The extent of business opportunities and tax advantages outlined for both local and foreign individuals is matched with detailed and accurate Singapore business registration requirements. This means that whoever wishes to start and setup a business in Singapore should be willing to follow the rules before and after the business registration.
In Singapore company registration, the Private Limited Company is the most chosen format of a company being incorporated. It is a format of private company limited by shares and registered with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act.
Below are the standard setup requirements that you need to know for Singapore business registration:
- - Minimum 1 Shareholder + 1 Resident Director + 1 Company Secretary
- - Minimum initial paid-up share capital is S$1
- - Singapore Company must have a Singapore registered office address
- - For applicants who are applying for Entrepass, a minimum of S$50,000 paid up is required.
- - There are also important considerations to check before incorporation, among which are:
- - Company Name: The company name must be unique for it to be approved by ACRA.
- - Shareholders: A minimum of at least one corporate or individual shareholding is required. A director and shareholder can be the same or different person. 100% local or foreign shareholding is allowed. Singapore Companies Act allows a minimum of one and a maximum of 50 shareholders for a Singapore Private Limited Company. Details of shareholders will appear on public records.
- - Resident Directors: There should be a minimum of one Singapore resident director.
- - Company Secretary: There should be one Singapore resident company secretary.
- 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: There should be one registered office address.
- - Memorandum and Articles of Association: Memorandum and Articles of Association must be lodged with ACRA.
- - Foreigner individuals and companies should also be knowledgeable on the following:
- - Foreigner individuals and companies are required to seek for the services of a professional firm since they are not allowed to process the setup on their own.
- - Secure work visa for foreign individuals.
- - Secure work visa for foreign corporation management staff.
ABOUT THE AUTHOR
Since 1998, Rikvin consultancy has been providing highly professional company incorporation services, both in attractive standard packages as well as customised services. Online incorporation being a hallmark service, other services of Rikvin include Singapore Company Registration , Offshore Incorporation, EntrePass/Employment Pass/Personalised work Pass application, GST Registration, Accounting Services, Tax Planning & Consulting, and Business Plan Drafting.