What you need to know when registering a Company in Singapore
Starting a business is something that requires time and care to get right, especially when dealing with a new region in which you have no previous experience. Getting a registered office address Singapore is just one of the requirements you will come across, for example, so you need to know what to expect when dealing with such processes.
The integration of various technologies and related advancements has made the world a much smaller place. You can now travel around the globe with relative ease, as well as communicate and conduct your business from anywhere you may please. If you’re thinking about relocating your company to a new region, then Singapore is one of the best areas you can opt for. More and more businessmen are beginning to see the advantages of registering a company in this country, making it a popular option for many organizations.
Registering a business in Singapore has become a highly popular venture due to the numerous benefits you can enjoy from the process. Unlike other major marketplaces such as the US and UK, this region significantly encourages foreign investment by offering lower tax rates, simple registration processes, a widely connected market, and a stable financial ecosystem to name just a few perks. Having to deal with processes such as getting a registered office address Singapore and the like also involve much simpler procedures when operating in this particular region.
What Information do you need?
One of the major processes of registering a company in Singapore involves the application process, where a variety of information is required to complete the procedure. Apart from a registered office address that represents an actual physical location and not a P. O. Box number, some of the other details you will need include:
Name of the Company
The specific name you choose for your company will need to be approved by the Accounting and Corporate Regulatory Authority (ACRA) before it’s officially accepted. This is achieved by submitting your proposed name for approval with ACRA and can happen within the span of a few hours.
You also have to state what the primary objectives of your company will be once it commences operations. If you intend to import and export electronics for sale, for example, then these activities must be clearly stated in this section to avoid any confusion. Your principle activities might affect how long it takes to register your company, as some delicate fields such as healthcare and education may require additional application and approval processes.
Minimum Share Capital
The smallest amount acceptable for paid-up capital is S$1, making it a relatively easily accomplished task.
You must list at least one shareholder when registering a company, including their full name, registered address, and official identification number.
A List of Directors
You require at least one resident director, which refers to an individual who’s a Singaporean permanent resident, citizen, or holder of an employment pass. There is no maximum number of directors you can list for your company.
A Company Secretary
A company secretary should be identified within the first six months of your company’s incorporation. This registration will include their full name, registered address, and identification number.