Singapore is currently the ultimate country to set up a company for expansion of global business. Because of its strong trade and investment policies, it’s one of the world’s easiest places to do business. For the owners of the company, Company registration is mandatory. Company registration in Singapore is extremely easy and cheap.
As per the law in Singapore, Foreigners or foreign corporate entities are not allowed to self-register a Singapore company. You must hire a competent professional firm for your Company registration in Singapore.
Benefits of incorporating a company in Singapore
Some are the factors which make Singapore the favourite destination in the world for business owners are mentioned below.
A powerful economy with well-developed capital markets and financial systems.
A rational tax system with low tax rates,
An efficient process for incorporating and running a new company.
Strategic geographical location and excellent infrastructure.
Well-trained and productive workforce,
No restrictions on repatriation of profits or import of capital,
Stable political and economic climate with strong adherence to the laws, regulations and minimum corruption.
Excellent quality of life.
How to register a company in Singapore?
The process of registering a company in Singapore is completely online and involves the following steps.
Step 1: Approval Of Company Name
The Singapore Government must necessarily approve the company name that you choose before you can register it.
Choose a name i.e. Unique, simple, easy to pronounce and does not have any spelling mistakes.
Step 2: Registration Of The Company
After the Registrar of Companies approves your company name, the process of incorporation is started.
At Professional Utility, we ensure that all documents are complete as per the law. All the directors and shareholders of the company must sign the form. A government fee of S$300 has to be paid upfront to the registrar of companies for their services.
Documents required for registering a company in Singapore
For registering your company in Singapore, we will require the following documents from your end.
Brief Description of Business Activities
Company Secretary Particulars
Memorandum of Association (MOA)
Articles of Association (AOA).
On-Residents (Foreigners) - Copy of passport, overseas residential address proof, and other KYC details such as a bank reference letter, business profile, etc. Singapore Residents - Copy of Singapore identity card.
Checklist for registering a company in Singapore
Some important details of company you must know at the time of registration :
Company Name :
Before registration of the company, it is mandatory to obtain approval of the company name from the concerned authority.
All the directors of the company must complete 18 years of age and should not have any criminal or police records. It is mandatory to have at least one director who is a resident of singapore and has a valid employment/dependent pass.
For a Private Limited Company in Singapore, the minimum number of shareholders required is one and the maximum is fifty. Even after registration of the company, issue or transfer of shares to the shareholders is permitted.
Company Secretary :
Within six months of incorporation of the company it is mandatory to appoint a qualified company secretary.
Paid-Up Capital :
The company must have a minimum of S$1 in paid-up capital, the amount can also be increased anytime after incorporation. Singapore companies do not use authorized capital. Thus, the capital can be Ordinary shares, preference shares or other shares.
Registered Address :
Every company should have a local business address. So that, in future concerned person can contact the company through it.