In Singapore, the environment for business and commerce is rated as one of the best in Asian countries due to its well developed and advanced economy. It is considered as one of the best destinations for businessmen due to its favorable laws of intellectual property and taxes. Everyone including local residents and foreigners can plan for incorporating a company in Singapore due to its business friendly laws which allow business owners to get return of their investments along with improving the economy of the country. For these reasons industrialists and businesses from all over the world, regardless of their size, want to incorporate a company in this small Asian country.
Starting a law abiding company in Singapore
While incorporating a company one should keep in mind that most of the businesses are registered in Singapore as private limited companies as they are most common type of tax structured units. The process of starting a company in Singapore is very easy if one follows the legal requirements. The entrepreneur, local or foreigner, starting a company in Singapore should be more than 18years of age so that he/she can register his/her company legally. One should hire a professional service to fulfill some of the legal and regulatory requirements to operate a legal company in this country.
Registration of the company: First of all the entrepreneur should contact a professional service provider firm so that it can help him in completing all the legal requirements through company formation services of Singapore. They can get your company incorporated or registered in Singapore with the help of professional registration company.
Legal requirements for registering a company in Singapore
Name of the company: For a new company it is very important to give it a name before registering it so that it can be approved by the competent authorities.
Appointment of Directors of the company: While incorporating a company in Singapore its directors should be appointed. According to the Company Law of Singapore, there should be a resident director who has a permanent residence in this country or hold an employment or dependent pass and should be citizen o Singapore. Minimum legal age of resident director should not be less than 18 years in any case. Along with resident director the company can have as many directors as required but a director may or may not be its shareholders. He should neither be convicted in some legal case nor be bankrupted.
Shareholders of the company: The company should have at least one shareholder or 50 to the most so that company formation service in Singapore can be contacted for fulfilling its legal processes. These shareholders can be citizens of Singapore as well as nationals of other countries.
Secretary of the company: Within six months of incorporating a company a qualified local resident should be appointed secretary under Section 171 of the Companies act of Singapore.
Paid-up capital of the company: The capital invested by shareholder is considered as paid up capital of the company incorporated in Singapore. It can range from S$1 to any amount of money required to start a company.
Registered address of the company: The company should have a registered local address so that it can apply for P.O. Box number for future communications.