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Singapore is one of the leading countries in Southeast Asia, best known for its strategic location for business and helpful laws that is great for entrepreneurs to bet their lucks in starting a company in the country. Starting a business in Singapore has a higher prospect compared to any other country since it is safe with a reliable workforce and pleasant tax regulations and laws.
If you are inexperienced, starting a new business or company seems like a great feat. It can sound scary and full of risks, especially if you are a foreigner and wishes to start a business in a foreign country. However, if Singapore is the country of your choice, you don’t have to worry because it has a simple Singapore company incorporation procedure that can be followed by everyone. As a foreigner, you can rest assured because you are obliged to register your company with the guidance of professional company registration firms. A company registration firm will make sure that your company gets registered successfully according to the governing laws.
Even though it sounds like everything will be taken care of by one of these firms for you, you need to know the gist of the Singapore company registration steps.
- Company name
Of course, all companies need a name to go with. You have to come up with a company name that will be registered with the government of Singapore. Since it will be registered legally, your company name should avoid copyright as well as words that are inappropriate. Ideally, a company name must be unique and simple so that it can be easily remembered. Another thing that you should consider in deciding a company name is to not use words such as law, media, bank, or finance if possible. But if you must use it, there is actually no problem. However, the reviewing and name approval process may take up longer time.
- Appoint staff
In order to run a company, surely you need people to work for your business. There is the basic requirement of staffs that you need to appoint in Singapore:
- Local Director: Must be a Singapore citizen, a Singapore resident, or a holder of Employment Pass
- Company secretary: Must be a native person and has the capability of conducting the job desk as a secretary
- Shareholders: Must have paid-up capital of at least S$1. Shareholders of a company can be a foreigner. Commonly, for a private limited company, there is a limitation of fifty shareholders. However, the company director and the secretary can not be the shareholder of the company.
All the people for the mentioned positions above must be at least 18 years old and clean of criminal records as well as a history of bankruptcy in the past.
- A physical address
In order for your company to get registered, you must have a local address in Singapore. This local address can be a commercial or residential address. However, a post office box is not allowed.
Now, if you have fulfilled all these requirements, you can submit all the necessary documents to the company registration website and have your company registered with ACRA. The company registration in Singapore only takes a couple of days to complete. If you are successfully registered, you will receive the approval notice in the e-mail. This e-mail is to be kept as proof of company registration.
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