Company Registration Singapore: Incorporation Guide
By: asiabiz | Posted: 13th December 2010
It has been known worldwide that Singapore is a country that is open minded and multicultural. The country has been popularly Known as the business hub because of what it has to offer to investors. This popularity and economic stability of Singapore attracted local and foreign businessmen and companies to start a Singapore company.
If you are a businessman planning to establish a Singapore company, you can start by making a thorough research on the status and reputation of Singapore. You can then gain knowledge and decide whether to venture business in Singapore or not after being able to collect sufficient information about the feasibility of the country for business.
If you have already decided to proceed with a Singapore company, please read on as we will be providing you company registration Singapore guide that will make you aware on basic requirements and regulations for business operation in Singapore.
Key information for company registration are the following:
- Company Name. The name must be approved before incorporation of the Singapore company can occur.
- Directors. It is mandatory to have at least one resident directorThere is no limit on the number of additional local or foreign directors a Singapore Company can appoint. In order for directors to be eligible he/she must not be less than 18 years old and must not be undisclosed bankrupt or convicted for any illegal practice in the past.
- Shareholders. A minimum of 1 to 50 shareholders are allowed in a Singapore private limited company. A director and shareholder can be the same or different person.The shareholder can be a person or another legal entity such as another company or trust. Full ownership of foreign or local is allowed.
- Company Secretary. A company must appoint a qualified company secretary within 6 months of its incorporation as stated in Section 171 of the Singapore Companies Act. The company secretary must be a natural person who is ordinarily resident in Singapore.
- Paid-up Capital. S$1 is the minimum paid-up capital for registration of a Singapore company. After the incorporation of the company, paid-up capital (also known as share capital) can be increased anytime. The concept of Authorized Capital for Singapore companies is no longer existent.
- Registered Address. One must provide a local Singapore address as the registered address of the company so that one can register a Singaporean company. The registered address must be a physical address (can be either a residential or commercial address) and cannot be a PO Box.
- Taxation. Singapore registered companies enjoy very attractive tax exemptions and incentives.One of the main reasons entrepreneurs from all over the world choose to form a Singaporean company was the aforementioned.
AsiaBizSetup is a leading corporate services firm that assists entrepreneurs and investors start a Singapore company with setting up a Singapore company incorporation and other corporate services. The firm provides a range of services to assist the success of the Singapore offshore company, including opening Singapore corporate bank accounts.
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Tags: businessman, businessmen, incorporation, shareholders, 18 years, shareholder, feasibility, legal entity, business operation, company registration, economic stability, company secretary, private limited company, singapore company, business hub, singapore companies