All About Requirements For Registering A Limited Company In Singapore
Exemptions and incentives in taxation are provided by Singapore to entrepreneurs who put up their businesses in the country. Due to this incentives, Singapore is a country known to attract many multinational corporations looking for a base of operations in the Asian market. A lot of businesses operating in Singapore are classed in the private limited company type. Company registration laws in Singapore state that anyone - a non citizen or a Singapore national - who is more than 18 years old can register a private limited company. Similar to other countries, Singapore has a set of particular requirements for anyone who desires to register a private limited company in the country. The following are the basic pointers specifically drawn up for multinational entrepreneurs intending to establish a private limited company in Singapore. This list addresses the essential requirements, the procedures, and some things that you could encounter when registering your private limited company in Singapore. 1. For a foreign company that wishes to register its operations in Singapore, they must engage the services of a Singapore-based professional firm to handle the registration of their private limited company. Foreign entrepreneurs are not permitted by the Singapore government to register their private limited companies by themselves. 2. At least one resident director has to represent the private limited company. Here, the term resident refers to any person who is either a natural-born Singapore citizen or a foreign national granted a work permit (for example, EntrePass, Employment or Dependent Pass) and is considered as an immigrant. 3. A private limited company registered in Singapore must have at a minimum of one and at the maximum 50 shareholders. 4. A private limited company should have a physical address in Singapore and not a PO Box when applying for registration. 5. Immediately after the registration of a private limited company has been granted, the company may now open a corporate bank account with any banking institutions in Singapore. In banking consultants, this certain process requires the principal of the private limited company to be present for this process. 6. Based on the business nature of the private limited company, the administrative agency of Singapore may necessitate it to also apply for a business license upon registration. When you have taken care of all requisites, all will be set for a smooth-sailing business operation in Singapore. Are you preparing to work or invest in Singapore? Visit today to get more information about corporate secretarial services and other company formation requisites of the country. |