According to ACRA (Accounting and Corporate Regulatory Authority) and Companies Act, all business in Singapore must be register to perform any kind of business activities. Although there are five different business structures and types but Private Limited Company is the most popular business structure in Singapore. A private limited company is considered a separate legal entity and because its own identity, shareholders are not liable for any debt company has.
Following are some requirements to form a company in Singapore.
- There should be at least one shareholder
- The minimum paid-up capital is $1
- There should be at least one company director with Singaporean citizenship.
- There should be a company secretary (the sole shareholder cannot be company secretary)
- The company must have a physical address in Singapore (PO Box is no acceptable)
Why You Need Company Incorporation Services in Singapore?
Singaporean citizens can self-register a company and the registration process takes few hours at maximum, considering you have all the required documents ready. However, non-Singaporean citizens cannot self-register their company but instead they need company incorporation services in Singapore to get things done for them. Regardless of whether you are a Singaporean citizen or not, you can get company incorporation services in Singapore so professionals with years of experience in this field can register the company for you.
What Documents Are Needed to Register A Business in Singapore?
Following are some information and documents you need to register a company in Singapore.
Company Name, Address and Business Activities
First of all, you need to decide a name for your company. You can select the name via Company Registrar and the process takes one hour. However, in certain situations, a manual review might be required and it usually happens when your company name has words like bank, hospital etc. According to ACRA, you should avoid inappropriate and vulgar words. You need a physical address for your company and PO Box is not acceptable as a business address. You need to select business activities and for that you can refer to SSIC (Singapore Standard Industrial Classification).
Shareholders Agreement and Pattern
It is essential for the integrity of the company to have a proper legal agreement between shareholders. This agreement must define the roles, rights, relationships and obligations of shareholders. The purpose of this agreement is to avoid future disputes. Company incorporation services in Singapore can help you in this regard.
Shareholders and Directors
The company must have at least one local (Singaporean citizen or permanent residence holder) as company director. Also, company must have at least one shareholder and shareholders could be directors too. Although all of the shareholders could be foreigners but in case of sole director and shareholder, at least one local director is required; according to the Companies Act, a private limited company can have up to 50 shareholders.
According to Companies Act, businesses must hire a company secretary within six months of company formation/registration. Company incorporation services in Singapore also provide secretarial services and shareholders can outsource company secretary.