Sunday, 19 October 2014

Starting a biz in Singapore (Incorporation)

For Local

A minimum of one shareholder. 100 per cent foreign ownership of shares by individuals or legal entities is allowed

At least one director must be singaporean resident, i. e. a Singaporean citizen, a Singaporean permanent resident (PR) or a foreigner holding a valid Employment Pass (EP).

At least one corporate secretary must be Singaporean resident and qualified to hold the position. Specifically, the corporate secretary must have experience in the custody, maintenance and control of documents according to Singaporean law.

There are no requirements for minimum paid-up capital when incorporating a private limited company in Singapore. It is possible to register a company with paid-up capital of one Singapore dollar. Note that the share capital can be held in any currency.

A local registered address in Singapore is required for a private limited company. Post Office Box addresses are not allowed.

Thus, the formula for the requirements to incorporate private limited company in Singapore is as follows:
Once the decision is made to register a company in Singapore, the standard procedure is divided into three steps. The preparation phase consists of the approval of the company name, preparation and signing of all necessary documents. The incorporation phase (step 2) entails the submission of the actual application to the authorities. The follow-up phase (step 3) consists of opening the necessary bank accounts and, if necessary, obtaining licences and/or permits.
After the company name has been approved, the following incorporation documents must be prepared and filed:
  • Memorandum & Articles of Association setting out the objects and bye-laws of the proposed company.
  • Statutory Declaration of Compliance (Form 6)
  • Certificate of Identity (Form 7)
  • Notice of Situation of Registered Office and of Office Hours at time of Incorporation (Form 44)
  • Consent to Act as Director & Statement of Non Disqualification to Act as Director (Form 45).

For Foreigners

Singapore law does not allow foreigners individuals or foreign corporate entities to self-register a Singapore company. You must engage a professional secretarial firm to register your Singapore Company.

We have various package to help you to open a company in Singapore. Contact us now and we will give you the quote once we know your requirements of your business set up. We have professional to help you and assist you on this to make your incorporation path as smooth as possible.

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