Foreign entrepreneurs and business enthusiasts who are planning to register a Singapore company should first establish awareness on necessary information with regards to pre and post business registration. Complete information on business processes is a good starting weapon for every businessman. On this page, we will be providing you information that would be very helpful especially to foreign individuals and companies who would challenge the risk of starting a new company.
Singapore has established a good worldwide reputation as a pro-business or a business friendly country. With this, we are providing you basic information that will help you register a Singapore company, thus letting you start appreciating Singapore as a best business locale.
Here are the basic considerations for foreigners who would like to register a Singapore company:
- Company name: The company name must be unique, desirable and must be approved by Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
- Shareholders: You are required to have a minimum of at least one corporate or individual shareholding and a maximum of 50 shareholders. Shareholders can either be 100% foreign or a combination of resident and foreign shareholders. Remember that details of directors are made publicly available.
- 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 an EntrePass/Employment pass holder with a registered address. Directors should be 18 years of age and should not have a history of bankruptcy.
- Company Secretary: you are required to appoint a company secretary who should be a 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 its equivalent in any currencies. The minimum issued capital is one share of par value. "Bearer" shares or "No par value" shares are not permitted. The Share or paid-up capital can be increased anytime after incorporation of the company.
- Registered address: The registered address must be a physical address and cannot be a PO Box. Use of residential address is allowed for certain types of business.
- Memorandum and Articles of Association: Memorandum and Articles of Association must be lodged with ACRA. Memorandum specifies the activities in which the company may engage whereas the Articles of Association specifies the rules governing the internal management of the company.
After having all the basic information on business registration in Singapore, you may now proceed by hiring the services of a professional business registration firm who will facilitate all business processes and submission of documents for you.