When thinking of a place where it is best to form a business, Singapore is one of the top choices. Its supreme infrastructure as well as highly progressive telecommunications and Internet industries make it a popular choice for business owners. These are the factors why there are numerous local and foreign owned companies in the Lion City nowadays.
To be able to successfully register a company in Singapore, there are fundamental statutory requirements of company formation to adhere to. To make its name, nature as well as processes legal, a business entity should undergo certain legal measures.
They are the following: (1) At least one local or foreign shareholder, (2) At least 1 director who should be a natural person and at least 18 years of age, (3) Paid-up capital of at least SGD1, (4) A locally registered address, (5) Eligible company secretary hired within six months of incorporation of the business, (6) An approved unique and inoffensive business name, and (7) Official licenses and permits for particular business entities such as educational centers, childcare as well as video companies.
The aforementioned requirements would seem tedious and difficult to prepare and implement given that there are plenty of particulars to attend to. The company should assign this undertaking to a person who has the needed understanding and training. He or she cannot afford to commit a mistake because doing so may entail additional expenses on the part of the business owner. Evidently, there will be waste of time when there is a need to re-do the process.
Foreign nationals are necessitated to engage the services of an external corporate services firm, which has the needed knowledge when it comes to company registration in Singapore. Local residents of Singapore, on the other hand, can go for self-incorporation if the directors, shareholders as well as secretary are all permanent residents or citizens of Singapore.
Hiring a competent corporate services firm to handle the company registration requirements of a business allows the proprietor to have more focus on other important matters in connection to its launch. These may include marketing and sales tactics, innovative product development schemes, organizational structures and many others.
To be able to successfully register a company in Singapore, there are fundamental statutory requirements of company formation to adhere to. To make its name, nature as well as processes legal, a business entity should undergo certain legal measures.
They are the following: (1) At least one local or foreign shareholder, (2) At least 1 director who should be a natural person and at least 18 years of age, (3) Paid-up capital of at least SGD1, (4) A locally registered address, (5) Eligible company secretary hired within six months of incorporation of the business, (6) An approved unique and inoffensive business name, and (7) Official licenses and permits for particular business entities such as educational centers, childcare as well as video companies.
The aforementioned requirements would seem tedious and difficult to prepare and implement given that there are plenty of particulars to attend to. The company should assign this undertaking to a person who has the needed understanding and training. He or she cannot afford to commit a mistake because doing so may entail additional expenses on the part of the business owner. Evidently, there will be waste of time when there is a need to re-do the process.
Foreign nationals are necessitated to engage the services of an external corporate services firm, which has the needed knowledge when it comes to company registration in Singapore. Local residents of Singapore, on the other hand, can go for self-incorporation if the directors, shareholders as well as secretary are all permanent residents or citizens of Singapore.
Hiring a competent corporate services firm to handle the company registration requirements of a business allows the proprietor to have more focus on other important matters in connection to its launch. These may include marketing and sales tactics, innovative product development schemes, organizational structures and many others.
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