Overview On Singapore Company Registration Procedures

By Author: Leira Mcbride
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The Singapore Registrar of Companies made certain that Company registration Singapore procedures are completely computerized. The said computerization enables the process of incorporation fast and efficient because it abolished the prevalence of bureaucracy and red tape present in other systems. In normal cases, company incorporation is estimated to be 1-2 days.

Company registration in Singapore procedures involves two essential steps namely: a) Company Name Approval and; b) Company Incorporation. If there are no nuisance related to the process of name approval or particulars of directors/shareholders the two steps can be done on the same day.

Procedure 1: Approval of Name: It is essential that one already have an approved business name before the formal business setup. The company registrar process the approval of business name. The one responsible in facilitating the business name application which is the first step in incorporation process, is the authorized business registration firm which you employ.

Procedure 2: Company Registration: Assuming incorporation pertinent papers are ready and have a registered ...
... business name, the filing of incorporation as well as the approval from the Registrar of Companies can be completed in just a few hours.

The following should also be considered in incorporation:

Company Name. Before incorporation of the Singapore company will occur, the name must be approved.

Directors. Having at least one resident director is a requirement. [There is no limit on the number of additional local or foreign directors a Singapore Company can appoint.|On the other hand, the number of additional local or foreign directors appointed in a Singapore Company has no limit.|However, no limit has been set as to the number of additional local or foreign directors to be appointed in a Singapore Company.} The minimum age accepted for appointed directors is 18 years old. Also, the appointed director should not be undisclosed bankrupt or convicted for any illegal practice in the past.

Shareholders.} A limit of 1 to 50 is the allowable number of shareholders in a Singapore private limited in which a director and shareholder can be the same or different person. An individual or another legal entity such as another company or trust can be the shareholder. Also, local or foreign shareholding is entitled up to 100%.

Company Secretary. According to Section 171 of the Singapore Companies Act, it is essential for companies to appoint a qualified company secretary within 6 months of its incorporation. The company must also make certain that secretary must be a natural person currently resident in Singapore.

Paid-up Capital. A mere S$1 is the minimum paid up capital for registering a company in Singapore. After the incorporation of the company, the paid-up capital which is also known as share capital can then be increased anytime. The general idea of Authorized Capital for Singapore companies does not exist.

Registered Address. In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. It is also important to take note that the registered address must not be a PO Box, it must be a physical address which can either be a residential or commercial address.

Taxation. Singapore registered companies enjoy very attractive tax exemptions and incentives. Entrepreneurs from around the world prefer to form a company in Singapore because of the said incentives.

Resource Box:

Asiabiz is the leading Singapore Company Incorporation Solutions Specialists. It has successfully helped foreign entrepreneurs Incorporate a Singapore Company. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours for advise and consult.