Handy checklist foreign entrepreneurs need for incorporating company in Singapore
If you are a foreign national decided to incorporate company in Singapore, Congratulations! Incorporating company in Singapore is one of the best decisions one can make in today’s global economy and this does definitely open doors to a lot of growth prospects.
Once decided, next step in the process of incorporating a Singapore company is to prepare yourself about various things that are required.
- Type of company incorporation:
There are different types of Singapore company incorporation that a foreigner can do. Make sure that you know which one you’re going to adopt (based on your needs and requirements)
- Resident director:
According to Singapore Companies Act, a minimum of one resident director (a resident is defined as a Singapore Citizen, a Singaporean Permanent Resident, or a person who has been issued an Enter-pass, Employment Pass, or Dependent Pass) is mandatory. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past. Make sure that you have at least one resident director available.
- Company name:
As per law, the name must be approved before incorporation of the Singapore company can occur. One can register a Singapore company only if company name is approved. Make sure that you have a valid company name and that you have seeked approval for the same.
- Registered Address:
In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. The registered address must be a physical address (can be either a residential or commercial address) and cannot be a P.O. Box. Make sure that you have one registered address available to provide.
- Work pass:
If you are planning to relocate to Singapore for operating the company, you are required to obtain an Employment Pass or Entrepreneur Pass Once you have obtained your work permit, you can act as the local resident director of your Singapore company. Make sure that you have a valid work pass available.
- Shareholders:
A Singapore private limited company can have a minimum of 1 and maximum of 50 shareholders. A director and shareholder can be the same or a different person. The shareholder can be a person or another legal entity such as another company or trust. 100% foreign shareholding is allowed. Make sure that you have worked out share allotment procedure before going for company incorporation in Singapore.
- Qualified professional firm:
Singapore law does not allow foreign individuals or entities to self-register a company and a qualified professional firm to help you registering company in Singapore is therefore mandatory. This part is extremely crucial. It’s Important to understand that the firm you hire for your company incorporation should be able to deliver high quality incorporation services and choosing a wrong company can cause serious business and personal losses. Make sure that you have a high-quality and qualified professional firm hired.
- Required documents:
There is a set of documents you are required to submit to company registrar when incorporating Singapore company. These documents will be collected from you by your incorporation firm:
-For non-residents: Copy of passport, overseas residential address proof, and other Know-Your-Client (KYC) information such as a bank reference letter,personal and business profile, etc.
-For Singapore residents: Copy of Singapore identity card
- If the shareholder is a corporate entity: Copy of registration documents such as Certificate of Incorporation and Constitution.
For More information visit this link:
http://precursor.com.sg/handy-checklist-foreign-entrepreneurs-need-incorporating-company-singapore/