The process of forming a new corporation is termed incorporating a company. This is done only for companies relating themselves to any business. The corporation might be based on a business or any non-profit organization, sports club, or developing local government in the newly formed city or town. Singapore uses Pte. Ltd after their company name. In this article, we will discuss the company incorporation singapore.
Requirements for registration in Singapore-
- Shareholders- every company that wants to get registered should have at least one shareholder for the company who can be an individual or any other company. The maximum number of shareholders for any private company in Singapore is 50. Your company’s shareholders can also be foreigners as the government gives 100% approval to it.
- Capital- the government approves registering the company if its capital investment is just one Singapore dollar. After the company has stabilized or needs more funds, it can take up loans or borrow from any government funding organization.
- Directors – among the group of directors in the company, there must be at least one Singapore- citizen and resident-approved director. The rest of the directors, if any, can be foreign directors. Corporate directors are not permitted to be directors as they should be the sole person.
- Company secretary– every company in Singapore should have a Singapore who is a citizen of Singapore and permanently based in this country. The company secretary’s job is to ensure that the company follows the filing and regulations.
- Address- the company should have a registered address in Singapore where all the documents should be kept.
Steps to follow to register a company-
- Fulfill the registration requirements
- Choose the corporate structure that includes who will be the director or belong to the group of directors, who will be the shareholders, what percent of shares they will hold, whether the company will be self-owned or will contain partners, etc.
- Confirm with the government whether the name of the company you have selected is available or not.
- After the company’s name has been approved, sign different incorporation documents like the company constitution given by ACRA, consent by the company director, consent by the company secretary, and the declaration of the company’s controllers.
- Register the company and open a company bank account
- Accounting and Corporate Authority (ACRA) will provide various documents like the e-certificate of incorporation and business profile.
To conclude, the steps mentioned above and requirements are the ways you can incorporate a company in Singapore.