Singapore Business Company Formation

Beneficial Tips For a Singapore Business Start Up

Singapore is among those fast growing Asian countries, where setting up a business and commercial institution is highly beneficial. The Singapore market has been rated as one of the best business environments in the entire Asia Pacific region. It is not a big surprise that many small, large and even business conglomerates flock here to this tiny nation in search of a lucrative market for their product or develop their business further. For an established entrepreneur planning to venture here, they must be equipped with some helpful tips for a successful Singapore company formation.

Here are some helpful tips and information that can help you with a successful and seamless business incorporation.

Intricacies of the Singapore Companies Act

To start up a business in any nation, you must be well-informed about their respective Companies Act. Similarly, to set up a successful business formation in Singapore, go through the SCA (Singapore Companies Act) thoroughly. Almost all companies or business set ups in Singapore are governed under this act. However, it must be kept into consideration that many companies, depending upon the type of business they are doing, may be governed by other statutes or may fall under different regulations.

Requirements for a Singapore company formation

According to the Singapore Company Act, in order to set up a business in Singapore, the company must have a minimum of one shareholder, one Director, and one Company Secretary. Let’s us discuss the role and importance of each member requisite for a company established in Singapore.

  • Director – the Director appointed for a Singapore business formation must be a citizen or permanent resident of Singapore. The personnel must be above eighteen years of age, must not be insolvent and shouldn’t be a record-holder of any kind of malpractice history. The appointed Director may also be a Singapore Employment Pass holder.
  • Shareholder – Although, according to Singapore Companies Act, there can be up to 50 shareholders in a business, the minimum must be at lease one. The shareholders can be a group of individual members or a corporate entity. In a Singapore business set up, both 100% local or foreign shareholding is acceptable. In fact, the shareholder and director can be the same person or separate individuals.
  • Company Secretary – Based on the guidelines of SCA (Singapore Companies Act), a Singapore business formation needs to appoint a Company Secretary. The CS must be appointed within six months of company incorporation and the appointed personnel must be a resident of Singapore.

The Singapore company formation will need a minimum paid up capital share if S$1. The minimum paid-up capital for registration of a Singapore company is S$1. However, if you are a holder of an EntrePass, the initial paid-up capital will be S$50,000. The Singapore business company must have a local registered office address. The address must be a Singapore registered address, PO Box addresses aren’t allowed.

A Singapore business formation can be made much easier and hassle free with a start-up service. A professional firm will assist you in the process of business incorporation in Singapore. They will ensure that you are working on accurate information, documentation and dealing with right resources for setting up a business.