subject: Tips For Initial Singapore Company Setup [print this page] Singapore is known to be one of the business capital countries in the world. It's no wonder that small and medium sized businesses and even business conglomerates from across the globe surge to this tiny nation.
If you are interested to put up a business in Singapore, here are some helpful things that will aid you in the process of incorporating your business.
Singapore Companies Act
The individual should be knowledgeable enough about Singapore Companies Act (SCA)if he/she plans to set up a company in Singapore.Singapore Companies Act has basically governed almost all type of business but be reminded that there are some type of businesses that might fall under some regulations depending on the kind of business.
Things needed for Singapore business set up
According to the law, a proper company should have;
1 Shareholder + 1 Director + 1 Company Secretary
The director:
The individual should be a resident of Singapore to became a director.He/she may also be Singapore Employment Pass holder.The company director should be at least 18 years of age and without any history of bankruptcy.
The shareholder
Maximum of 50 shareholders are required for a business in Singapore.Individual and corporate entity is accepted as shareholders. The director mentioned could be a holder of company share but could also be a different person. 100% local or foreign shareholding is permitted.
The company secretary
According to the SCA, a Singapore business set up must have a company secretary. The secretary should be appointed six months of company incorporation and should be a resident in Singapore.
S$1 is the minimum initial paid up share capital.
If you are an EntrePass holder, you are required to have a paid up capital of S$50,000.
A company should have a proper registered address.P.O Box address is not allowed and registered address is needed to be an office address.Singapore business formation is made much simpler with the help of a professional business start up service. The professional service provider will be assisting you in the whole process of business incorporation.
Professional business incorporation services ensure that they are giving you the correct information, proper documentation and where to get the right resources in putting up a business in Singapore.
A good business incorporation services give you recommendations regarding appropriate requisites for license customize to the kind of business you have and aside from that you can also take advantage of their concierge services such as finding the location of your office that fits your business, building your IT and networking infrastructure, etc.,
There are a lot of firms who can provide you essential services for the success of your business like taxation services, bookkeeping services and business accounting services.
