Update: Starting Jun 2016, all corporate service providers will have to undergo new training programme. Who are these? Lawyers and accountants, will soon have to undergo a new training programme as the Accounting and Corporate Regulatory Authority (Acra) moves to further reduce the vulnerability of CSPs to illicit activities such as money laundering and terrorism financing. Cover by ST. This move would help bring up the professionalism of the industry but also cost will definitely go up for SMEs in Singapore.
It is interesting to note that Singapore is considered as a provider of world-class level of goods and services from all types of industry which is either for local residents and foreigners.
In here, we will be discussing some details that would be helpful to individuals or companies who want to register a company in Singapore. It would be best to take note of the following:
Company Name. The name must be approved before incorporation of the Singapore company can occur.
Directors. A minimum of one resident director is mandatory. A Singapore Company can appoint as many additional directors as he/she wants may it be a local or foreign. It is a requirement that directors have a minimum age of 18 years and have not been undischarged bankrupt or committed for any illegal practice in the past.
Shareholders. A Singapore private limited company is only allowed to have at least 1 to 50 shareholders. A director and shareholder can be the same or different person. Furthermore, the shareholder can be an individual or another legal entity such as another company or trust. Also, there is an allowance of up to 100% local or foreign shareholding.
Company Secretary. Every company should appoint a qualified company secretary within 6 months of its incorporation as stated in Section 171 of the Singapore Companies Act. The company secretary must be a natural person who is ordinarily resident in Singapore.
Paid-up Capital. Only a minimum paid-up capital of S$ 1 is required for registration of a Singapore company. Anytime after the incorporation of the company, paid-up capital which also referred as the share capital can be increased. The general idea of Authorized Capital for Singapore companies does not exist.
Registered Address. In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. Providing a local Singapore address as the registered address of the company is a prerequisite in order to register a Singapore company. Another requisite so that one can pursue in registration of a Singapore company is to provide a local Singapore address as the registered address of the company.
It is also important to take note that the registered address must not be a PO Box, it must be a physical address which can either be a residential or commercial address.
Taxation. The salient benefit that Singaporean registered companies enjoy is the very appealing tax exemptions and incentives. Entrepreneurs from around the world prefer to form a company in Singapore because of the said incentives.
The above information are some basic information which could be helpful but if you need more guidance and information, feel free to contact any authorized business registration firm to help your consultation and registration processing convenient.
Asiabiz is the leading Singapore Company Incorporation Solutions Specialists. It has successfully helped foreign entrepreneurs register a Singapore Company. Our office is located at Raffles Place, in the heart of the Singapore business district. (“CBD”) If you’re in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours for advise and consult.
Do you have any other incorporation specialists that can help others start a business in Singapore? (Btw you can do it yourself too at Acra.gov.sg