Singapore is a highly developed open-market economy and the most pro-business jurisdiction on the planet. With its GDP per capita ranked second highest on the globe in terms of purchasing power parity (PPP), no investor wants to be left behind as others move in. If you have a company or start-up and have been wondering how to make it a multinational, the answer is to register a business in Singapore.
So, what is the procedure for company registration in Singapore? It is true that the process has been simplified so much by the Singapore administration, but it still remains pretty complex for most people because of the required documents and steps to be followed.
Keep reading to learn more about the key requirements for company incorporation in Singapore.
Why You Should Register a Business in Singapore
Before looking at the main requirements for registering a company in Singapore, let’s start with the benefits to anticipate. So, what makes it a good idea to register a business in Singapore?
- Singapore has a robust economy.
- Attractive tax system.
- Foreign investors are allowed 100% shareholding.
- A large pool of educated and talented workforce.
- Strategically located in Southeast Asia. This makes it pretty easy to extend your business markets in neighboring countries.
The Main Requirements to Register a Business in Singapore
Here are the seven main requirements for you to register a company in Singapore:
- Company Name
After making up your mind to register a Business in Singapore, the first step should be getting a name. Consider a name that makes it easy for targeted clients to identify with your products or company. Furthermore, it should be unique to avoid conflict of interest with other businesses. Finally, it has to be approved by Accounting & Corporate Regulatory Authority(ACCRA) and reserved before the company can be incorporated.
- Company Shareholders
This is another mandatory requirement for all companies operating in Singapore. A shareholder can be a real person or another corporate entity. Also, 100% foreign shareholding is allowed for all Singapore-registered companies. According to the Singapore Companies Act, your company can have a minimum of one and a maximum of 50 shareholders.
- Company Directors
The top organ of any company registered in Singapore is the board of directors. Therefore, you have to pick a board of directors to run the affairs of the company. Note that one of the directors must be a resident of Singapore. You can select a permanent Singapore resident or any other person with EntrePass/ Employment Pass.
If you do not have a resident to serve as the local company director, consider hiring a nominee director. This is a professional hired by the board to act as the local resident director for the purposes of compliance with the Companies Act in the country.
- Company Secretary
After you register a business in Singapore, the Companies Act requires that a company secretary should be hired within six months. The main responsibility of a company secretary is to help the business with regulatory compliance. Make sure to go for a highly competent individual to fill the position of a company secretary to be sure of compliance with all business-related regulations.
- Registered Address
Your company should also have a registered address or office where all the official documents can be accessed. This means that the law enforcement or compliance officers from different departments can walk in and check if your company meets all the requirements to operate in the country. Remember that a P. O Box address is not accepted as a registered address.
These are the main requirements if you want to incorporate a business in Singapore.
Furthermore, you will need to open a bank account and get additional permits, where necessary. Often, investors find the process of opening a business in Singapore a major challenge, but you should not give up because experts are only a click away. Contact MBiA for all the assistance you want to register a business in Singapore.