If you have just started a company and need to register it, you might be wondering how to go about doing so. There are many procedures involved in registering a company and it can also be quite an expensive process. However, once you have your company set up and operational, the benefits are numerous.
Registering your business as an entity will protect you from personal liability for its actions; this means that if your business fails or does anything unlawful, it will not impact on your personal assets. You need to Register your business in Singapore With Our Expert team.
If you are thinking of starting a new business venture in Singapore soon but don’t know where to begin, this checklist is for you. Here, we explain everything you need to know about registering a company in Singapore.
Who can register a company in Singapore?
Anyone who is above the age of 21, has their own source of funds and has a clean credit history can proceed with registering a company in Singapore.
- If you are a foreigner who is planning to set up a business in Singapore, you must meet the following criteria: Be aged 21 years or above Be able to provide a valid passport
- That passport must have at least one full year left before expiry Be able to show that you have the funds available to start your business
- Be able to provide proof of your clean credit history Have a valid visa that allows you to conduct business in Singapore.
Step 1: Decide on the type of company you want to set up
There are many types of companies that you can choose when you’re registering a company in Singapore. Choosing the right company type can impact a lot of things, including the amount of taxes you’ll have to pay.
It’s important that you take this step seriously as you can’t change the type of company you set up later on. Some of the most common types of companies that you can register in Singapore are: – Sole proprietorship – Partnership – Private company – Public company – Corporation – Limited Liability Partnership (LLP)
Step 2: Select the registered office and domicile of your company
The registered office is the address that will appear on all official documentation. It is also the place where all official correspondence will be sent to.
The domicile is the place that your company is officially registered and it’s usually where your business will be run from. If you’re registering a company incorporation in Singapore, you have the option to choose both the registered office and the domicile of the company.
However, there are some things that you must keep in mind when choosing the registered office and domicile of your company. First, the address of the registered office must be in Singapore. It should be a place where your company can be run from.
Step 3: Decide on who will be your Company Directors and shareholders
Before you register a company in Singapore, you need to decide who will be the Company Directors of your business. The Company Directors will be responsible for managing your business. There can only be one Director per company; if you want multiple people to be Directors, you must set up a different company.
The Company Directors must be Singaporeans. If you are setting up a private company, at least one of the Company Directors must be a Singaporean who has been issued a Singapore Work Permit.
Conclusion:-
If you are setting up a public company, at least one of the Company Directors must be a Singaporean who has been issued a Foreign Investor Qualification.
One of the Company Directors must be a person who is at least 18 years old. All of the Company Directors must be able-bodied.
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