Helpful Ideas In Putting Up A Business In Singapore
Singapore is one of the leading Asian countries for business and commerce and has
been rated a country is always named as one of the best business Environment around the world. So it is not surprising that small and big businesses are present in this not that big country.
If you are planning on starting a business in Singapore here are some useful tips that can help you in the Singapore business incorporation process.
Singapore Companies Act
A knowledge about Singapore Companies act is a must. Singapore companies are primarily governed by the Singapore Companies Act, but it must be noted that companies may fall under regulations of other statutes based on the type of business they are into.
Requirements for Singapore business set up:
It is mandated by law that a company should have a minimum 1 shareholder, 1 director and a company secretary.
* The Director. A Singapore permanent resident is qualified to be a director. He/she may also be Singapore Employment Pass holder. The director of the company must be with clean reputation without any history of bankruptcy and is at least 18 years of age.
* The Shareholder. Law requires a maximum of 50 shareholders. Individual or corporate entity is allowed. The director can be a shareholder or a separate individual. Foreigners and locals are welcome.
* The Company Secretary. A secretary is a must in a company. Appointing a secretary should be six months within the incorporation of the company and that the individual is a resident in Singapore.
It is required that the minimum initial paid up capital is only S$1.
For EntrePass holder the minimum paid up capital now will be S$50,000.
The Singapore company setup must have a Singapore registered office address. P.O Box is not allowed for the company address.
Singapore business formation is made much simpler with the help of a professional business start up service. A professional service provider can aid you in the process of business incorporation in Singapore. A professional service provider will not only assist you in registering a company in Singapore but will also assist you throughout the entire process of business incorporation.
A professional service provider will be giving you all the needed legal data and documentation and proper resources for setting up a business in Singapore.
Business incorporation services advise you on the relevant licensing requirements specific to your line of business and you can also avail useful business concierge services that can help you find a suitable location for your office, develop your IT and networking infrastructure etc.
There are many offers like taxation services, bookkeeping services and business accounting services.