It is not surprising that a multitude of businesspersons is planning to establish a company in Singapore. Singapore is a well-off city-state where in it is the fourth leading financial center in the globe. The Port of Singapore is also one of the busiest ports all over the world. Additionally, Singapore has the highest income per capita among all countries and states.
If you are planning to register your company in Singapore, you should study the background of the country first, especially the specific location you plan to operate at. Online sources can provide much information as to history, potential, and the like to you but further questions are better addressed through contacting an authorized registration company or officer.
Things Needed in Singapore Company Registration Below are some of the things that you will have to accomplish to set up a company in Singapore successfully:
¾ Have an approved company name. This is important to proceed with the company’s incorporation.
¾ Gather a team of directors where in at least one should be a resident Singaporean. No limit is set as to the number of directors but it required for each of them to be at least 18 years of age and has a good financial and criminal background.
¾ There should be shareholders for the company. The limit is set to a minimum of 1 and a maximum of 50, regardless if the shareholders are also directors.
¾ Appointing a resident Singaporean is necessary to abide by the section 171 of the Singaporean Companies Act. The secretary should be appointed or hired within 6 months after the company’s incorporation.
¾ A minimum of S$1 paid-capital is required but may be increased after the company’s incorporation.
¾ A residential or commercial address should be made available. PO Box addresses are not allowed.
The above-mentioned are some of things important to the establishment. Along with this is the responsibility to pay for taxes. However, Singaporean companies are entitled to exemptions and incentives.
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