Steps for Starting a Singapore Company
Most professionals believe that the company, or more commonly referred as corporation in most countries, is the most recommended business structure for medium- and large-sized enterprises as it provides "limited liability" and attractive taxation.
The following is a step-by-step procedure on setting up a company in Singapore:
2. Open a company bank account. After acquiring a company name, the next step is to open an account to a Singaporean bank.
4. Comply the provisions stipulated in the Singapore Companies Act relating to the matters of registration such as an office address and being able appoint a minimum of at least one resident director, one eligible secretary and one shareholder.
- An appointed resident director may either be Singaporean citizen, permanent resident, Employment Pass holder, Dependant Pass or EntrePass.Irregardless of citizenship, there's is no limit on the number of additional directors to be appointed in a company.
- A range of one to 50 shareholders are permitted in a company, the said shareholders could either be an individual or corporate entity.
- It is not allowed for a secretary to act as a shareholder of the company.
- A registered office address is where the authorities send notifications and where the shareholders place their statutory records. In case that a registered office address is a residential and not a commercial place, a company should seek the permission of the Housing and Development Board or the Urban Development Authority.
On the other hand, a person who will be the company director should notarize a consent and also responsible in signing and submitting profiles of all directors, secretaries, auditors and main executives