Singapore is filled with different kinds of business from different fields like banking and insurance and also mixed with art and some bar industries. According to the Singapore Economic Development Board, more than 7,000 multinational companies have registered a company in Singapore as a regional or global headquarters to date. Singapore company registration is also a very popular option for international entrepreneurs, and SME's, wishing to register any type of business.
The appeal is set to fasten all the process in registering a company in Singapore.
A typical Singapore registration procedure with the help of a service firm is as follows:
1. A legal name and appropriate structure should be indicated as Singapore company name. The service firm you have chosen to help you in the whole registration process will be the one who will present the application to Accounting and Corporate Regulatory Authority of Singapore (ACRA). by the your chosen service firm.} The approval/rejection normally comes quickly unless the pending name has to be reviewed by an external authority, which may then take 1-3 weeks for notification to be received.
2. Appointing a director is a must, upon the approval of the details, also it is important to take note that corporate directors are not allowed. A resident is classified as a Singapore Citizen, a Permanent Resident, a person with an Entrepass, Employment Pass or Dependent Pass.
3. A minimum of one shareholder should be appointed. In an appropriate private company, there should only be a maximum of 50 shareholders.
4. The minimum authorized share capital for a Singapore registered company is S$1.
5. A Unique Entity Number (UEN) is given to the company as its identification number.
6. ACRA will be providing a certificate of incorporation and businessmen will be able to view the company details via ACRA's online public register.
Foreigners wishing to register a company in Singapore need to consider several impacting factors. These include:
1. You must be 18, or more, years old.
2. You should have a clean reputation or else you need to have the appropriate permission from a High Court or official assignee.
3. Unless the foreigner is a Singapore Permanent Resident, they must apply for an Entrepass to be able to engage in operation of a business in Singapore.
4. As an alternative option to an Entrepass, appointing a local resident director is advisable for foreigners who wants to register a company in Singapore. So there is still a possibility that the businessman will not live in Singapore.
Singapore is ready in giving benefits such as exemptions and incentives in taxation, enjoying a sophisticated transport system, the advantages of being located in the center for business in Asia, the growing investment opportunities, enjoying the protection of Intellectual Property Rights, and a lot more to all those successfully registered company. Aside from being an easy country in terms of company registration, Singapore is also known as the best place to transact business as stated in 2010 Doing Business Report.