Know the Right Tips for New Company Setup in Singapore

Singapore is getting acknowledgment as the business hub and global investors, businessmen, and corporate professionals have taken interest in this city-state for the expansion of their businesses. It is so because Singapore offers ample benefits for foreign or new businesses to set up their ventures and help in growing the city and its revenue too. Besides, Singapore also has good corporate policies and suitable commercial environments for small to mid sizes businesses that allow them to grow at the international level and find prospective clients too. It is not over, the low-income tax rates in Singapore i.e. 17%, and GST tax is 7% have also attracted the investors to launch new businesses in the city. Hence, businessmen around the world have got shown keen interest in setting up new branches, and headquarters in Singapore to grow well and get into the limelight in the industry.

If you are also willing to register the new company in Singapore for business growth, you should first need to acknowledge the legal requirements of new company incorporation in the city. To register any company in Singapore, the owner has to first validate the company’s name and its accounting details to the Accounting and Corporate Regularity Authority (ACRA) in Singapore. This authority will supervise the company’s registration process according to the Company Act, Chapter 50, and one has to fulfill all the requirements too.

Let’s take a look at those prime requirements of the new company registration or incorporation in Singapore as follows:

1. Company Name Setup: Your Singapore company registration process will start by setting up the professional name of the company first. You need to choose the unique name of the company that should be the same as the name of another firm in the city. Also, you have to register the company’s name through the ACRA authority.

2. Directors and Shareholders: It is also significant to give details of the company’s numbers of directors and shareholders to the ACRA authority in Singapore. The director of the company should have completed 18 years of age and have PR work pass too. Besides, you are eligible to appoint the 50 shareholders maximum of the company in Singapore only.

3. Shared Capital of Company: Before you start to set up a company in Singapore, you should have enough shared capital minimum of S$1 M at the initial stage at least. This is the minimum fund required for business setup in Singapore.

4.  Company Details: You also have to submit details or documents of the company like its website, business blueprint, registered address, company location and size details, license, etc. Do collect all the details of the company and submit them to the higher corporate authority of Singapore for the verification process.

5. Company Secretary: After completing the six months of the company’s registration or incorporation, you should have to appoint a a professional company secretary who will be liable to handle the company’s all corporate matters legally.

Hence, it is necessary to fulfill all the above requirements for new company registration in Singapore legally and give a new dimension to your venture to grow in the international market.

Apart from that, you will also need to have some valid work passes to stay in Singapore. Usually, there are different types of work passes available in Singapore for foreign businesses and job seekers such as S Pass, EP (EnterPass) Pass, PR (Permanent Residency) pass, Employment Pass, and so on. All the passes have their significance and need to apply by the applicants to work and do business in Singapore. So, you need to apply for the right type of work pass in Singapore and fulfill its requirements for applying the same. For more details about work passes or corporate passes in Singapore, you may explore the websites of the leading business registration service agencies or MOM authorities in the city.

Sponsor Ads

• Ad Space Available - Rent it Now!

Report this Page

Created on Nov 28th 2020 01:25. Viewed 281 times.

Share on APSense

Comments