subject: Helpful Ideas in Putting Up A Business In Singapore [print this page] Helpful Ideas in Putting Up A Business In Singapore
Singapore is one of the leading Asian countries for business and commerce and has been rated a country is always named as one of the best business Environment around the world.So it is not surprising that small and big businesses are present in this not that big country.
Listed below are some helpful tips that will aid you in starting a business in Singapore.
Singapore Companies Act
To begin business formation in Singapore you must be familiar with the Singapore Companies Act (SCA).Companies in Singapore is mainly governed by Singapore Companies Act and some other companies will be under different regulations and will be largely depend on the type of business.
Requirements for Singapore business set up
For a proper company set up, the law requires a minimum of 1 shareholder, a director and a company secretary.
The director:
A Singapore permanent resident is qualified to be a director.He/she may also be Singapore Employment Pass holder.The director of the company must be above 18 years of age and must not be bankrupt nor have prior record of malpractice.
The shareholder
Law requires a maximum of 50 shareholders.Individual or corporate entity is permitted. They allow if the director can be a shareholder.100% local or foreign shareholding is permitted.
The company secretary
A Singapore business set up must have a company secretary.Appointing a secretary should be six months within the incorporation of the company and that the individual is a resident in Singapore.
The minimum initial paid up capital allowed is S$1.
For EntrePass holder the minimum paid up capital now will be S$50,000.
A registered office address is a must for company set up in Singapore.The office address must be a Singapore registered address and addresses with a PO Box are not allowed.
If a professional service will be present, then the whole process will now be more easier. The incorporation process of the company will now be manageable if there will be a professional service provider present.Professional service provider will be with you until the incorporation of business and not just in the registration process.
A professional service provider will be giving you all the needed legal data and documentation and proper resources for setting up a business in Singapore.
Business incorporation services advise you on the relevant licensing requirements specific to your line of business and you can also avail useful business concierge services that can help you find a suitable location for your office, develop your IT and networking infrastructure etc.
Services like taxation services, bookkeeping services and business accounting services are always available.
