August 15, 2010
What Are The Requirements For Registering A Company In Singapore?
Tax exemptions and attractive incentives are given by Singapore to those entrepreneurs who put up their businesses in the country. Because of this, numerous business people are delighted to set up their businesses in Singapore.
Many corporations registered in Singapore are classed as private limited companies. In Singapore, anyone, whether a non-Singapore national or a Singapore national, is qualified to register a private limited company, as long as the person is more than 18 years of age.
Similar to other nations, Singapore has a set of specific requisites for anyone who wishes to register a private limited company here.
Below are some of the requisites that need to be fulfilled by business owners planning to establish business in Singapore. This guide covers the necessary things to accomplish, the steps, and some other things you would expect to come across when registering a private limited company in Singapore.
1. For a multinational company that plans to register its operations in Singapore, they must hire a Singapore-based professional firm to handle the registration of their business. The Singapore government does not permit foreign business people to register their own businesses.
2. At least one resident director should represent the private limited company. Here, the term resident describes any person who is either a natural-born Singapore citizen or a foreigner granted a work permit (for example, EntrePass, Employment or Dependent Pass) and is considered as an immigrant.
3. A corporation being registered as a private limited company is required by Singapore law to have at a minimum of one and at a maximum 50 shareholders.
4. A private limited company applying for registration in Singapore must present a physical address in the country, and not merely a PO box.
5. The private limited company that has been approved registration by the Singapore government can then open a corporate bank account in the country. For this particular transaction, the banks will call for the principal of the newly registered private limited company is personally in attendance in Singapore.
6. Based on the description of the private limited company’s business in Singapore, it could also possibly be necessitated by the governing agencies to acquire a business license before it could begin operations.
After your private limited company registration requisites have all been accomplished, you are then all set to do business in Singapore.
GST Singapore – Drop by now to get professional accounting services from business accountants based in Singapore. This article, What Are The Requirements For Registering A Company In Singapore? is released under a creative commons attribution licence.
Filed under Finance by
