Singapore & PR Package
Singapore offers a profoundly helpful environment for companies that are looking at new opportunities in the Asia region. Its sturdy regulative framework, linked with a stable political and economic structure, pro-business government, also a well-established legal system, have built the ideal platform for investment also made it a significant commercial, financial- plus wealth management hub. Singapore is known for its high government effectiveness and competitiveness while it's robust legal including regulatory regimes make it the most genuine country in Asia. The World Bank plus other organizations consistently rank Singapore as the most obvious place to do business worldwide. In extension, it has a profoundly educated also skilled workforce that speaks great English as well as multiple Asian languages.
How can Foreigners Register a Company in Singapore?
Simply like a local Singaporean, a foreigner can register a company and have its 100% shareholding without facing any problems.
In fact, anyone over the age of 18 years can begin a company in Singapore. Provided that he has not been condemned to any legal offense or bankruptcy.
While an extension to the citizens of Singapore, its Permanent Residents (PR), also holders of Employment Pass, EntrePass, Dependents Visa, can register a company plus be its shareholders as well.
It needs your physical presence in Singapore at the time of setting up your company.
Company Registration Requirements in Singapore
Once you have decided on the business structure, you are required to know some of the pre-registration requirements to register a company in Singapore. Here they are:
The first that you require is unique and simple to remember the business name. It should not be similar to that of a present business, it should not be indecent, obscene or offensive, or should not be something that is halted by order of the Minister of Finance of Singapore.
A corporation should have at least one director who is a local resident of Singapore. He can be a Singapore resident, a permanent citizen of Singapore, EntrePass owners (foreigners who are qualified to start a business in Singapore – they should receive a letter of approval from the Ministry of manpower).
A corporation must have a least of one shareholder plus a maximum of fifty shareholders. They can be both individuals plus entities regardless of whether they are locals or immigrants.
A corporation should elect a company secretary within the six months of its incorporation. The company secretary should be a natural person including a local resident in Singapore. The sole director of a corporation and the company secretary both cannot be a similar person.
A corporation must elect an auditor within three months of the date of its incorporation. Some small companies are exempted from audit requirements also you can read about it here.
Registered Office Address
A corporation should have a local address in Singapore wherever it is registered. It is the place where all the information is sent to and records are kept. It could be both residential or commercial yet cannot be an address of a post office box, also it should be convenient for people during normal working hours.
The corporation must show the total amount that shareholders have paid for their shares. The declared capital should be at least $1. There is no minimum paid-up capital needed.
You must be equipped with your company’s constitution before applying to consolidate your company. It is a legal document that holds the general rules and regulations of the company’s governance, its key aspects, the operations the company carries out, also discusses the rights and responsibilities of key persons of the corporation including the directors and the shareholders.
Necessities at a Glance
Pre-Registration Essentials for a Company Registration in Singapore
Picking a Unique Company Name
A Should Possess At Least One Director
At Least One local or Foreign Shareholder
A local resident Company Secretary
A district Address in Singapore (Physical or Virtual Office Address)
At Least $1 of Issued Capital
A Comprehensive Company Constitution
Auditor to Selection
How Foreigners Can Register a Company in Singapore
A foreigner ready to register and set up a company in Singapore has done the subsequent things.
As foreigners are not permitted to file the application on their own, they require to take help of a professional corporate secretarial company or an accounting firm in Singapore to present the online application
They require to employ a director who is a resident of Singapore
Registering and Reserving the Company Name
The initial that you need to do before incorporating your company is to register its name. You are required to do it by BizFile, a company filing portal of ACRA. You are required to pay $15 for the name application costs.
Once the corporation name is approved, the name will be reserved for you for 120 days and you are required to register your corporation within those days. If you don’t, the name will be made accessible to others.
In common, ACRA approves a company name within an hour; you require to obey the instructions accurately though. If you are registering for a standardized business such as a school, tourism, law, bank, etc., your application will be evaluated by that appropriate referral authority before it is approved. For example, if you are registering for a school, the Ministry of Education in Singapore will examine your application. Certain referral authorities take somewhere between 14 and 60 days to review the application.
Required Documents for Company Registration
So, before appealing for the company registration in Singapore, you are required to be equipped with some documents. Here they are:
- The Corporation name approved by ACRA
- Corporation Constitution – a legal document that
- States the main activities of the company
- Has the rules and regulations of governance of the company
- The obligations and rights of the key personnel
- Represents the way the operations are carried out in the company
- The personal specifications of existing shareholders including directors (company secretary particulars can be modernized later)
- A copy of the company’s registered address
- A copy of Singapore identity card (For district residents)
- A copy of passport details, residential overseas address proof, additional KYC documents (bank reference letters, business profiles, etc.) – (For foreign entrepreneurs)
- Registration documents including Memorandum and Articles of Association (MAA) from the Company Registrar (For corporate entity shareholder)
Registering the Company in Singapore
- You are required to sign in to BizFile to submit your application form. Though it is simple to submit the application form, you are required to be ready with all the documents in order also duly signed. The company registration fee is $300 plus can be paid through various payment options.
- It is recommended to take the help of professional filing agents to get the company registered easily and quickly.
- ACRA usually takes a few hours to process the documents and the application. Once the application is confirmed, all the company’s directors, shareholders, including the company secretary should give their signed consent within 120 days.
Documents You Receive on Successful Registration
Once the business is registered successfully, ACRA will issue the subsequent documents
- Certificate of Incorporation – an e-Certificate of incorporation. This certificate can be utilized for multiple corporate requirements in Singapore
- Company Business Profile – or BizProfile or Company Extract is a PDF document with key features of the company
Though, when engaging an internal employee to undertake the role of a director, the organization should assure that the employee is sufficiently informed of his or her responsibilities. Alternatively, the corporation should assure that it involves a reputable professional corporate services firm like Capital Radius to help the company and its directors with complying with all the statutory requirements.
Singapore Permanent Residence (PR) Application
Capital Radius, a one-stop corporate service provider, has been rendering professional immigration services for a number of years. You can drop your concerns to rest plus trust our experts to provide a thorough evaluation of all factors of your Permanent Residence application and also assure that it matches the current standards of review.
The most famous scheme for permanent residence in Singapore is the Professional, Technical Personnel plus Skilled Workers Scheme (PTS Scheme). It allows professionals working in Singapore under an Employment Pass, PEP or EntrePass to employ for permanent residence.
Our Singapore PR Application Services comprise:
- Scheduling the appointment date with the ICA;
- Recognizing and highlighting the powerful aspects of your application;
- Counseling on useful supporting documentation;
- Assuring that the correct documents are submitted;
- Recognizing any mistakes in your documents plus rendering possible solutions to solve these;
- Developing and verifying the application;
- One of our company members will attend the appointment with you; and
- In the case that your application is rejected, countless appeals within 6 months from date of rejection, provided there are notable changes to your original application/new information to submit.
Frequently Asked Questions
Answers to some common questions
- The sponsor of the Employment Pass (i.e. the current employing company) issues a no objection letter.
- The EP holder obtains a Letter of Consent from the Ministry of Manpower (MOM).
Note that when hiring foreign staff, the eligibility conditions must be satisfied for the relevant work pass category (Employment Pass or S-Pass). For more, refer to our work visa categories.
If a business license is required, you must obtain the license before commencing business. Fortunately very few type of business activities requires a license in Singapore.
NEED ANY HELP FOR YOUR PR APPLICATION OR FOR COMPANY REGISTRATION FOR SINGAPORE?
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