Establish a Singapore Company
There are a lot of steps you have to take and factors to consider if you want to start a Singapore Company. For this, it is a good idea if you search extensively online by going to relevant websites. For example, seeking approval from the Ministry of Manpower to register a company in Singapore is strongly advised because even if you manage to register a business with ACRA with success, you may be denied an application for a pass subsequently by MOM. There is no limit to the number of companies that a foreign entrepreneur can incorporate in Singapore, and he is allowed to have one hundred percent complete ownership of such companies.
Singapore is well known, around the world as a business hub. It has a population of more than 5.3 million persons, a reason it is so easy to access the business sector.
Private Limited Company
To start a Private Limited Company in Singapore, the law states that the minimum starting paid-up share capital is 1 Singaporean dollar. P.O. box addresses are not allowed for Singaporean private limited companies. Such business entities are provided by the government with registered office addresses located in the prestigious central business region/district. It is also a good idea to have a consultancy firm or agency guide you when starting a company in Singapore.
These firms offer a range of services such as briefing you on the best utilization of your finances, providing assistance and solutions to all the problems you may be facing, explaining all the technical terms, and legal policies that you will have to adhere to, as well as the letting you know about the current opportunities that are available in the Singaporean environment. There are also many universities in Singapore that offer you training in how to run a business efficiently and build long-lasting productive relationships with your customers that will eventually translate into sales.
Registering a Private Limited Company
While registering a private limited company in Singapore, the requirements of such a process are as follows:
- The company should consist of at least 1 shareholder,
- 1 director and 1 company secretary.
All of the shares can be held both by a foreign corporation or an individual shareholder.
From these members, it is necessary to have at least 1 director who is also a resident/citizen of Singapore having either a Singaporean permanent resident (PR) or a valid Singaporean work pass holder. So if you’re a foreigner you should be provided with a work pass and thus be able to act as your company’s resident nominee director. A shareholder in your company can also function as a director while the sole director can also function as the sole shareholder. The company secretary must be a citizen/resident of Singapore, and a sole director cannot hold the title of the company secretary at the same time.
Singaporean companies are not to have a Post Office Address
ACRA put these regulations as part of all Singaporean company incorporation for the following reasons:
- This helps in safeguarding the privacy of the officers and shareholders of the company by availing you an opportunity to protect your home address.
- It protects the residential address from being used inappropriately by your business competitors, discontented customers or employees, and antagonistic lawyers.
- This also helps protect the residential address from being resold by firms that usually buy company profile information in large quantities.