Company registration in Singapore done in the easiest way possible

by Bestar Sg company incorporation services Singapore

It is not a surprising fact that Singapore has grown to be one of the business hubs for people who wish to start up their own business. Apart from Singaporeans, others choose to come to this country to set up a business here. Although company registration in Singapore for Singaporeans is relatively easier, you cannot say the same for foreign nationals. Despite this, many people choose to either take over a business that already exists in Singapore or start one of their own here.

The ACRA (Accounting and Corporate Regulatory Authority) of Singapore has put in place various guidelines that one has to abide by before starting their business in Singapore. You would have to ensure that you adhere to all guidelines before you can begin operations in Singapore. Using the services of a company registration firm in Singapore, you can have this done easier than doing it yourself.

Guidelines for directors for company registration in Singapore

You must have at least one director of the company to be a resident of Singapore. This is something these firms that help you with the registration help you with. The credentials required from this director are:

·    Should belong to the age of 18 or above

·   A clean record with no criminal background

·    Permanent resident/should hold a work pass Singapore/Singapore citizen

·    Should possess a local residential address

·     Should have no previous bankruptcy filings

 

Shareholders and paid-up capital for company registration in Singapore

There are a few basic requirements that you should fulfill in terms of shareholders and paid-up capital. The business must have a minimum of 1 shareholder at the least. The maximum shareholders allowed by the ACRA are 50, and this can either be a corporation or an individual.

Although they can increase the capital involving the company, they require the business to have a minimum of $1 as paid-up capital. The firm offering the services of company registration in Singapore can help you with the setting up of the same with no delays.

The requirement in terms of a company secretary Singapore

If you are a shareholder or a director of the business, you can’t perform the dual role of a secretary. However, you must appoint a company secretary Singapore. The time given by the ACRA is 6 months from the time that the business is incorporated to have a company secretary appointed.

The firm dealing with registration services for your business could provide you with a company secretary that you can use until you can appoint one for your business. They usually extend this service for the 1^st year, after which you can choose to continue with this service or appoint a secretary by yourself for your business. 

Local address requirement for company registration in Singapore

A commercial or residential address is also provided by a firm instrumental in company registration Singapore. This is also a requirement which one has to fulfill before having a business set up in Singapore.

Other requirements before the company registration in Singapore is completed

Choosing a primary name and two other alternative names for your business would be the first step you would have to take up. The address of the business would also have to be provided for the company registration in Singapore process.

They would set a constitution, which is a document that explains how the company will be administered. Once you pay the registration fees for the incorporation, they would complete the process.

They would provide your business with a certificate that confirms the incorporation or your business or entity. The ACRA would also provide a profile of the business, which is free of cost.

They usually say these procedures to come as a package with different firms offering company registration in Singapore services. They also say that they help with tax filing and GST filing along with various other value-added services. 

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Created on Dec 12th 2019 02:53. Viewed 522 times.

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