Singapore Company Incorporation Essentials

Singapore Company Incorporation Essentials

Incorporation is the process of forming a corporation which is the most stable and efficient type of business structure, making this the most popular setup among entrepreneurs operating in the medium- and large-sized enterprises in Singapore.

Meanwhile, here are the important things related to Singapore company incorporation: - Company Name. A business name should be first approved by the Accounting and Corporate Regulatory Authority (ACRA) before a company is incorporated. To make sure that the company name is not rejected, it should not be identical to another existing business, should not be deemed indecent, or should not be violating the trademarks of other organizations. - Shareholders. In Singapore, a company (or more commonly referred as corporation in the US and other European countries) that falls under the category of a "private limited company" is allowed to have one to 50 shareholders who are prohibited to trade in the stock market. On the other hand, a "public limited company" is allowed to have more than 50 shareholders since it can invite the public to inject money for its business expansion. - Resident directors. Under the Singapore Companies Act, a company should have at least one resident director who may be a "natural citizen" or a foreign individual who holds EntrePass, Employment Pass, Dependant Pass, or PR. It is important to note that a resident director must have a registered residential address in the country. Meanwhile, there is no limit on the number of additional directorsregardless if they are a foreign or local individualas long as they are at least 18 years old, must not be "undischarged" bankrupt, and must not be convicted of any criminal malpractices. - Company secretary. A company secretary must be a resident of Singapore and has certain qualifications for the said position. (A secretary should be appointed within six months of incorporation.) - Share capital or paid-up capital. Under the Singapore Companies Act, the minimum paid-up capital is S$1 if the business is owned by a "natural citizen" or holder of Employment Pass. But if the company is owned by an EntrePass holder, the minimum paid-up capital should be S$50,000. - Registered office address. A registered address may be a commercial or residential address. For a residential address, the shareholders should seek permission from the Urban Development Authority or the Housing and Development Board. - Memorandum and Articles of Association. These documents specify the commercial activities of a company and the rules and policies governing its internal management.

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