Needed Information In Formation of Company In Singapore

Needed Information In Formation of Company In Singapore

Singapore is globally known to be one of Asia's greatest business capital with the best business environment in Asia this past few years. Small and big time businessmen are always welcome in Singapore even if the country is not that big. 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

To begin business formation in Singapore you must be familiar with the Singapore Companies Act (SCA). 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.

Requirements for Singapore business set up:

The law states that in order to set up a company in Singapore, the company must have a minimum of 1 Shareholder + 1 Director + 1 Company Secretary.

It is required that the director of the business or company is a resident in Singapore. Singapore allows an individual with an Employment pass holder to be a director. It is necessary that the candidate for director is 18 years of age and above.

The Shareholder:

Basic Singapore business setup is composed of a maximum of only 50 shareholders. The share holders may be individuals or a corporate entity. The said director can be the shareholder as well or they can be separate individuals. In shareholding, Singapore accepts any kind of nationality whether local or foreign.

The Company Secretary:

According to the SCA, a Singapore business set up must have a company secretary. The company secretary needs to be appointed within six months of company incorporation and he/she must be a resident of Singapore.

S$1 should be the minimum initial paid up share capital. If the individual is an EntrePass holder, his/her paid up capital will be S$50,00 if not his/her minimum paid up capital for registration is S$1.

It is a necessity for the company to have a registered office address. The office address must be a Singapore registered address and addresses with a PO Box are not allowed.

Asking help from a professional business firm in Singapore would mean a great help in the whole business forming process in Singapore. The help of the professional service provider will give you great help in forming business in Singapore. Professional service provider will help you not just in providing the needed information but also they will help you through out the whole process of incorporation.

Professional business incorporation will provide you legal documents and resources which your business needs.

Things like looking for a good location for your office, enhancing your infrastructure and providing you legal documents will be the main services business incorporation can give you.

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