Asiabizservices Shares Information On Singapore Company Setup Requirements
... or go backSingapore’s Central Business District houses hundreds of foreign companies ranging from banking, insurance and law firms, to design and art companies, to bar and restaurant chains. The Singapore Economic Development Board records that at present, more than 7,000 multinational companies have registered a company in Singapore as a regional or global headquarters. It is also a very popular option among international entrepreneurs, and SME's, wishing to register any type of business to register a Singapore company. The quick and efficient company registration procedure had been the main reason for the growing attraction of Singapore company formation. Below is a summary of is the typical Singapore registration procedure with the help of a service firm.
* A Singapore company name and corporate structure are determined. Your application will be submitted by your chosen service firm for company registration to the application to the Accounting and Corporate Regulatory Authority of Singapore (ACRA). If your pending name still needs to be reviewed by an external authority, you will receive notice of approval/rejection after 1-3 weeks, otherwise, you will receive immediately notification of such approval/rejection.
* If the details are approved, a minimum of one resident individual director (corporate directors are not allowed) is appointed. To be considered a resident, one must be a Singapore Citizen, a Permanent Resident, a person with an Entrepass, Employment Pass or Dependent Pass.
* It is required to appoint at least one shareholder . A maximum of 50 shareholders is allowed to be appointed by a private limited company. A director and shareholder can be the same person.
* The minimum authorised share capital for a Singapore registered company is S$1.
* The company will be given a Unique Entity Number (UEN) as its identification number.
* A certificate of incorporation is given by ACRA and the company details can be viewed from the ACRA online public register.
For foreigners who are interested in registering a company in Singapore, they must consider a number of essential factors. These factors include:
* You must be 18, or more, years old.
* You cannot be an undischarged bankrupt, otherwise, permission must be gained from the High Court or official assignee.
* Unless the foreigner is a Singapore Permanent Resident, they must apply for an Entrepass to be able to engage in operation of a business in Singapore.
* Alternatively to an Entrepass, a foreigner may appoint a local resident director to complete their Singapore company registration. This means the foreigner can then still live outside of Singapore.
After successful registration of a company in Singapore, it can now then be eligible to enjoy the following benefits: tax exemptions and incentives, Singapore's sophisticated transportation system, Singapore's key central location in Asia, the influx of investment opportunities, and Singapore's protection of Intellectual Property Right. Other than being an easy place to register a company, Singapore was also considered by the 2010 Doing Business Report as the easiest place to do business in the world.
Author Box:
Asiabizservices is the leading Singapore Company Incorporation Services Specialists. It has successfully helped thousands of foreign form a Singapore company. It consists of qualified company secretaries, Singapore company setup, accountants and nominee agent, specially trained in Singapore company registration. Among its specializations are incorporation company registration, singapore entrepass, corporate services, accounting services, nominee services, Singapore company registrar and more. 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.
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 about Asiabizservices kindly email us at sales@asiabizservices.com or give us a call at +6563034614.
Article author: Ebony Elliot - click here to see more articles by this author
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