Are you planning to establish a company in Singapore? If we talk about the present-day scenario, then if a person intends to launch a company in Singapore, he has to go through a simple procedure that is relatively easy to follow it. There are various online sites that provide a complete guide to the users regarding how they can establish a company in Singapore.
According to the report of the World Bank, Singapore is the best place in the world to establish a new business or to open a branch of a business that is already established in any part of the world. There are many companies that get registered in Singapore in a year through this post. Whether you are a Singapore citizen or not, you can quickly establish a company in Singapore even without bearing any kind of additional fees.
The minimum requirement for the registration
If you want your company to get registered In the Singapore, then, in that case, you have to qualify the minimum requirement for it. Though there are certain basic things only that you need, they must be complete as per the requirement. Now we will discuss in detail these basic requirements:
Name of the company
The first and the foremost thing that you require in order to get your company registered in Singapore is a good name for your company that the ACRA has approved.
If you wish to establish a company in Singapore, then another thing that you have to do is to appoint at least one resident director. As per the higher authority following are the people who can be selected as the resident director:
- A person who is the holder of the Singapore entre pass
- Another person who can be appointed as the resident director is the one who is the permanent resident of Singapore.
- A local citizen
- And the last option is the one who has either the valid employment pass or the dependent pass. In this case, if such a person wants to be a resident director, he will require a proper letter of consent.
Once you are done with the selection of the resident director, now you have to choose the foreign director. Now you have the option to make an unlimited number of resident and non-resident directors. In both the case whether you are selecting the resident director or the nonresident director. According to this post, you will have to keep in mind that their age is at least 18 years and also free from any kind of malpractices.
A private company that is listed by shares can have up to 50 shareholders that may or may not be the director of the company. These shareholders can either be the average person or the company, or they can even be the non-local shareholding.
Suppose you want to get your company registered in Singapore, then, in that case, you should have at least a good share capital. But if we talk about the minimum capital requirement, then there is no such kind of restriction. You can raise the share capital how much you think you will require to run the company in a better way.
Once you get the company’s registration, you have to make sure that you appoint a well-qualified secretary within six months of the registration. Just keep in mind while making the selection of the secretary that the sole directors and the shareholders cannot be the secretary of the company.
This is the last and final requirement in order to get the company fully registered. Make sure that you will require a complete address of Singapore as the company address. The address should of the physical address and not just the PO Box address. It can either be the residential or the commercial one.
How to get sure that your company is registered?
Once your company is registered in the Singapore, then after the registration, you will get an email from the ACRA. Also, the person whom you have appointed as the registered agent will provide you with a few documents:
- Certificate of incorporation
The legal mail that you will receive from the ACRA will be sufficient for all the legal proceedings and also for any other kind of requirement where the documents of the company are required. Once you have received the mail, then also you have to certain proceedings like issuing the share certificate to each of the shareholders.
In this post, we have discussed the complete detail as to the valid documents required to get the company registered in Singapore. Also, we have discussed that after completing the documentation, how can one get to know that whether they have registered or not.