Guide To What You Should Remember When Registering A Business In Singapore

Tax exemptions and appealing incentives are offered by Singapore to business people who put up their businesses in the country. Due to this motivators, Singapore is a country known to attract many foreign investors searching for a niche in the Asian market.

Many companies registered in Singapore are classified as private limited companies. Based on Singapore business regulations, any individual – whether a foreigner or a citizen – who is of legal age (above 18 years of age) is qualified to register a private limited company in the country.

As with other countries, Singapore has a set of requirements for the registration of a private limited company.

The following are the primary pointers specifically drawn up for multinational entrepreneurs planning to put up a private limited company in Singapore. The pointers cover the basic requisites, the procedures, and some stuff to pay attention to when registering a private limited company based in Singapore.

1. For a foreign company that plans to register its operations in Singapore, they have to hire a Singapore-based professional firm to process the registration of their private limited company. Singapore does not allow foreign entrepreneurs or entities to register a company by themselves.

2. It is required that at the minimum one individual will be appointed as a resident director representing the company being registered in Singapore. Here, the word 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 qualifies as an immigrant.

3. For a company to qualify as a private limited company in Singapore, it must have at least one and a maximum of 50 shareholders at the time of enrollment.

4. A private limited company preparing for registration in Singapore must present a physical address in the country, and not merely a PO box.

5. After the registration of a private limited company has been granted, it can now open a corporate bank account in any banking institutions in Singapore. For this particular transaction, the banks will call for the principal of the newly registered private limited company is physically present in Singapore.

6. Depending on the nature of the private limited company’s business in Singapore, a business license may be required after the incorporation.

When you’ve taken care of all requisites, all will be set for a smooth-sailing business operation in Singapore.

Are you planning to work or establish a company in Singapore? Drop by today to learn more information about company incorporation and other company formation requirements of the Singapore government. Unique version for reprint here: Guide To What You Should Remember When Registering A Business In Singapore.