When thinking of a place where it is best to set up a business, Singapore is one of the topmost choices. Its supreme infrastructure and highly progressive telecommunications and Internet sectors make it a popular choice for business owners. These are the factors why there are numerous local and foreign owned companies in the Lion City nowadays.
So as to register a company in Singapore, observance of basic statutory requirements of company formation should be carried out. There are specific legal processes that a business entity ought to undergo in order to make its name, nature as well as processes legal.
They are the following: (1) At least one local or foreign shareholder, (2) At least one director who should be a natural person and at least 18 years of age, (3) Paid-up capital of at least $, (4) A locally registered address, (5) Qualified company secretary employed within 6 months of incorporation of the business, (6) An approved distinctive and innocuous business name, and (7) Legitimate licenses and permits for certain business entities such as educational centers, childcare as well as video companies.
Since are a so many details involved, the entire process of fulfilling of the aforementioned requirements may be dreary and difficult to carry out. It is then important that the person who will take on this task has the necessary background training and experience. It should be noted that committing mistakes may result to additional expenses to be incurred by the proprietor. Evidently, there will be waste of time when there is a need to re-do the process.
Foreign nationals are required to engage the services of an independent corporate services firm, while the local residents of Singapore can opt for self-incorporation given that the directors, shareholders as well as secretary are all permanent residents or Singapore citizens. These third party firms are competent at dealing with company registration concerns.
With the requirements of company registration being handled by a competent corporate services firm, the company owner therefore can concentrate on other important matters related to the launch of the business, the marketing and sales aspects, continued product development as well as the organizational management aspect, among others.
So as to register a company in Singapore, observance of basic statutory requirements of company formation should be carried out. There are specific legal processes that a business entity ought to undergo in order to make its name, nature as well as processes legal.
They are the following: (1) At least one local or foreign shareholder, (2) At least one director who should be a natural person and at least 18 years of age, (3) Paid-up capital of at least $, (4) A locally registered address, (5) Qualified company secretary employed within 6 months of incorporation of the business, (6) An approved distinctive and innocuous business name, and (7) Legitimate licenses and permits for certain business entities such as educational centers, childcare as well as video companies.
Since are a so many details involved, the entire process of fulfilling of the aforementioned requirements may be dreary and difficult to carry out. It is then important that the person who will take on this task has the necessary background training and experience. It should be noted that committing mistakes may result to additional expenses to be incurred by the proprietor. Evidently, there will be waste of time when there is a need to re-do the process.
Foreign nationals are required to engage the services of an independent corporate services firm, while the local residents of Singapore can opt for self-incorporation given that the directors, shareholders as well as secretary are all permanent residents or Singapore citizens. These third party firms are competent at dealing with company registration concerns.
With the requirements of company registration being handled by a competent corporate services firm, the company owner therefore can concentrate on other important matters related to the launch of the business, the marketing and sales aspects, continued product development as well as the organizational management aspect, among others.
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