Singapore is a hub for start-ups and setting up companies. There are many benefits and advantages of setting up your business in Singapore, one of which is complete foreign ownership. Setting up your business in Singapore does not require any local ownership and you have complete control over your business activities and transactions. Moreover, setting up your company in Singapore is a rather simple and easy process and does not require any sort of hassle.
Singapore Company Requirements
In order to register your company in Singapore, there are certain basic requirements that must be fulfilled. These requirements include:
- Your company must have at least one shareholder that can either be a person or a corporate entity.
- Your company needs one local resident director who either resides in Singapore or has an employment pass to work in Singapore.
- It also requires one company secretary who resides in Singapore.
- And lastly, one registered office in Singapore.
Deciding the Corporate Structure In Singapore
The next step in the process of registering your company in Singapore is to decide its corporate structure and collect all the relevant documents that are supporting your business.
- Firstly, for an existing company to open its subsidiary company in Singapore, it is relevant to submit documents regarding the details of the shareholders and the percentage share of each one of them.
- For setting up a new business in Singapore, it is important to provide the details of the owner, shareholders, and their percentage of shares.
- Thirdly, the initial share capital of the company needs to be mentioned in the documents.
Approval for Company’s Name In Singapore
In order to register your business in Singapore, it is necessary to get approval for your company’s name. There are some requirements to get the company’s name’s approval and once they are fulfilled, this process takes no time.
1. Unique
The name of the company must be unique and not identical to any other company already registered in Singapore.
2. Unreserved
The name must not be reserved by any other entity.
3. No trademark violation
The name must not violate any trademark or copyright that is not owned by you.
4. Cannot be obscene
Lastly, the name of the company must not contain any obscene or vulgar words.
Singapore Incorporation Documents
The next step is to sign the incorporation documents and file them with ACRA. These documents include the following:
- Company Constitution which has been standardized by ACRA.
- Consent of Company’s Directors to act as per their designation.
- Consent of Secretary to act as the Company secretary.
- Declaration of Company’s Controllers.
Opening A Bank Account In Singapore
The last and final step is to open a bank account under the company’s name. Once the company has been registered, a business profile of the company is required in order to view its business activities, details of directors and shareholders, and the shareholding structure.
Read More: Best Banks In Singapore
Conclusion
The entire process of registering your business in Singapore is simple, easy and does not require you to actually be present in the country. The process of documentation, signing and approval of documents, and opening a bank account is done at the ease of being at your residential location. The process is done entirely through an online mode and does not even take up a lot of time. Registering your business in Singapore being a foreigner is an efficient and comfortable process and can be easily done sitting at home.