It is important that entrepreneurs who are planning to register a company in Singapore are knowledgeable enough on what things are much needed for the registration. To have a fast business operation, knowledge about registration process is important. Singapore is one of the business capital countries in the world making them an attraction to all entrepreneurs. Here are some basic factors you should consider in registering a company in Singapore.
Company Name: An eligible company name should be approved by the Accounting Corporate Regulatory Authority (ACRA) of Singapore.
Shareholders: A one individual or corporate shareholding and a maximum of 50 shareholders are requirements for the registration. Shareholders are not required to be pure foreigner but a combination of resident and foreign is acceptable. The details of directors are always ready for the public.
Directors: It is required to have at least a minimum of one director who should be a resident of Singapore which means a Singapore citizen, Singapore permanent resident or Entry Pass|Employment Pass holder with a registered address.|It is also a requirement that one of the directors is a permanent resident pass holder in Singapore.|One of the directors should be a Singapore permanent pass holder.} A good and clean reputation is a requirement for a director and he or she should be 18 years of age.
Company Secretary: You are required to appoint a company secretary who should be resident in Singapore within six months of incorporation.
Share Capital| Paid-Up capital: The minimum paid up capital for registration of a Singapore company is S$1 or it's equivalent in any currencies. One share of par value is the minimum issued capital They don't allow "bearer" shares or "no par value" shares. The share or paid up capital can be increased anytime after incorporation of the company.
Registered address: The registered address should be a physical address and P.O Box is not permitted. Usage of residential address is allowed anytime depending on the type of business to be registered.
Memorandum and Articles of Association: Memorandum and Articles of Association should be provided by ACRA. The two aspects have different functions. Foremost, the Memorandum must provide a list of transactions that the company can commission into. Next, the Articles of Association must state the standards of the company's internal administration.
Consulting an authorized business registration firm in Singapore will provide you much more ideas and tips to make the whole registration process very fast. Entrepreneurs around the world are very much welcome in Singapore and they are willing to assist or help each one of them as much as they can.