Company Incorporation Singapore And What You Should Know
Several businesses are at the moment thriving in Singapore; thus, tempting other business entities to enter the country. However, before moving or creating a business, you must be vigilant of the legal guidelines set by the government; particularly those governing company incorporation in Singapore. The process of going through incorporation can be achieved within a fitting time frame as long as the needed documents are prepared beforehand.
With the influx of overseas investors, it has been perceived that the requirement to distribute a complete set of data when preparing to undergo company formation in Singapore has to be intensified. Nowadays, many overseas businesses are signed up as a private limited company; which is only one of the several legal types of company incorporation.
Starting with the basics, to be able to be registered as a private limited company, the succeeding requirements must be met: First, there ought to be at least a single shareholder. Two, although there's no limitations in the amount of directors, it's compulsory that at least one of them is a Singaporean citizen, a permanent resident, or an entity with an employment pass which is valid. Third, the company is expected to employ at least one secretary. He/ she must be a local of Singapore and must have prior experience in the execution of the country's legal guidelines. And fourth, each business registering to become a private limited company must have a registered local address.
But, the responsibilities of the business owner does not end there, there are other elements that need attention prior to incorporation. Each business must be registered, hence, one business type per registration. The company activities are strictly monitored. So if you are registering a restaurant, the business must be focused on the activities of such company. Also, the paid-up capital is based on the business type that will be initiated.
Lastly, the business name holds a very important role, since it symbolises the company, it must be distinctive.
With the influx of overseas investors, it has been perceived that the requirement to distribute a complete set of data when preparing to undergo company formation in Singapore has to be intensified. Nowadays, many overseas businesses are signed up as a private limited company; which is only one of the several legal types of company incorporation.
Starting with the basics, to be able to be registered as a private limited company, the succeeding requirements must be met: First, there ought to be at least a single shareholder. Two, although there's no limitations in the amount of directors, it's compulsory that at least one of them is a Singaporean citizen, a permanent resident, or an entity with an employment pass which is valid. Third, the company is expected to employ at least one secretary. He/ she must be a local of Singapore and must have prior experience in the execution of the country's legal guidelines. And fourth, each business registering to become a private limited company must have a registered local address.
But, the responsibilities of the business owner does not end there, there are other elements that need attention prior to incorporation. Each business must be registered, hence, one business type per registration. The company activities are strictly monitored. So if you are registering a restaurant, the business must be focused on the activities of such company. Also, the paid-up capital is based on the business type that will be initiated.
Lastly, the business name holds a very important role, since it symbolises the company, it must be distinctive.
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