Rules Of Singapore Company Setup For Foreign Companies

Singapore allows foreigners to register a company in the country and retain 100 per cent ownership

. Shares can be held by foreign owners residing anywhere in the world and they are not expected to relocate to Singapore to manage the business. While starting a business in Singapore is extremely simple and foreigners can form a Singapore Company from overseas, they still have to follow certain rules that are mandatory. Some of these rules are as follows:

1) Foreigners must appoint a local incorporation agent based in Singapore itself to apply for company incorporation. They cannot apply on their own or try to self-register the company. The local agent can be a full incorporation service company or an agency. There are no restrictions on the type of incorporation agent you appoint as long as they are local Singapore residents. Foreign companies are allowed to use the Singapore agency for other services as well such as for accounting needs, nominee directors, and corporate secretary requirements etc.

2) Before applying for Singapore company setup, the foreign owners must obtain a registered business address within Singapore itself. Overseas addresses are not allowed for incorporation in Singapore. The business address must be within Singapore and cannot be a PO Box. It must be an actual physical address where official communication can be sent.

3) All companies registering in Singapore must have at least one local resident director and one local company secretary. While there are no restrictions on foreigners acting as shareholders and directors in the Singapore Company, they must appoint at least one director who is a local resident of Singapore. This can be a nominee director as well and once someone from the overseas office has relocated to Singapore, they can start acting as the local director.

4) If registering a subsidiary company in Singapore, foreign businesses must submit a fresh Memorandum and Articles of Association and also submit the particulars of each shareholder and directors of the company. However, if registering a foreign owned branch office in Singapore, then the same Memorandum and Articles of Association must be used as the parent company.

5) Before proceeding to actual company registration, the proposed company name must be approved from the company registrar. Company names cannot be already in existence or trademarked by other firms. They should also not be considered obscene or vulgar in Singapore. Company names can be in English and if registering a subsidiary company, then it can be different from the name of the parent company.

by: Bryan Wong

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