subject: About Company Registration Singapore Procedures [print this page] The Singapore Registrar of Companies made certain that Company registration Singapore procedures are completely computerized. The said computerization enables the process of incorporation fast and efficient because it abolished the prevalence of bureaucracy and red tape present in other systems. In normal cases, company incorporation is estimated to be 1-2 days.
Company registration in Singapore procedures involves two essential steps namely: a) Approval of Company Name and; b) Incorporation of Company. If there are no nuisance related to the process of name approval or particulars of directors/shareholders the two steps can be done on the same day.
Procedure 1: Approval of Name: It is essential that one already have an approved business name before the formal business setup. The company registrar is responsible in processing the approval of business name. The authorized business registration firm that you employ will be the one who will facilitate the business name application as the first step in incorporation process.
Procedure 2: Company Registration: Assuming incorporation pertinent papers are ready and have a registered business name, the filing of incorporation as well as the approval from the Registrar of Companies can be completed in just a few hours.
There are some things to be taken consideration into in incorporation process and they are the following:
* Company Name. Before incorporation of the Singapore Company will occur, the name must be approved.
* Directors. It is required to have one at least one resident director. [There is no limit on the number of additional local or foreign directors a Singapore Company can appoint. On the other hand, the number of additional local or foreign directors appointed in a Singapore Company has no limit. However, no limit has been set as to the number of additional local or foreign directors to be appointed in a Singapore Company. The minimum age accepted for appointed directors is 18 years old. Also, the appointed director should not be undisclosed bankrupt or convicted for any illegal practice in the past.
* Shareholders. A Singapore private limited company can have a minimum of 1 and maximum of 50 shareholders. A director and shareholder can be the same or different person. The shareholder can be a person or another legal entity such as another company or trust. 100% local or foreign shareholding is allowed.
* Company Secretary. All registered company should appoint a qualified company secretary within 6 months of its incorporation, as stated in 171 of the Singapore Companies Act. The company must also make certain that secretary must be a natural person currently resident in Singapore.
* Paid-up Capital. S$1 is the minimum paid-up capital for a registration of a Singapore Company. After the incorporation of the company, the paid-up capital which is also known as share capital can then be increased anytime. The concept of Authorized Capital for Singapore companies is non-existent.
* Registered Address. In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. It is also important to take note that the registered address must not be a PO Box; it must be a physical address which can either be a residential or commercial address.
* Taxation. The salient benefit that Singaporean registered companies enjoy is the very appealing tax exemptions and incentives. Entrepreneurs from around the world prefer to form a company in Singapore because of the said incentives.
