Singapore is one of the most prestigious and favorable regions for people who wish to establish their business enterprises thanks to the flexible taxation system, minimal bureaucracy, and unique infrastructure. If you are contemplating setting up your business enterprise in Singapore, you will learn that the most popular legal form that is most suitable for the foreign investors is a private liability company. So, remember this as you go through the procedures of company incorporation in Singapore.
There are lots of benefits of setting up a private liability company particularly for the foreign investors. Unlike a sole proprietorship or a partnership, a private company safeguards your personal assets. In the case of a limited company, dividend tax or capital gains tax does not apply here.
Requirements for Company Incorporation in Singapore:
1. At least one director must be a Singaporean citizen or a permanent resident of Singapore. Remember, there are no limits when it comes to the number of directors whether foreign or local.
2. The company is also expected to have a highly qualified company secretary who must be a permanent resident of Singapore. Specifically, the appointed company secretary should be experienced in maintenance, control and custody of company documents in accordance to Singaporean laws.
3. The registered company address should also be a physical address. A P.O. Box is not allowed. So, you can register either a residential or commercial physical address.
Once you are certain you are ready to incorporate your company, the procedures are split up into three phases namely the preparation stage which consists of approval of the name of the company, preparation of documents and signing of key documents. The second phase has to do with submission of actual application of company incorporation to the relevant authorities. The third and final phase comprises of opening bank accounts and obtaining relevant licenses and permits if required.
Remember certain business activities may be required to undergo further control measures by the relevant registering authority. Therefore, it may be necessary to obtain the necessary licenses or permit. These requirements are vital for financial institutions, banking institutions, recruitment agencies, bars, restaurants, touristic agencies, and insurance companies.
During company incorporation in Singapore, some special requirements may be put in place for business entities that import various goods to Singapore. This also applies to companies that engage in manufacture and sale of goods like liquor and foodstuffs in Singapore. Therefore, get all the relevant information prior to starting a company in Singapore.