Singapore has an outstanding reputation as far as business field is concerned. The government provides a well-structured tax exclusions as well to companies enumerated with them. For that reason, entrepreneurs are moving to Singapore with numerous business proposals. The government of Singapore, according to Singapore Companies Act, permits any individual who is above 18 years to register a company. Nevertheless, several companies in Singapore have been registered as private limited companies. This is because it is a tax efficient corporate frame and none of any shareholders will be liable to company’s debts going beyond the capital they hold.
There are some things which one should consider before approaching the government for business registration.
- The company should have a valid Singapore address, not a P.O box.
- The government ought to approve the company’s name.
- The company may have any number of directors, nonetheless at least one ought to be a Singapore citizen.
- The company is not a must to have an authorized capital. Nevertheless, a minimum share capital of $1 should be accounted.
- The company should appoint a Singapore resident as the Company Secretary.
- Foreign citizens do not need any special Singapore visa in case they wish to incorporate a company there. Nonetheless, if you plan to relocate, you will require an Entrepreneur pass or Employment pass
When these things are all in place, one can now proceed with the registration procedure. At registration time, the registrar would needs the Company name, a description of the activities to be carried out by the business, details of all shareholders, a registered address, company secretary as well as the directors and the Memorandum and Articles of Association. Every person involved in setting up the company should also provide an identity proof.
Singapore Registrar of Companies do have a computerized process which makes registration process simple and efficient procedure. Filling an application form with the Registrar finalizes the company’s name approval or rejection within an hour. After that, registration process will take a few hours’ time as long as documents are kept ready. The process is completed with a registration fee of S$300. For faster approval of the company’s name, the name ought to be new and should not similar to an existing company. The uniqueness guarantees faster approvals.
When done with company registration, the Registrar then sends an email informing process completion and the mail contains the registration number. This is now the official incorporation Certificate. Likewise, the Business Profile will be passed on by mail as well. In order to get the hard copy of the certificate, small fee is payable at the Registrar’s office
Since the whole Singapore company registration process is computerized and well-organized, it is extremely time-saving. Moving to Singapore for business niches is a wise decision for many people due to the pros in terms of tax as well as the efficient bureaucratic procedures.