Company Incorporation in Singapore – An Overview
Singapore is currently the ultimate country to set up a company for expansion of global business. Singapore is regarded as one of the easiest places in the world to do business, thanks to its strong yet friendly investment and trade policies. 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, However, foreign corporate entities or foreigners are not allowed to register themselves as a company in Singapore. They must hire a local professional firm for registering their companies in Singapore.
Benefits of incorporating a company in Singapore
Some are the factors which make Singapore the favorite 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 Kaushikii, 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.
• Company Name
• Brief Description of Business Activities
• Directors Particulars
• Registered Address
• 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 registering a company in Singapore, it is compulsory to verify and approve the company name from the competent authority.
All the company directors must be aged over 18 years and must not have any police/criminal records. Also, it is compulsory to have a minimum of one director to be a resident of the country with a valid dependent or employment 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 minimum paid-up capital the company is required to have is only $1. The amount can be increased after incorporation, as and when the company wishes for. The company is not required to have authorized capital. Therefore, the capital can be anything from preference shares, ordinary shares and other shares.
Registered Address :
The company must have a registered business address within the country. This is required so that the authority can communicate with the company as and when required.
4 Business Days
At Kaushikii, we can deliver all your documentation requirements in just four working days. And if you’re not totally satisfied, we’ll take another couple of days to work on the modifications you need. All at the lowest price, both online and offline.
9.1 Customer Score
We make your interaction with government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
160 Strong Team
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.