, Singapore Employment Pass, Personalised work Pass application, GST Registration, Singapore Accounting Services, Tax Planning & Consulting, and Business Plan Drafting.This article is copyright
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Tags: corporate entity, share holders, necessary requirements, residential address, singapore company, memorandum and articles, company in singapore, employment pass, singapore companies, resident director