There is no better country to set up a business or a company than the world’s leading Asian country. Singapore has consistently earned a good reputation in commerce due to its welcoming tax laws and favorable intellectual property laws. Most companies in Singapore are recognized and registered as limited liability companies.
Forming a private limited company is the most popular and widely used type of structured business. Foreign and local entrepreneurs over the age of 18 can form and registering a company in Singapore.
There are regulatory and legal requirements that entrepreneurs must file through a professional company on their behalf to properly commence operations in Singapore.
A professional company for registration in Singapore is the only type of appointed company that can register or incorporate a business in Singapore. Business registration Singapore and company laws in Singapore state that local or foreign individuals cannot register their own company or business.
Entrepreneurs can either operate a business while residing outside the country or they can operate a business while residing in Singapore. In both cases, a permanent, physical address in Singapore is required, but not a P.O. Box number, so that a licensed registration company can operate on behalf of the business owner.
To incorporate a limited liability company in Singapore, the following steps are required:
1. establish an approved name for the company. A quick tip for successful approval is to have a name that is not obscene, is not similar to an existing company name in Singapore, is not already reserved, and is not trademark infringing.
2. Once the company name is approved, the Certificate of Incorporation is issued. A registration fee is required. Documents to be filed include various forms requiring a Memorandum and Articles of Association (“MAA”) describing the company’s articles of incorporation, structure and business activities.
A Certificate of Identity, Declaration of Compliance, office hours, and the identity of the director and officers are other information that must be filed. The registration company chosen to represent a new business owner will provide the required incorporation forms.
The Many Benefits of Registering a Company in Singapore
Singapore is fast becoming a destination for future business and foreign investment due to its growing economy. Its incredible and rapid rise as the business mecca of Southeast Asia depends heavily on its ability to attract foreign investment and lead local businesses to profitable success.
Thanks to its generous and lenient company registration policies, more and more people are being attracted to invest in Singapore, and the benefits far outweigh those of any other country.
Advantages of Singapore company registration
1) Fast, easy and cost effective registration.
Company name registration is done with ACRA (Accounting and Company Regulation Authority), which can approve (or reject) company names in as little as one hour. If all necessary forms and documents are prepared according to the requirements, the registration process takes only a few hours.
Full foreign ownership is allowed and the minimum paid-up capital is only S$1.00. In addition, only one director and one shareholder are required, and they can be the same person.
0 Comments