Singapore has an excellent reputation as far as business is concerned and the government also provides well-designed tax exemptions to companies registered with them. Therefore, entrepreneurs are shifting to Singapore with business proposals. The Singapore government, according to the Singapore Companies Act, allows any individual above 18 years of age to register a company. However, most companies in Singapore are registered as private limited liability companies. This is because it is a tax efficient corporate body and none of the shareholders are liable to the company’s debts beyond the share capital they hold. setting up company singapore
A few things that must be taken care of before approaching the government for registration are as follows:
1. The government must approve the name of the company.
2. The company must have a Singapore address, not a PO box.
3. The company can have any number of directors (all legally major), but at least one must be a citizen of Singapore.
4. The company must appoint a Company Secretary who is a Singapore resident.
5. The company does not need an Authorized capital. However, a share capital of minimum $1 must be accounted.
6. Foreign nationals do not require any special Singapore visa if they merely wish to incorporate the company there. However, if one plans to relocate, he/she will require an Employment pass or an Entrepreneur pass.
Once these things are in place, one can proceed with the registration process. At the time of registration, the registrar would require the Company name, a description of the business activities, particulars of the shareholders, company secretary and the directors, a registered address and the MAA (Memorandum and Articles of Association). Each individual involved with setting up the company would also need to produce an identity proof, as is common practice.
The Singapore Registrar of Companies has a computerized procedure which makes the registration a fairly simple and efficient process. Filling an application with the Registrar completes the company name approval/rejection within an hour and after that, the registration process takes a few hours time, provided the documents are kept ready. With a registration fee of S$300, the process is completed. For quicker approval of the company name, the name must be new and not similar to any existing corporations. The uniqueness ensures faster approvals.
Once company registration is over, the Registrar sends an email notifying the completion of the process and the mail includes a registration number. This is the official Certificate of Incorporation. Similarly, a Business Profile will also be passed on by mail. A small fee payable at the Registrar’s office will ensure that the owners get a hard copy of the certificate of incorporation as well as the Company Business Profile.
Since the entire process is automated and well-organized, the registration is extremely time-saving. Relocation to Singapore for business opportunities is a wise option for a lot of people due to the advantages in terms of tax and also the efficient bureaucratic processes. Are you going to be the next in line?