Singapore is an Island country in Southeast Asia. It is a country that offers good business environment for both for locals and foreigners. Singapore is fast becoming the mark of future business and foreign investments due to its emergent economies. Due to the generous and relaxed policies for registering companies more people are attracted to Singapore for investments. Whether you’re an individual or a company, the procedure to register company in Singapore is simple.
Foreign and local business people over 18 years of age, can set up and register company in Singapore. Foreign persons are banned business or company, it is a obligatory requirement to take on firm.
The agency responsible for the registration for the company in Singapore is the ACRA. All applications are done online through Bizfile ACRA’s recovery system.
To start a Limited Company in Singapore, the following steps are required:
1. Eligibility requirements: prior to registration of a private limited company at the Singapore Registrar of Companies, there are certain things that must be measured. The corporation must:Have at least a director who must be a Singapore Citizen, Permanent Occupant in Singapore, a pass holder.Have a Singapore local address for the place of business.
2. Set up an approved name for the company. Swift tips for a flourishing approval is a name that is not obscene, is not related to an existing Singapore company name, is not already held in reserve and does not have any trademark infringements.
3. When the name has been approved, then the Certificate of Incorporation process takes place. A registration fee is requisite. Filing documents include a range of forms that require a Memorandum and Articles of Association (“MAA”) which outlines the company’s by-laws, organization and business activities. A Certificate of Identity, a Declaration of Compliance, office registered hours and the Director’s and top staff identities are additional information to be filed. Whatever registration firm that is chosen to represent a new business owner, will supply the necessary incorporating forms needed.
The entire registration process is automatic and efficient, the registration is extremely time-saving. Relocation to Singapore for business opportunities is a shrewd option for most of people due to the advantages in terms of tax and also the efficient bureaucratic processes. There are many benefits to registering a business:
1.The attractive tax regime makes Singapore a great investment destination.
2.Avoidance of double taxation Agreement is present for internationally trading companies.
3. Strategic location of Singapore in International trade.
There numerous advantages to registering a company in Singapore. Be wise to start now.