Starting a Business in Singapore
Starting a Business in Singapore
Starting a Business in Singapore
Information on starting a business in Singapore should initially be gathered by entrepreneurs before proceeding with actual business registration and formation. With this, we will be introducing some information which we think would help local and foreign entrepreneurs start a Singapore company.
Singapore has made Singapore business registration more secured and comfortable.Almost every business processes are fully computerized thus resulting to a faster incorporation. In most cases, if all requirements are available, processing can be accomplished within 3 hours.
Initially, if you prefer to start a Singapore company, first thing to do is to hire a professional business registration firm, which will facilitate all the submission of documents and business registration processes and concerns.
Basics on Singapore company registration:
Investors should come up with a decision on what business structure is suitable on their business operation. The considerations and concerns when you form a Singapore company depend on the type of business structure. The foreign business structures include the following:
Branch office: A branch office is an extension of its foreign parent company and is not a separate legal entity. Liabilities extend to the parent company.
Subsidiary: A subsidiary is a Singapore private limited company and is a separate legal entity. Liability is limited to the subsidiary and does not extend to the foreign parent company.
Representative office (RO): A RO has no legal status and is a temporaryadministrativeoffice meant for conducting market research or co-coordinating activities. Liabilities extend to the foreign parent company.
After choosing a business structure, investors can now proceed by securing necessary documents which includes the following:
The approved name of your Singapore corporation;
A brief description of the proposed business activities that your Singapore corporation will engage in;
Particulars of the Singapore corporation's directors, shareholders and company
The corporation's Memorandum and Articles of Association (MAA);
Passport copies or Singapore Identity card (IC) copies of proposed shareholders and directors;
Residential address proof of proposed non-resident shareholders and directors; and
Details of the parent company if the shareholder is a corporate body.
Work visa is another significant item in forming a Singapore company. The following are two of the most common work visas used by foreign companies.
Employment Pass work visa for foreign professional working in Singapore. Foreign individuals who incorporate a Singapore company and wish to run its operations in the country must also apply for an EP. Non-Singaporean shareholders or managing directors of a Singapore company are also eligible to apply.
EntrePass work visa that caters to foreign entrepreneurs who lack the appropriate tertiary education or specialist skills qualification, but have proven records of successful accomplishment in business ventures.
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