Singapore has managed to retain its position as one of the hottest hubs for establishing companies. Most of the top entrepreneurs have chosen Singapore over other destinations due to the excellent environment as a result of the business-friendly policies. Much like an export processing zone within nations, the fact that Singapore has attracted companies helps to improve and fine tune aspects of business. Here are few basic requirements that you should be aware of while setting up base in Singapore.
Nomination of resident director
One of the mandatory requirements for setting up a business in Singapore is the need to employ the services and nominate a resident Singapore citizen. This is across categories such as Foreign Individual, Foreign Subsidiary and Local within the category of Singapore Private Limited Company. Therefore, you need to have one local resident as a director on the company. One of the time-tested methods used by companies that have established base in Singapore has been to rely on reputed incorporation companies to get the resource.
Time taken for registration for company
Depending on how well prepared the documentation is, and the nature of business, it is possible to get the company incorporated within a day. For instance, if you happen to be away and without any local assistance, the preparation of documentation and updating, uploading the same may consume time. Though the timelines are short, it all depends on how well you run within the system. Also, an awareness of the departments and nature of business will help to compile and submit documents for faster processing.
Name of the company – can delay process
The time taken for the whole process of registration hinges on the name you choose for the company. If the name that you have chosen does not conflict with existing names or other pending applications, the name is allotted quickly, permitting you to proceed to the next stage of registration. However, if the name that you have chosen is in conflict with other names, the whole process will get delayed till the naming is sorted out. Therefore, enlist the support of incorporation companies to get the naming processed faster.