Some Tips To Keep In Mind While Setting Up A Company In The Singapore

Singapore is the most crucial place of industrial development in the recent days

. Its importance as a place of business hub is increasing day after day. Numerous businessmen and company owners are getting interested in this place due to several reasons. But a simple interest is not everything that can help you to develop a business in this place. You need to know several rules and regulations to set up a company in the Singapore. Almost each and every country has their own terms and conditions to set up a company. Before proceeding into any such process you require to obtain all such knowledge and need to gather ever important information that are essential for setting up a company. The same process is applicable for setting up a company in the Singapore as well. Hundreds of companies from all over this world are getting interested in this place for their business in the central business district in Singapore. Companies in various sectors that may be in the banking or some law firms or may be some art and architectural companies are really taking much interest in this place due to the geographical location and the exceptional communication ease. The Singapore Economic Development Board has published a report that approximately more than seven thousand multinational companies in various spheres of business possess registration in this place.

Singapore has tuned out to be a regional head quarter of business till today. Various entrepreneurs from the international level get this Singapore registration as a very well known alternative for them. They really work very quick process. This rapid procedure really instigates the interest of many business owners to go with their new venture. Getting the registration in Singapore is not at all any such hectic process as far as the establishment of any such business is concerned.

You can take the help or any such consultation of various service firms. In this way the process will be a little smoother. At the very initial level you need to determine any name and corporate structure of the company that you want to set up. In this process the service firm will bring the application form from the Accounting and Corporate Regulatory Authority of Singapore, which you need to fill up with various details about your dream project so that you can have the registration. The most interesting and appreciable thing is that the authority does not take much time and complete the process very quickly in general case though they may give a positive reply or may be a negative. But they do their job very fast and quick. The external authority only takes 1-3 weeks for the notification purpose, as they need some time for the review purpose for the pending name.

Then if you get the approval then you need to appoint one individual director who has to be a resident and the person has to be a classified Singapore citizen. Actually the director has to be a permanent citizen with an Entrepass or may be an Employment Pass or Dependent Pass. Then you need to appoint one shareholder at least. But you can have the option that the director and the shareholder can be the same person. You can appoint maximum 50 shareholders in a private limited company. S$1 is the minimum share capital for any such registered company, which must have an authorization. ACRA gives the certificate of incorporation and one can verify the details over ACRA online public register. Foreigners need to focus on some more factors while setting up a company in this land. The owner has to be above eighteen. The foreigner needs to have an Entrepass if the person is not having Singapore citizenship.

by: Hampry

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