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There are minimal requirements for starting a business in Singapore. Holding companies in the country are registered as private limited companies. As you look for the procedures on how to establish your business in Singapore, you need to seek advice from professionals on tax and legal implications involved. Self incorporation without the help of a professional firm is allowed in case all the directors, secretary and former shareholders have Dependent Pass Holders, Employment Pass and Singapore National Registration Identity Card.
Here are the basic requirements:
One or more shareholders
1. A private limited company in Singapore should have more than one shareholder, but less than fifty of them.
2. The shareholder can be a legal entity or a person. A 100 percent international shareholding is allowed.
3. New shares can be transferred or issued any time after the company completes the entire incorporation process.
One or more directors who are Singaporean residents
1. A resident is known as a Singaporean citizen, individual or permanent resident with an Entrepass, Dependent Pass or Employment Pass.
2. There is no limitation on the number of local and foreign directors to be appointed.
3. The director and shareholder are allowed to be the same person. Non shareholders can also be appointed as directors of a company.
4. Directors should have a clean criminal record and be above eighteen years old.
A secretary who is a resident in Singapore
1. Within half year of incorporation, the secretary should be appointed.
2. For companies with one director or shareholder, he or she cannot act as the secretary.
Paid up capital
· The minimum share capital to register a Singaporean company is s$1.
· The amount can be increased afterwards after the incorporation.
A genuine address
A commercial or residential physical address should be given as the recorded address of the firm. It must be approved by the Urban Redevelopment Authority and might not be a P.O Box address.
This is a process that can be finalized within three days. For those firms that are permitted for self incorporation without the help of a professional service, registration can be done online through BizFile Accounting and ACRA portal.
Once you make the decision to move on with self incorporation, here are steps to be followed to register a private limited company.
The first step is reserving the name of the company that should not be in use or have offensive terms. After the approval of the name it is reserved for two months.
Registration of the company
After the approval of the name, a formal incorporation request should be filed with the following:
1. Type of company
3. Details of share capital
4. Approved name of the firm
5. PDF of MAA
6. Registered location of business
It is possible for firms to be incorporated within fifteen minutes after payment of registration fees. For those that need review or approval it can two weeks and two months. The company is allowed to operate after all the documents are received and a Unique Entity Number is given. Yearly compliance requirements are less and include filling of annual returns and yearly general meetings. The first annual general meeting must be held within eighteen months after incorporation.
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Majority of people in around the world have been going to Singapore start their businesses due to the favorable environment that exists for those who need to run their companies. However, when you know the advantages of hiring these companies in Singapore, you will always be sure that you would run a successful business. The following are the advantages of hiring these companies:
First, when you choose a holding company in Singapore, it will always make sure that it provide you excellent services when registering your company. With the experience that they have, they will make sure that they do assist you start your company before furthering your growth from the market. You will definitely understand the procedure of registering your company easily in the Singapore market.
The cost of services when you hire these holding companies in Singapore is always cheaper when compared to what you can ever get from the market. When you hire their services, they will ensure that they save you huge amounts of money especially when acquiring the services you would need in Singapore. Many people who have hired their services have been able to save money especially when starting a business in Singapore. For instance, companies like Company Registration SG have been able to assist many people register their companies in Singapore before commencing their operations especially when they want to grow in the market.
Company Registration SG also have experienced experts who understand the business environment in Singapore thus enabling them to offer you information that will enable run a successful business in Singapore. Many business owners who have hired their services have been able run their businesses successfully thus attracting more people to gain a given percentage of the market share.
Company Registration SG also offer a wide range of services that you can choose such as register a company in Singapore when you need to start running your business. When you choose from their wide range of services, you will always get the best ideas on how to grow your business in the market.
They also enjoy a high reputation in the Singapore market for the services that they offer. With the high number of customers they have helped register and run their businesses effectively, they will always assist you run your business by gaining more customers.
In conclusion, the above information should help you why you should hire Singapore companies like company registration SG when registering your company.
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