COMPANY REGISTRATION IN SINGAPORE.

Introduction to company registration in Singapore.

Singapore is among the best countries to carry out business in. Many people opt to go and settle in Singapore either permanently or semi-permanently and register companies in Singapore and conduct commercial business. If by any chance you intend to register a new company in this beautiful country of Singapore, or you simply want to relocate your company to Singapore, this guideline shall surely come in handy as you try to achieve your ambitions. It is relevant to have in mind that the registration of majority of the companies is done as private limited liability companies. They exist as separate legal entities from the owners and shareholders are not liable for the company’s debts beyond the share capital that they have contributed. As you go through this document, an insight has been given that explains what needs to be done to create an individual limited company and make sure its gets registered in Singapore. Owning private limited companies enable one to enjoy a balance of the protection of liability, the ability to capitalize as well as credibility with other benefits associated with taxation.

Listed below are the things you have to do to get your company rolling at Singapore:

Basic requirements for incorporation of the company in Singapore.

The following are some of the rules that you must follow for your company to be eligible for incorporation in Singapore:

The name of the Company: It is a requirement that a very original and unique that does not already exist anywhere in the world should be used. Specific names are not allowed to be used not unless approved before the registration day. Naming a company using a trademark is entirely prohibited unless you own the trademark. The name should also under no circumstance be confusing or intended to mislead customers as if this happens then the name shall automatically be rejected.

Company Shareholders: The eligibility of a corporation or an individual to be a shareholder of a given company is only possible by making a subscription for the company’s shares or purchasing the shares altogether. For the case of a private limited firm, the law allows a minimum and a maximum number of shareholders to be 1 and 50 respectively (without considering employee shareholders). The shareholders can either be entirely foreigners or even the local people from Singapore

Company Directors: If the company must have many directors then by the law, one or more of the directors must be a person who resides in Singapore. As long as one of the directors is a resident of Singapore then there are no limits on the number of directors the company can have. To be a director then one must not be below 18 years old and have never been bankrupt or involved in unscrupulous activities in the past. The Directors as well can be shareholders if they wish.

Secretary of the Company: At least one corporate secretary who is a Singaporean resident and having all the necessary qualifications to be a secretary. The Singapore Companies Act stipulates that companies should appoint a company secretary within a duration of six months from the date of incorporation. In the case of a single director or shareholder, that individual cannot qualify for company secretary. The primary duty of the secretary is to ensure the company’s regulatory compliance is maintained at all times.

Registered and functional address: A locally registered address is a requirement in Singapore for each and every private limited company. In Singapore, a post office box is never accepted to be a registered and functional address for a company. The address must be the physical address and in some cases, residential addresses may be used for particular types of enterprises.

Paid-up Capital: In Singapore only $1 Singapore dollar is required to register a company that has paid-up capital, which can be held in any currency. The paid-up capital can be increased on the registration of the enterprise.

Corporate taxes: In Singapore once a company is registered then the company is entitled to get very lucrative tax incentives and exemptions. These tax incentives and exemptions help in growing the business by promoting it to make more profits while at the same times boosts the economy of Singapore. Capital gains and dividends are untaxable. The taxes in Singapore do not go above over 20% at any instance

In Singapore, the awesome tax benefits and the incredible reputation of business have played a significant role in attracting global investors globally to invest in Singapore.

On successfully completing all the qualifications then your company can be registered without any friction and given the green light to go ahead with the business. On the other hand, if you are a foreigner, things are a little bit different as you have to meet more requirements as compared with the natives.

Rules and Regulations meant to be observed and adhered to by foreigners in Singapore.

For any foreigner who is willing to start and run a company in Singapore, you are not among the luckiest as there are very many rules to be followed. This applies to companies that foreigners wish to relocate to Singapore as well as those operating abroad. As shown below, foreigners need to consider very many regulations and rules:

• The service of registering a Company: According to the laws in Singapore, foreigners cannot register a company on their own in Singapore and are required to seek the services of a Corporate Service Company to assist them through the entire registration process. Incorporation with relocation: In case you are relocating a company to Singapore, you are required by the law to hire a Singapore resident as a nominee director temporarily but once you obtain an EntrePass or Employment Pass, you are free to transfer directorship to yourself. After getting a Singapore work visa, you are eligible to opening a personal bank account as required by the laws in Singapore to be able to register a company in Singapore

• Singaporean Companies operated overseas: The law demands that a company secretary, as well as a nominated director from Singapore, should be hired though this means it is not mandatory to acquire a Singaporean visa.

The requirements necessary to incorporate a company in Singapore.

To be able to start and successfully run a company in Singapore, you need to possess the following requirements.

• The name of the Company: It is best to come up with more than one name for the company so that should one be rejected then next one should be suggested. This process of validating the name of the company is usually done very fast and typically takes less than 2 hours to make the decision whether the name is to be approved or rejected.

• Description of the Business: This summarises what the company is all about and the activities that the company wants to get involved in. It tells more about the services the company will offer its customers.

• The shareholders’ information: The information concerning all the shareholders of the particular company should be readily available to be presented to the registrar of companies. Among the mandatory information include the addresses of the shareholders, their legal passport photo identifications among others.

• Director’s particulars: All necessary information that pertains to the director should be availed to be used to incorporate the company. The name of the individual, their photograph identification, their physical address among others.

• A registered and functional physical address: For a company to be registered in Singapore, it must have an address that exists and is allowed to be used while in Singapore.

Steps to be followed to register a business in Singapore.

1) Approval of the Company’s name: As long as the right protocol and channels are followed while giving the company a name, this process could take the shortest time possible and is the first step to take as you start a business in Singapore.

2) Writing down of all the necessary corporate details as well as documents: This is the step that comes last after all the other steps have been carried out and can go on so smoothly depending on the accuracy and availability of the details before the process

Documents given after successfully registering a company in Singapore.

Once the registration of a company has been successfully completed in Singapore, the following documents should be issued to support your full registration.

• The Certificate of Incorporation: this is an electric copy which is published on the registration of a company. For those who want the hard copy certificate of incorporation, you can get one by paying more fee.

• The business profile of the Company: this is a document containing the particulars of the firm, shareholders as well as the directors of the company. It is availed as softcopy PDF file and is very crucial when carrying out transactions that are legal by the business.

What do you need to do after incorporating the company?

Once you have successfully registered a company in Singapore, you are generally expected to carry out the following activities:

• The appointment of the company’s secretary not later than six months after the company is registered.

• The opening of a business bank account.

• Any business licences that are needed should be acquired for businesses that need them.

• The goods that the business deals with should be registered.

Last but not least, it is my sincere hope that through this guideline you will be in a position to acquire all the relevant information you need to set up your business in Singapore. I would like, therefore, to take this golden opportunity to wish you the best of luck as you venture in the journey of starting a business enterprise in Singapore.