Singapore is one of the leading Asian countries for business and commerce, and has been rated as one of the best business environments in Asia and the Pacific. Small and large business people are attracted to this small country.
If you plan to start a business in Singapore here are some useful tips that can help you in Singapore business mixing process. The below are all based on knowledge gained when starting a company specialised in halal certification in Singapore.
The Singapore Companies Act
Individual should be aware of Company Law Singapore (SCA) if he / she plans to set up a company in Singapore.Singapore Company Law has virtually governed almost any type of business but be aware that there is some form of business which may fall under some regulations depending on the type of business in question
Things needed for Singapore business created
The law states that in order to create a company in Singapore, the company must have a minimum of
- 1 Shareholder
- 1 Director
- 1 Company Secretary
It is necessary that the director of the company be resident in Singapore. The Director should be a Employment Pass holder. An individual without history of bankruptcy and 18 years and over is only permitted to be a business leader.
A maximum of 50 shareholders are required for a company in Singapore, but requires just a single shareholder. Individual and legal entities are accepted as shareholders. The director mentioned could be the proprietor of the company share, but could also be another person. They accept full shareholdings from locals or foreigners.
A secretary should be present in a company under the SCA. The secretary shall be appointed six months by the company’s foundation and shall be based in Singapore.
Capital for starting up
It is well known that S$1 Minimum initial paid-up share capital.
Minimum paid-up capital for registration of a Singapore company is S $ 1 unless you are an EntrePass holder, in which case the paid-up capital will be S$50,000.
A business should have a properly registered address.
The office address must be a Singapore registered address and addresses with a mailbox are not allowed.If a service from a professional provider is present, the entire process will now be easy. A professional provider will not only help you to register a company in Singapore, but will also help you throughout the process of business incorporation.
Professional business incorporation services ensure that they provide you with the correct information, accurate documentation and where to get the right resources to set up a business in Singapore.
A good business interference service gives you recommendations regarding appropriate conditions for licensing to the type of business you have and apart from that you can also take advantage of their concierge services such as finding the location of your office there Fits your business, build your IT and network infrastructure etc.
There are a lot of companies that can provide you with significant services for success in your business like tax advice, bookkeeping and incorporation. If you need help with more info on how to register a company in Singapore, please visit the link.