Registration Of a Singapore Company Minimum Setup Requirements
Anyone interested in starting a business in Singapore should be prepared to follow the rules before and after the business registration. The scope of business opportunities and tax benefits for local and foreign individuals is paired with the detailed and precise requirements of Singapore business registration. This is the reason why as we have mentioned above, every individual who wishes to start and establish a business in Singapore should be willing to abide with the rules before and after the business registration. In business registration, the most popular type of company being incorporated is the Private Limited Company. A Private Limited Company is a private company limited by shares and registered with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act.
In order to register a Singapore business, these are some of the common setup requirements which include a minimum of one shareholder, a resident director and a company secretary; a minimum initial paid-up share capital of S$1; a Singapore registered office address; and for applicants who are applying for Entrepass, a minimum of S$50,000 paid up is required.
Aside from the aforementioned requirements, the important considerations to check before incorporation are as follows;
Company Name. In order to be approved by ACRA, the company name must be unique
Shareholders. A minimum of one shareholding is required, whether individual or corporate. A director and shareholder may both be held by one person or may be held separately by different persons. A foreigner or a local may hold 100% of the shareholdings. According to the Singapore Companies Act, a minimum of one and a maximum of 50 shareholders is allowed for a Singapore Private Limited Company. Information of shareholders should be open to the public.
Resident Directors. A minimum of Singapore resident director is required.
Company Secretary. One Singapore resident company secretary is also required.
Share Capital/Paid-up Capital. To register a Singapore company, a minimum paid-up capital of S$1 or its equivalent in any currencies is required. A one share of par value is the minimum issued capital. No “bearer” shares or “par value” shares are permitted. Anytime after incorporation of the company, the Share or paid-up capital can be increased.
Registered Address. One registered office address is required.
Memorandum and Articles of Association. The Memorandum and Articles of Association must be submitted to the ACRA.
Also, it is important that foreigners and companies should be informed that foreigner individuals and companies are not being allowed to process the setup of their companies on their own hence it is a must that they seek for the services of a professional firm. In addition, a work visa must be secured for every foreign individual as well as the foreign corporation management staff.
Rikvin offers business solutions for both local and foreign investors or entrepreneurs. One of its specialities is Registration of a Singapore company. The company has successfully help hundreds of foreign individuals incorporate a Singapore company. Rikvin has effectively facilitated both non-resident and resident financiers build business firms in Singapore. Incoming calls in our phones are answered by live persons and not by an answering machine. We recognize the importance of your time and we are aware that technology cannot replace a person most especially, when we need to make vital business moves. If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887.
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