A guide is essential to register a company in Singapore as the country has set up initial and ongoing requirements in compliance to start a company. Therefore both the local and the foreign entrepreneurs are advised to engage professional services to start a firm. It has to be noted that business registration Singapore or relocating the existing company, it will then be considered as private limited company. These companies will have its separate entity and the share holders will not be liable for the company’s debts.
Key facts about the formation of the company
- The name of the company must receive an approval before the occurrence of the incorporation of the Singapore Company.
- It is mandatory that at leastone Director should be the resident of Singapore with its citizenship or has been issued an entrepreneur pass. The choice of other directors is limitless and may be local or foreign professionals.
- The age of the chosen Director has to be 18years and must not be either convicted for any malpractice or bankruptcy and also not be share holders.
- A Singapore company is entitled to have minimum 1 and maximum 50 shareholders. To start business registration Singapore the entrepreneur can have the same individual as the director and the share holder. The choice can be both local and foreigners and can be another person or any other company.
- It is important to appoint a company secretary within six months of the incorporation of the company. The secretary has to be a natural person and also a resident of Singapore.
Procedure for incorporation
- The name of the company has to be reserved by filing an application with the company registrar.
- The incorporation documents have to be signed by the directors and share holders of a new company.
- The name of the company should not be similar to any other existing company and it has to be noted that it does not infringe with any trademarks.