Process For Incorporating A Company In Singapore

Singapore is the best place to start a business if you want to expand your worldwide reach. Singapore is known as one of the best countries in the world to do business. Company registration is required for the company’s owners. In Singapore, starting a company is simple and inexpensive in nature.

Singapore is placed second doing Business Report 2020, which serves as a benchmark for foreigners and locals interested in a start-up company in Singapore. According to Singapore legislation, foreign corporate entities or foreign individuals are not permitted to register as a business in Singapore.

Types of Singapore Business Entities

The following is a basic form of business entities in Singapore:

1. Private limited company

2. Limited liability company.

3. Subsidiary company.  

4. Branch office.

5. Representative office.

Private Limited Company

A private limited company in Singapore has a different legal position from its owners or holder and directors, who have limited liability for the business’s debts and losses. The owner of this business has the right to own property.

Minimum Setup Requirements:

·  A single individual/corporate shareholder.

·  One resident director is required.

·  One company secretary.

·  Paid-up capital of one dollar.

·  One registered address.

Limited Liability Partnership

A limited liability partnership [LLP] combines the benefits of a private limited company and a partnership to provide you with the maximum freedom while keeping your legal entity independent from your partners.

Minimum Setup Requirements:

·   Minimum of two partners is required.

·   Full-time resident manager.

·   Registered address.

Subsidiary Company

A subsidiary company is a private limited company that is owned or held by an external business entity. This external corporate entity may possess 10% of the corporate. A subsidiary company in Singapore enjoys the same benefits or advantages as a Singapore-based private limited company.

Minimum Setup Requirements:

·  A corporate shareholder.

·  A resident director is required.

·  A company secretary.

·  Paid-up capital of one dollar.

·  A registered address.

Branch Office

A branch office is a non-Singapore-based growth of a corporate entity of foreign. Because it is a non-resident, it is not eligible for tax exemptions like other Singapore private limited companies given. You must apply for a Singapore employment pass if your company wants to move or send staff to Singapore to conduct business.

Minimum Setup Requirements:

·  A corporate shareholder.

·  A local agent.

·  A registered address.

Representative Office

A representative office is a temporary structure that cannot last for more than 3 years. This allows foreign corporations to temporarily move to Singapore to explore and interact with local distributors as well as analyze the market of Singapore.  relocate, you’ll need a Singapore employment pass.

Minimum Setup Requirements:

·  Sales turnover must be greater than $250,000.

·  Must have been in business for at least 3 years.

·  The proposed R.O. personnel must be no more than 5 employees.

Documents Required for Registering a Company In Singapore

·  Company name

·  Description of business activities

·  Shareholders

·  Particulars

·  Directors’ particulars

·  Registered address

·  Company secretary particulars

·  Memorandum of Association(MOA)

·  Articles of Association (AOA).

Key Factor of Company Registration In Singapore

Liability/Legal Entity

The most important factor to consider when choosing an organizational form is the liability structure. It is beneficial or helpful for both the business owner and the firm. if the two are different entities. This will provide for a limit on what/who is liable for any company indebtedness.