Most people who want to achieve great things in life will aim to harness their skills and build a business around them. That is why most people are thinking of becoming a business owner one day. This kind of mindset is greatly encouraged by many countries. That is because businesses play a huge role in stabilizing the economy of the countries. That is why the company incorporation Singapore process is easy in a country like Singapore.
If you want to know how to register a company in Singapore, there are things that you need to know. One of them is fulfilling the requirements for business registration. The specific documents that you are required to submit will depend on the type of business you wish to establish. However, there are 5 main requirements that all businesses aiming to get registered should comply with and this is what will be discussed in the article.
1 – Singaporean office address
One of the first company incorporation Singapore requirements that you should look for is the location of your office. Whether it is a physical office or a remote office, you need to register a Singaporean address. Most guides on how to register a company in Singapore will refrain you from using a P.O. Box address. That is because the registered address should be a place where people can visit. This is so ACRA can send their representatives to do audits or look into the business documents. Thus, before registering your company with ACRA, you need to have the Singapore office address settled first.
2 – Paid-up capital
All businesses need to have capital which will be the fund to use to start the business operations. In Singapore, paid-up capital is a major requirement for the company incorporation Singapore registration. However, unlike other countries, you don’t need to prepare a hefty amount to incorporate a business in Singapore. You only need SG$1 for your business’ paid-up capital.
However, not all industries abide by this minimum capital requirement. Some sectors will require you to have more than that for you to incorporate your business. It is advised to look into a guide on how to register a company in Singapore for your specific business industry to find out the exact capital requirements.
3 – Corporate secretary
The next company incorporation requirement that you should comply with is hiring a company secretary. The company secretary is responsible for tax filing and fulfillment of statutory requirements. That is why it is recommended that you get a registered accountant to fill in this role. Furthermore, there are regulatory bodies that certify corporate secretaries. You should find out whether the applicant for the corporate secretarial job has been certified by these authorities.
In addition, many how to register a company in Singapore guidelines recommend that you hire secretarial services. They will appoint a company secretary for you but will have a team of people who will fulfill all the roles and responsibilities of a company secretary. Moreover, these services bring more value to your invested funds rather than hiring a single secretary.
4 – Company director
Aside from the corporate secretary, you need to hire a company director for your Singapore-based business. If you are a Singaporean, you can be the company director. If you are not a Singaporean but one of the shareholders is, he or she can be the company director. However, if that is not the case, you need to hire someone who will be the company director.
According to the business regulations in Singapore, a business needs at least one company director that is a Singaporean citizen. This means that there can be several directors but one must be Singaporean. Many foreigners had opted to avail of nominee director services. This type of director is appointed to meet the company incorporation Singapore requirements. They don’t have decision-making authority but they can serve as representatives of the company to government bodies.
5 – Corporate shareholder
All businesses registered in Singapore should have at least one shareholder that can be either a local citizen or a foreigner. This only means that foreigners can have 100% ownership of their companies in Singapore. According to guidelines on how to register a company in Singapore, a private company can have up to 50 shareholders and all of them can either be foreign or local. In the company incorporation Singapore registration, you need to submit the particulars of each shareholder to ACRA.
Start a business with our help
Almost every guide on how to register a company in Singapore will advise you to prepare your Singapore incorporation requirements diligently. Most entrepreneurs in Singapore had testified that collecting the required documents is the most difficult part of the company incorporation Singapore process. Thus, if you need help in completing your business registration requirements, we can help you here at WLP Group. Visit our website now and find how to register a company in Singapore.