Are you ready to register a company in Singapore? Do you have a clear understanding of the critical requirements of the Singapore company incorporation? If not, then do not worry! This article explains the essential needs of Singapore company registration. According to section 5 of the BNRA (Business Names Registration Act), all kinds of businesses in Singapore should be registered with ACRA (Accounting and Corporate Regulatory Authority). To attempt the registration, you should prepare beforehand and collect all the required documents and other aspects to enjoy hassle-free registration.
Vital Requirements for Singapore Company Registration
Take a glance at the critical requirements for the company registration in Singapore.
Shareholding – If you have an idea of launching a company in Singapore, then ensure your company has at least 1 or up to 50 (maximum) shareholders. They can be either foreign or local people, which is based on you. Additionally, shareholders can be corporate entities or natural persons.
Company name – Before proceeding with the company registration, you should get approval for the company name. The name of the company should come under certain conditions. It should be similar to the name of the existing company and reserved company name. It should infringe on any authority name.
Paid-up capital – To set up the company in Singapore, you must need the minimum share capital of $1. At any time, the company can able to expand its share capital by adding extra capital. All these things are based on your company needs, but minimum share capital should be fulfilled.
Directors – The director of the Singapore Company can be a foreign resident or Singapore resident person, but the corporate directors are not allowed. Also, the company should have at least one director residing in Singapore.
Company secretary – Every company in Singapore should have a secretary to take care of complex business tasks. Within six months of company incorporation, you should appoint a qualified and experienced secretary for your company. The secretary should be a resident of Singapore and a natural person.
Registered company address – Every company in Singapore is needed to have the local registered address in Singapore. It is where the company keeps all of its legal documents. Remember that the company address should not be PO Box.
Reasons to register the company in Singapore
Below mentioned are the significant reasons to register the company in Singapore.
- Singapore is lucky in terms of its location because it is situated at the heart of SouthEast Asia, which serves the best and fastest-growing markets in the Asia-Pacific region
- The tax system of Singapore is another primary reason for registering the company. Singapore Government offers many tax benefits for the people who launch their business in the country.
- The registration process of the company in Singapore is straightforward and quick to do so that you need not require to wait for a long time to get approval. Ensure you submit all the documents and fill the application appropriately before submitting it to concern authorities.