Easy Company Set up With Singapore Incorporation Servicesby Leslie S. Professional Content Writer
Singapore Company Incorporation is a great avenue for businessmen and companies to invest in. Even with the financial crisis, they have remained as one of the world’s leading economies that even America is seeking their graces.
Singapore, as a whole, has carved itself a fine economic status with its lower tax rates. Hence, it is a great choice to open up a business in this area. It is relatively easy to put up your own business here because of their business-friendly policies that encourage entrepreneurship.
There are certain legalities to be considered when investing here. The good thing about it is that the Singapore government has made it easy and uncomplicated. An example of this is the Singapore Companies Act, Chapter 50 which requires all companies to be registered with the Corporate Regulatory Authority.
Another example is the legal consideration of separating the company from its owners. This mandates that any unsuccessful financial status of a company does not give a direct impact on its investors and shareholders.
Private limited companies are required to use Pte Ltd. under ACRA rules and regulations. This is done to further emphasize the company’s liability and limitations. Another regulation is not allowing any business connection with other nations. Plagiarism of existing brands are closely monitored and noted.
For a business to be approved and become part of Company incorporation in Singapore, certain processes are to be done. Your business must apply in Registrar of Companies which requires presentation and submission of the Memorandum and Articles of Association.
There are two things that must be clearly stated in the Memorandum. The first is that the operation done by the company should be transparent and the second is that there should be articles done showing governance and management structure.
Shareholders and share capital have its policy as well. It is required by law that at least one shareholder’s file should be publicized. The share capital should have no minimum requirement is $1.
Another important requirement is the residency of the company’s director. They must be a resident and citizen of Singapore or must possess an approved visa or work permit. The files of the Director must be available as a public file but may remain anonymous through shareholder nominee.
A Director must have only one responsibility commitment, and so is not allowed to be a company secretary at the same time. The company is required to have its own registered office and secretary to maintain its tax status as a Singapore Company. Information regarding this must be part of the information submitted to the country’s Registrar.
There is also a certain requirement with regards to annual group meetings. It is compulsory to conduct a company meeting within one year and six months after the company was established.
The best part of establishing a company in Singapore is the fast processing of its approval. Unlike other countries, their approval for application only takes only a week.
Created on Mar 5th 2021 06:18. Viewed 214 times.
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