Singapore is an ideal country to start a business in with its modern facilities, infrastructure, strategic position, high quality workforce, and law and regulations that are well-enforced.
Being open to everyone in terms of business, Singapore is one of the countries that is the best to conduct business in for foreigners. To understand better about the regulations and steps to get your company registered in Singapore especially as a non-resident, read more below.
Company registration firm
As a foreigner, you don’t need to worry about not understanding the steps for company incorporation in Singapore because the laws make it an obligation for foreigners to register their company with a company registration firm. A company registration firm can be hired to help you navigate through all the process and makes sure that you fulfill all the requirements to get your company registered smoothly. They are professionals that can be your helpful guide and counselor when it comes to company registration and doing business in Singapore, so you don’t have to worry about this particular aspect.
Although it may sound that you have everything covered by this company registration firm, at least you need to know the basics of getting your company registered in Singapore. Here are the few requirements that you need to be able to fulfill.
- Business entity
You have to know what kind of business you want to start in Singapore. There are several business types. In general, you can register either a representative office, subsidiary company, or a branch office. Each respective type has its own advantages and disadvantages that you need to understand. Decide based on your condition, goals, and financial capability.
- Company name
A company name needs to be registered first before you can proceed further. A company name that is submitted must at all costs avoid copyright issues and inappropriate words.
There are documents that you need to provide for the registration process, such as the company constitution, residential address details and IDs of shareholders and company officers, and a signed consent to act as a company secretary and as a director among others that may later be requested. All the documents submitted must be in English.
You need to appoint a resident director and secretary. A resident director and secretary for your company must be either a Singapore citizen, a Singapore resident, or a holder of Employment Pass. However, for the secretary, the person appointed must be a Singapore native. A company must also have a shareholder and have paid-up capital of at least S$1. The shareholders for a Singapore company does not have to be a Singaporean. Any foreigner is allowed to be a shareholder.
After fulfilling all the requirements for company registration, then you can proceed to submit everything to the website. All the registration process in Singapore can be done online and it will be completed within several working days if all conditions are met. If your company is successfully registered, then you will receive a notice in e-mail.