subject: Singapore Company Registration Basics [print this page] The republic of Singapore is extremely viewed to be the most business friendly country worldwide. With this, there has been a continued growth of company setups and registration in Singapore, which added to its positive economic status. It has been observed that a Singapore private limited company is the most preferred business setup of foreigners.
Singapore private limited company is usually preferred because Singapore allows 100% foreign shareholding of an organization, most foreign entrepreneurs find it convenient to set up a Singapore private limited company and own 100% from the shareholding, this is a separate legal entity that's distinct from the members, the liabilities from the Singapore company don't extend for the its members. In the event of debts or liabilities of the private limited company, members' personal assets remain protected, it's easier for any Singapore company to raise capital in comparison with other business structures and it qualifies as a nearby resident entity and can benefit from Singapore's low tax rates as well as other tax incentives.
Basic requirements for Singapore company registration include:
1.Minimum of $1 for the paid up capital
2.Minimum of 1 local resident director (i.e. Singapore citizen, Singapore Permanent Resident or Singapore work pass holder) that is a natural person and above 18 years.
3.Minimum of one local or foreign shareholder.
4.Appointment of 1 local company secretary.
5.Accessibility to an organization registered address.
Documents needed for Singapore company registration.
1.The approved name of your Singapore corporation;
2.A quick about the proposed business activities that your Singapore corporation will participate in;
3.Particulars with the Singapore corporation's directors, shareholders and company secretary (for instance name, address, citizenship, etc.);
4.The corporation's Memorandum and Articles of Association (MAA);
5.Passport copies or Singapore Identity card (IC) copies of proposed shareholders and directors;
6.Residential address proof of proposed non-resident shareholders and directors; and
7.Details from the parent company if the shareholder is really a corporate body.
Note at the same time that if you're a foreigner, you need to engage a business registration firm to proceed with Singapore company registration. This is because Singapore does not allow foreign individuals or entities to self-incorporate a Singapore corporation.
On the other hand if you are a local resident you have a choice to self-register a Singapore corporation. Keep in mind that in case you are self-registering a Singapore corporation, all the directors, the organization secretary and shareholders must either be Singapore citizens, Singapore PRs or Singapore work pass holders.
