Singapore Company Setup Minimum Requirements

Incorporating and establishing a Singapore company is already considered as one of the business trends today

. Many entrepreneurs are convinced that having a Singapore company would give them an edge on global business competition.

An initial advantage given to local and foreign entrepreneurs is the countrys corporate tax. New start-up companies pay Zero tax on the first S$100,000 of chargeable income for the first three consecutive years. A further 50% exemption is given on the next S$200,000 of the chargeable income.

These are the minimum setup requirements outlined for entrepreneurs who want to form a Singapore company:

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

Company Name: The company name must be approved by ACRA before the Singapore Company can be incorporated.

Shareholders: 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.

Resident Directors: Singapore Private Limited Company must have at least one director who must be an "ordinarily" resident in Singapore, which means a Singapore citizen, a Singapore permanent resident or a person who holds an Employment Pass/Entrepass or a Dependants' Pass with a residential address in Singapore.

Company Secretary: The company secretary must be a natural person who is an "ordinarily" resident in Singapore. Singapore Companies Act requires companies to each appoint a company secretary within six month of incorporation.

Share Capital/Paid-up Capital: The minimum paid-up capital for registration of a Singapore company is S$1 or its equivalent in any currencies. The minimum issued capital is one share of par value. "Bearer" shares or "No par value" shares are not permitted. The Share or paid-up capital can be increased anytime after incorporation of the company.

Registered Address: Every company registered in Singapore is required to have a registered office address. The registered address must be a physical address and cannot be a PO Box. Use of residential address is allowed for certain types of business.

Memorandum and Articles of Association: Memorandum and Articles of Association must be lodged with ACRA. Memorandum specifies the activities in which the company may engage whereas the Articles of Association specifies the rules governing the internal management of the company.

by: Shayne Hughes

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