Company registration Singapore procedures are already fully computerized by the Singapore Registrar of Companies. This computerized system makes the incorporation process quick and efficient without the presence of bureaucracy and red tape. Under normal circumstances, the company can be incorporated in 1-2 days.
There are two important steps involved in company registration Singapore procedures: a) Company Name Approval and; b) Company Incorporation. Both steps can be accomplished on the same day assuming there are no delays related to the name approval or particulars of directors/shareholders.
Procedure 1: Name Approval: Before the formal business setup, it is important that you already have an approved business name. Business name approval is processed with the company registrar. The authorized business registration firm that you employ will be the one who will facilitate the business name application as the first step in incorporation process.
Procedure 2: Company Registration: If you already have a registered business name, the filing of incorporation as well as the approval from the Registrar of Companies can be completed in a few hours assuming incorporation documents are all available.
The following should also be considered in incorporation:
Company Name. The name must be approved before incorporation of the Singapore company can occur.
Directors. A minimum of one resident director is mandatory. There is no limit on the number of additional local or foreign directors a Singapore Company can appoint. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past.
Shareholders. A Singapore private limited company can have a minimum of 1 and maximum of 50 shareholders. A director and shareholder can be the same or different person. The shareholder can be a person or another legal entity such as another company or trust. 100% local or foreign shareholding is allowed.
Company Secretary. As per Section 171 of the Singapore Companies Act, every company must appoint a qualified company secretary within 6 months of its incorporation. The company secretary must be a natural person who is ordinarily resident in Singapore.
Paid-up Capital. Minimum paid-up capital for registration of a Singapore company is S$1. Paid-up capital (also known as share capital) can be increased anytime after the incorporation of the company. There is no concept of Authorized Capital for Singapore companies.
Registered Address. In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. The registered address must be a physical address (can be either a residential or commercial address) and cannot be a PO Box.
Taxation. Singapore registered companies enjoy very attractive tax exemptions and incentives. This is one of the key reasons entrepreneurs from around the world prefer to form a company in Singapore.
Rikvin has helped thousands of individuals and corporations to form a company in Singapore successfully. Rikvin provides a complete corporate solution under one roof for company registration Singapore procedures
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