Singapore Company Setup Essentials

By Author: Diane Paz
Total Articles: 172
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The extent of business opportunities and tax benefits outlined for both local and foreign individuals is matched with detailed and accurate Singapore business registration requirements. This means that whoever wishes to start and establish a business in Singapore should be willing to abide to the rules before and after the business registration.

In business registration, Private Limited Company is the most popular type of company being incorporated. It is a type of private company limited by shares and registered with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act.

These are some of the common setup requirements that you need to know for Singapore business registration:

- Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary

- Minimum initial paid-up share capital is S$1

- Singapore Company must have a Singapore registered office address

- For applicants who are applying for Entrepass, a minimum of S$50,000 paid up is required.

There are also important considerations to check before incorporation, among which ...
... are:

- Company Name: The company name must be unique for it to be approved by ACRA.

- Shareholders: A minimum of at least one corporate or individual shareholding is required. A director and shareholder can be the same or different person. 100% local or foreign shareholding is allowed. Singapore Companies Act allows a minimum of one and a maximum of 50 shareholders for a Singapore Private Limited Company. Details of shareholders will appear on public records.

- Resident Directors: There should be a minimum of one Singapore resident director.

- Company Secretary: There should be one Singapore resident company secretary.

- Share Capital/Paid-up Capital: The minimum paid-up capital for registration of a Singapore company is S$1 or its equivalent in any currencies. The minimum issued capital is one share of par value. "Bearer" shares or "No par value" shares are not permitted.The Share or paid-up capital can be increased anytime after incorporation of the company.

- Registered Address: There should be one registered office address.

- Memorandum and Articles of Association: Memorandum and Articles of Association must be lodged with ACRA.

Foreigner individuals and companies should also be knowledgeable on the following:

- Foreigner individuals and companies are required to seek for the services of a professional firm since they are not allowed to process the setup on their own.

- Secure work visa for foreign individuals.

- Secure work visa for foreign corporation management staff.

AsiaBizSetup is a leading corporate services firm that assists entrepreneurs and investors with Singapore company setup including Singapore employment pass application in behalf of the foreign entrepreneur and other corporate services. The firm provides a range of services to assist the success of the Singapore offshore company, including opening Singapore corporate bank accounts.

Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions. If you are interested in learning more, kindly email us at sales@asiabizsetup.net or give us a call at +65 62426533.