Singapore, a diamond-shaped island city-state, is located north of the Singapore Strait, one of the busiest commercial routes connecting the South China Sea to the Indian Ocean. This strategic location, plus a pro-business administration, has made the jurisdiction highly lucrative for investors. Other reasons why investors come to Singapore include its highly developed infrastructure and proximity to the Asia Pacific region.
For investors planning to open companies in Singapore, the main question that might come through their minds is, “how do you incorporate my company into this high-potential island?” This post is a comprehensive guide highlighting all the requirements for company incorporation in Singapore.
The Key Requirements for Opening a Company in Singapore
There are about seven main things that you need to register a company in Singapore, according to the Companies Act.
- Company name: This is the first item that you need to think about when considering registering a company in Singapore. Make sure to pick a name that is unique and register the company within the period it is reserved for you.
- One or more directors: In Singapore, company directors must be persons who are 18 years and above. Also, he/she should not have been disqualified from acting as a director either in Singapore or in another country.
- A resident director: For your company to be incorporated, one or more directors must be a resident in Singapore. This must be a person who is a Singapore citizen, a holder of an EntrePass visa, or a permanent resident on the island. If you do not have any of the above, consider working with an agency of experts to serve as your nominee director.
- Shareholders: To register and run a company in Singapore, it must have shareholders. The Companies Act indicates that the shareholders can be natural persons or registered entities. Note that Singapore allows 100% foreign shareholding.
- Registered address: All companies registered in Singapore are required to have a registered address. Note that this is a physical office where officers from the government can walk in to inspect company documents or other aspects of its operations. A P.O Box is not accepted as a registered address.
- Company secretary: The company secretary is a senior officer in a company registered in Singapore. He/she helps the company in preparing and filing necessary documents and ensuring it is compliant with legal requirements in the country.
- Auditor: Within three months of company registration, it is required to appoint an auditor. The only time that you might not need an auditor is when the company has been exempted from audits.
Work with an Agency of Experts when Incorporating a Company in Singapore
Now that you know the requirements for company registration in Singapore, we must say that it can be pretty challenging. Even though the Singapore administration has simplified the process so much, preparing all the documents is never easy. For example, people with no legal background might find preparing the articles of association and company structure an uphill task.
For others, the process, which might require several flights to Singapore, is pretty expensive. Looking for a good office and hiring a local director can further pile up the cost. This is one of the reasons why you should consider working with an agency of experts. Other benefits include:
- Experts help to prepare all the documents required for registration.
- You can use the agency of experts for nominee director services.
- Helps to cut down the cost of company registration.
- Can help your company to comply with all Companies Act-related requirements.
With an agency of experts on your side, the process of company registration becomes easy, fast, and reliable. The experts hold your hand, ensuring that everything is done correctly to make the venture successful. Remember to only pick and work with the best agency for company registration in Singapore.
