Basic Steps In Setting Up A Singapore Business

The amount of business opportunities and tax advantages outlined for both local and foreign individuals is equalled with comprehensive and unquestionable Singapore business registration requirements. This means that whoever wishes to start and establish a business in Singapore should be eager to put up with the rules before and after the business registration.

In business registration, Private Limited Company is the most well liked type of company being incorporated. It is a type of private company limited by shares and listed with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act.

Below are some of the basic setup requirements that you need to understand for Singapore business registration:

- Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary
- Minimum preliminary paid-up share capital is S$1
- Singapore Company must have a Singapore registered office address
- For applicants who are applying for Entrepass, a minimum of S$50,000 paid up is needed.

There are also important concerns to check before incorporation, these are:

- Company Name: The company title should be unique for it to be accepted by ACRA.
- Shareholders: A minimum of at least one corporate or individual shareholding is needed. A director and shareholder can be the same or distinct individual. 100% local or foreign shareholding is permitted. Singapore Companies Act permits a minimum of one and a maximum of 50 shareholders for a Singapore Private Limited Company. Information of shareholders will become visible on public records.
- Resident Directors: There should be a minimum of one Singapore resident director.
- Company Secretary: There should be one Singapore resident company secretary.
- Share Capital/Paid-up Capital: The minimum paid-up capital for registration of a Singapore company is S$1 or its matching in any currencies. The minimum issued capital is one share of par value. "Bearer" shares or "No par value" shares are not allowed. The Share or paid-up capital can be advanced anytime after incorporation of the business.
- Registered Address: There should be one listed office address.
- Memorandum and Articles of Association: Memorandum and Articles of Association have to be lodged with ACRA.

Foreigner individuals and businesses should also be aware on the following:

- Foreign individuals and businesses are required to look for the services of a professional firm since they are not allowed to process the setup on their own.
- Secure work visa for foreign persons.
- Secure work visa for foreign company management staff.