Singapore is one of the countries that provide an enabling environment for entrepreneurship. Local residents and foreigners aged 18 and over can register in Singapore as long as it complies with the company's current regulations and requirements. Since Singapore law does not allow foreigners to register their own companies, it is recommended to seek professional company services when conducting business specifically for foreign entrepreneurs.
Most private companies in Singapore are registered as private limited liability companies. In addition to being limited to 50 shares, this type of company limits shareholder liability to their share of the company. Except for their stock value, they are not responsible for the company's debt.
Due to a fully computerized system, it is fast and efficient to register a new company or convert an existing business into a Singapore company. The company can merge for 1-2 days at the earliest. What is the procedure for bringing companies into Singapore now? The important steps are listed below.
1. Understand the eligibility requirements. Some matters must be considered before registering a private limited company (Private Limited) with the Singapore Companies Registry. The company must:
At least one director must be a Singapore citizen, Singapore permanent resident, employment permit holder or dependant pass holder
At least one shareholder may also be a director
Have a business name that is different from any other registered business name, not obscene or vulgar or reserved
Have a local address that cannot be a PO Box business location.
Learn about its SSIC (Singapore Standard Industrial Classification) code, which is required to categorize your business
There are no health liabilities or payment arrangements have been made.
2. Obtain approval for the company name. When submitting an application at the company registry, prepare at least two or three possible company names. If your first or second choice is already registered or not approved, you can choose another option.
This process usually takes less than an hour until you receive an approval or rejection notice. However, approval may take days or weeks if additional approval from other government agencies is required. The latter is usually the name of the company associated with banking, finance, media and law.
3. Register the company. Once the company name is approved, you need to merge your company within 60 days.
Submit company registration application and company documents such as company charter and company charter signed by company directors and shareholders. A registration fee of S $ 300 is paid to the Registrar of Companies in Singapore.
Company registration can also be done through online commercial licensing services or OBLS. This is beneficial for companies such as private schools, child care centers and video companies that require additional licenses and licenses. Registration and application for such licenses and licenses is done once through OBLS.
After ACRA or the Accounting and Corporate Regulatory Authority approves your registration, you will need to do something else. This includes appointing the company secretary within 6 months of the establishment of the company, operating the registration office for at least 3 hours on the working day, printing the registration number on the letterhead, invoice, receipt, etc., opening the company bank account and holding the first annual general meeting of shareholders. Within 18 months after the establishment of the company.
For more details, visit A1corp Company Incorporation
