Singapore is globally known to be one of Asia's greatest business capital with the best business environment in Asia this past few years
. Small and big time businessmen are always welcome in Singapore even if the country is not that big. If you are planning on starting a business in Singapore here are some useful tips that can help you in the Singapore business incorporation process.
Singapore Companies Act
In starting up a business in Singapore, it is necessary that the businessman knows the whole idea of Singapore Companies Act (SCA). Be noted that companies in Singapore are only administered by Singapore Companies Act while other companies depending on each type follows some other form of regulations of business they are into.
Requirements for Singapore business set up:
The law states that in order to set up a company in Singapore, the company must have a minimum of 1 Shareholder + 1 Director + 1 Company Secretary.
It is required that the director of the business or company is a resident in Singapore. Singapore allows an individual with an Employment pass holder to be a director. An individual which age is 18 years and above is allowed to be a director.
The Shareholder:
Basic Singapore business setup is composed of a maximum of only 50 shareholders. The share holders may be individuals or a corporate entity. The said director can be the shareholder as well or they can be separate individuals. In shareholding, Singapore accepts any kind of nationality whether local or foreign.
The Company Secretary:
According to the SCA, a Singapore business set up must have a company secretary. The company secretary needs to be appointed within six months of company incorporation and he/she must be a resident of Singapore.
S$1 should be the minimum initial paid up share capital. If the individual is an EntrePass holder, his/her paid up capital will be S$50,00 if not his/her minimum paid up capital for registration is S$1.
The Singapore company setup must have a Singapore registered office address. Singapore only accepts registered address and P.O Box is not allowed.
Asking help from a professional business firm in Singapore would mean a great help in the whole business forming process in Singapore. Professional service provider will give you extra help in terms of making the business process fast if you want. Professional service provider will help you not just in providing the needed information but also they will help you through out the whole process of incorporation.
Professional business incorporation will provide you legal documents and resources which your business needs.
Consulting a business incorporation service will make your work a lot easier because they will help you find a good location for your business, help you in your networking facilities and the most important thing is that they will be providing you legal documents needed for the incorporation of your business.