Singapore is a great place to do business. The government provides tax exemptions for companies that register with them. Entrepreneurs are moving to Singapore with business plans. According to the Singapore Companies Act, anyone over 18 years old can register a company.
Most companies in Singapore are limited-liability companies. It is a tax-efficient corporate agency, and no shareholders are liable for the company's debts other than the share capital. Before you approach the government to register, discover here a few things that you need to do:
1. Name approval must be given by the government.
2. The company must have a Singapore Address, not a PO Box.
3. You can have as many directors as you like (each legally major), but only one must be from Singapore.
4. A Singapore resident must be appointed as the company's secretary.
5. An Authorized capital is not required by the company. A minimum of $1 in share capital must be included.
6. If they are merely incorporating the company in Singapore, foreign nationals don't need a special Singapore visa. If one intends to move, however, they will need an Entrepreneur Pass or an Employment Pass.
Once all of these are in order, you can start the registration process. The registrar will need the Company name, details of the business activities, and the registered address. As a standard practice, each person involved in the establishment of the company will need to provide identity proof.
The registration process at the Singapore Registrar of Companies is a simple and efficient one. The company name approval/rejection process is completed within one hour. Once the application has been received by the Registrar, registration can be completed in a matter of hours, provided that all documents are available.