Singapore Company Incorporation Minimum Requirements
Singapore is regarded as one of the best business locations worldwide and it provides the best quality of life in Asia
. The country uses high technology in every opportunity and provides complete facilities, which brings about comfort to residents, tourists and most especially foreign investors. Singapore is also regarded as one of the fastest growing economy in the world with a growth of 17.9% in its GDP in the first half of 2010. With this, we are excited to provide you the basic information needed to start a Singapore company. Now, we will provide you with basic information needed for Singapore company incorporation.
These are the company incorporation minimum requirements:
Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary
Minimum initial paid-up share capital is S$1
Singapore Company must have a Singapore registered office address
In addition, entrepreneurs who wish to form a Singapore company should also take note of the following basic incorporation considerations:
The company name must be registered in ACRA before incorporation would happen. The company name should be unique and desirable.
There should be a minimum of at least one corporate or individual shareholding is required. A director and shareholder can be the same or different person. 100% local or foreign shareholding is allowed. Singapore Companies Act allows a minimum of one and a maximum of 50 shareholders for a Singapore Private Limited Company. Details of shareholders will appear on public records.
There should be at least one resident direct who must be a Singapore resident.
The company should appoint a company secretary who is also a resident in Singapore. Singapore Companies Act requires companies to each appoint a company secretary within six month of incorporation.
The minimum paid-up capital for registration of a Singapore company is S$1 or its equivalent in any currencies.
There should be a registered address which must be a physical address and not a PO Box. In certain types of business, use of residence address is possible.
The Memorandum and Articles of Association, a memorandum which details all the activities which the company are authorized to deal with should be filed in ACRA.