Singapore—just like any modern country that welcomes foreign entrepreneurs that have already experienced several sessions of Team building training—has particular requirements that you must follow to register your company. It pays to do some research and work with a reputable Singapore company registration specialist that is based there to ensure that you can fulfill all the requirements using the desk software and successfully register your business in the country. Whether you’re opening a small business or a larger investment company, the rules are pretty much the same. Most entrepreneurs opt for a private limited liability company, which is a separate legal entity that provides shareholders debt protection beyond the overall capital they can contribute. Anyone over the age the 18 can register a company in Singapore as long as they follow these guidelines:
- Think of a company name – Make sure your company name is approved. To become successful, make sure it is unique, not obscene, and that it distinguishes your business from others.
- Have a set of directors – You need at least one resident director who is based in Singapore. This person can be a permanent resident, a citizen, or someone who has a valid dependent or employment pass. You may appoint as many foreign and local directors as you please, as long as they are not younger than 18 years of age, have clean criminal records, with no history of bankruptcy. Keep in mind that these directors do not need to be your shareholders.
- Have shareholders and a company secretary – You may have anywhere from one to 50 shareholders if you are registering a private limited company. These can be local or foreign entities or individuals. Once incorporated, you may transfer or issue shares to them. You have six months to find a qualified company secretary, too, and this person must be living in Singapore.
- Prepare your paid-up capital – Make sure your company has at least S$1 in paid up capital. This can be increased to any amount any time after the company is incorporated.
- Have a registered address – Your registered local address can either be commercial or residential, but not a P.O. box.
- Prepare the MAA – The Memorandum of Articles of Association can be acquired from the Singapore Company Registrar.
- Apply for business licenses – A special license will be required if your business is a restaurant or employment agency, imports or exports goods, provides financial and travel services, and educational services, like the montessori planes of development.