Registering A Company In Singapore: Benefits, Requirements, And The Need To Work With An Agency Of Experts
September 10, 2022
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Mention the word “Singapore,” and most entrepreneurs out there will tell you one thing: it is a business paradise that guarantees investors of success.
In addition to low taxes, Singapore boasts of the highest per-capita GDP depending on purchasing power parity (PPP).
Whether you want to grow sales, strengthen a company’s brand, or rapidly grow your business into a multinational, Singapore is one jurisdiction that will never disappoint.
For a foreigner, the first question that might run through the mind when considering growing a business abroad is, “How do I register a company in Singapore?” We have all the answers that you need to get everything about Company incorporation in Singapore right.
What Is A Company In Singapore?
This is a business registered in Singapore in line with the Companies Act. The best type of company is a limited liability company, which is considered a separate legal entity from directors and shareholders.
The companies you can register in Singapore fall into two types:
- Public limited liability company: These are firms that are registered and listed on the stock market, the Singapore Exchange (SGX). Also, they must have more than 50 shareholders.
- Private limited liability company: Unlike public companies, private limited liability is not listed on the stock market. Some investors prefer starting with limited liability companies and then making them public by floating shares on the stock market when the enterprises grow.
What Are The Main Benefits Of Registering A Company In Singapore?
Expanding your company to Singapore comes with a long list of benefits that you should not miss as an entrepreneur. So, whether your market back home is shrinking or the business is faced with hostile policies, Singapore has the best environment.
Here are other benefits to anticipate:
- Foreigners are allowed to have 100% shareholding in their companies.
- The country is strategically located in Asia, giving you easy access to larger markets in China, Japan, India, and Thailand, among other neighboring markets.
- Singapore boasts of a highly developed infrastructure. This makes moving raw materials and finished products convenient and affordable.
- The country has a straightforward tax regime and low corporate tax for companies registered there.
- Singapore has a market-driven economy that makes it possible for every company with good strategies and products to become successful.
- Easy access to a large pool of experienced workforce for your company.
Requirements For Company Incorporation In Singapore
Now that you know the benefits that come from expanding your company to Singapore, what are the main requirements?
- A company name that is preapproved by the Singapore Accounting and Corporate Regulatory Authority (ACRA).
- Company shareholders. Your company needs a minimum of one shareholder, and a maximum of 50. If you exceed 50, the company can only operate as a public limited liability company.
- Registered local address. This is the office that the Singapore authorities can visit anytime to check for legal compliance.
- Company directors. Note that one of these must be a permanent Singapore resident, Singapore citizen, or EntrePass holder.
- Company Secretary. After opening your company in Singapore, you will be required to employ a secretary in six months.
- Initial paid-up capital. This can be a minimum of SG$1 or more.
- Your company’s constitution.
- Description of business activities.
Register Your Company With The Assistance Of An Agency Of Experts
For years, Singapore has simplified the process of company registration so much, but it still remains a major challenge for many foreigners.
For example, may still find it a challenge to prepare the different documents, and get a nominee director and registered office. Well, you can get these plus a lot more by working with an agency of experts.
The professionals have been in the Singapore market for years, and they have all the experience you need to register a company fast.
Indeed, they also hold your hand after company incorporation, helping with strategy formulation, bank account opening, and acquiring the right permits. To enjoy all of these, make sure to identify and work with the best agency of experts in Singapore.
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