Perhaps you have heard about how great Singapore is with its well-enforced laws and great tax regulations, especially for business operations.
It has been known that this strategic Southeast Asian Country is regarded as one of the best countries for entrepreneurs both locals and foreigners to start bet their luck and start their business.
Each day, many foreign people try to register their businesses in Singapore.
If you are planning to join them in securing a business of your own in this country, then here are what you need to prepare for a smooth company formation process.
1. Company Name
Your business of course needs a name for people to refer it with. This name will also be used in legal documents. So, you have to come up with one that is catchy and like no other. At the same time, you must pay attention to the words that you use. A registered company name must be free of any copyright infringement issues and the use of inappropriate words to be approved.
Some words like finance, law, media, and others in the name of your company might take a little longer to process your company formation in Singapore, however it is okay to use any of them.
2. Business Type
It is important to know what kind of business entity that you are planning to run in Singapore.
The types of businesses that you can register in Singapore as a foreigner are a representative office, branch office, subsidiary company, or re-domiciliation company.
Each type of business has different advantages and disadvantages compared to each other especially in terms of tax regulation or exempt that will be enacted upon the business.
The liabilities differ as well, and it is very important for all entrepreneurs to understand which one is the best for your business plans and goals.
If you are not sure of which type of business entity to choose, you can start by considering the size of the company that you want to start as well as the purpose of the business itself. Then, you can match it with the pros and cons of the entities.
3. Company Officers
After you know the basic foundation of your business, then it is time for you to choose and appoint several people to work for your company as a successful company registration requirement.
At the very least, your Singapore company formation needs to have three positions to be filled, which are the local director, secretary, and shareholder.
The local director of your company must at least be 18 years old with clean records from crime and bankruptcy. The director can be a Singapore citizen, permanent resident, or an Employee Pass holder.
The secretary of the company, meanwhile, needs to be a native person with the right background to commence day-to-day work accordingly.
As for the shareholder, you will need at least one person that have paid-up capital of 1 SGD.
For sole proprietorship business, the number of shareholders can go as high as fifty people maximum.
4. Local Address
Once the officers of the company have been settled, now you have to find an address for your company.
This address must be located in Singapore and cannot be a post office box and must be physical to be approved.
If you are looking for a company formation in Singapore, then visit https://www.a1corp.com.sg/singapore-company-formation
Reference:
A1corp.com.sg (Singapore Company Formation)
