Singapore provides appealing incentives and exemptions for entrepreneurs planning to establish their companies in the country. This is the major reason many foreign entrepreneurs select Singapore as their company's base of operations.
Many companies registered in Singapore are classified as private limited companies. Based on Singapore business regulations, any individual - whether a non citizen or a citizen - who is of legal age (more than 18 years of age) is qualified to register a private limited company in the country.
Like other countries, Singapore has a set of requirements for the registration of a private limited company.
The following are the basic guidelines specifically prepared for foreign entrepreneurs planning to establish a private limited company in Singapore. The pointers cover the primary requirements, the procedures, and some things to expect when registering a private limited company based in Singapore.
1. Singapore requires a multinational company intending to set up operations in the country to engage a professional firm to handle the registration of the private limited company. Singapore does not permit foreign individuals or entities to register a company by themselves.
2. It is required that at least 1 person will act as a resident director representing the company being registered in Singapore. In this context, the term resident refers to an individual who is either a natural-born Singapore citizen or a foreigner granted a work permit (for instance, EntrePass, Employment or Dependent Pass) and qualifies as an immigrant.
3. For a company to qualify as a private limited company in Singapore, it must have at least one and a maximum of 50 shareholders at the moment of enrollment.
4. The corporation being registered as a private limited company should have an actual address in Singapore - whether this is situated in a commercial or residential area.
5. The private limited company that has been granted authorization by the Singapore government may then open a corporate bank account in the country. This necessitates the principal to be physically present in Singapore. Bank regulations call for the principal's physical presence for this particular transaction.
6. Based on the description of the private limited company's business in Singapore, it could also possibly be necessitated by the governing agencies to acquire a business license before it could commence operations.
Once your private limited company registration requisites have all been fulfilled, you are then ready to do business in Singapore.
Many companies registered in Singapore are classified as private limited companies. Based on Singapore business regulations, any individual - whether a non citizen or a citizen - who is of legal age (more than 18 years of age) is qualified to register a private limited company in the country.
Like other countries, Singapore has a set of requirements for the registration of a private limited company.
The following are the basic guidelines specifically prepared for foreign entrepreneurs planning to establish a private limited company in Singapore. The pointers cover the primary requirements, the procedures, and some things to expect when registering a private limited company based in Singapore.
1. Singapore requires a multinational company intending to set up operations in the country to engage a professional firm to handle the registration of the private limited company. Singapore does not permit foreign individuals or entities to register a company by themselves.
2. It is required that at least 1 person will act as a resident director representing the company being registered in Singapore. In this context, the term resident refers to an individual who is either a natural-born Singapore citizen or a foreigner granted a work permit (for instance, EntrePass, Employment or Dependent Pass) and qualifies as an immigrant.
3. For a company to qualify as a private limited company in Singapore, it must have at least one and a maximum of 50 shareholders at the moment of enrollment.
4. The corporation being registered as a private limited company should have an actual address in Singapore - whether this is situated in a commercial or residential area.
5. The private limited company that has been granted authorization by the Singapore government may then open a corporate bank account in the country. This necessitates the principal to be physically present in Singapore. Bank regulations call for the principal's physical presence for this particular transaction.
6. Based on the description of the private limited company's business in Singapore, it could also possibly be necessitated by the governing agencies to acquire a business license before it could commence operations.
Once your private limited company registration requisites have all been fulfilled, you are then ready to do business in Singapore.
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GST Singapore - Drop by now to experience efficient accounting services from Singapore-based business accountants.. Also published at Requisites Of Singapore Government For Private Limited Company Registration.