Starting a business in Singapore is far simpler than you’d have thought. Provided that you could have all of the necessary prerequisites documents, you would possibly get done with it inside a day. The country has immense popularity of being a serious international hub for foreign investments and organizations.
Incorporation of company in Singapore could be quite a breeze for a foreigner; you only have to know the necessities to look out for and do some read as much as have a clearer picture on whole process. In this text, we’re going to provide you an overview of the requisites needed so that you can arrange an organization in Singapore. In summary, listed here are the stipulated requirements:
Singapore Company Incorporation Requirements
- Minimum 1 shareholder
- 1 resident director
- 1 company secretary
- Minimum paid-up capital of S$1
- An area registered office address
Appointing a Director
It’s a requirement for foreigners to appoint a minimum of 1 local resident director to establish their latest business in Singapore. A resident director is defined as a Singaporean citizen, a Singapore everlasting resident, or a one who has been issued an EntrePass(Entrepreneur Pass), Employment Pass, or Dependent’s Pass.
This individual should be greater than 18 years of age and will need to have no previous records of undischarged bankruptcy. A resolution must even be passed by the shareholders to appoint the local director.
You may also have to interact a Singapore registered filing/ incorporating agent to register your organization, as foreigners cannot self-register their company in Singapore.
Listed here are a number of the options on your local director:
- For those who don’t want to relocate, hunt down and employ an area/resident nominee director to do the incorporation
- For those who want to relocate to Singapore, engage a registered filing agent e.g. Sprout Asia to include your organization first whilst you apply for an Employment Pass/ EntrePass.
Other Company Registration requirements
Before registering, you have to to get your organization’s name approved by ACRA.
Next, the next set of documents are needed to be prepared:
- Signed Consent to Act as a Director for every director
- Signed Consent to Act as Company Secretary by the corporate secretary
- Identification and residential address details for every shareholder and officer of the corporate
- Company Structure
Once these incorporation documents have been prepared, you’ll be able to register your organization officially with ACRA. The registration process is conducted online and takes lower than an hour. An acknowledgement shall be given at the tip of the method.
If the applying is successful, ACRA will send you an email comes with the Certificate confirming the Incorporation of your organization. You too can acquire its printed version by paying a fee.
Typical Cost of Starting a Business
The associated fee of using a filing agent in Singapore also includes ACRA (Accounting and Corporate Regulatory Authority) expenses reminiscent of:
- Company name application: S$15 (reserved for 60 days and there could also be additional expenses)
- Company registration charge: S$300