Singapore Private Limited Company Registration
Singapore is famous for its competitive market and a healthy, positive business culture. Ranking number one as the world’s easiest places to do business in only adds to its appeal. If you are considering starting or setting up a local company in Singapore, you first need to know how to get your company registered.
Don’t worry, we got you covered. Read on to find out the requirements and process of a PTE Ltd. company registration in Singapore.
Process of Setting Up A Company in Singapore
The process is relatively simple. You only need to:
- Submit an application form
- Prepare the documents and set aside the money for payment
- Incorporate your company in Singapore!
The requirements of setting up a local company in Singapore are as follows:
At Least One Resident Company Director
The person responsible for handling all the management of the company’s operations is the director and the requirement for a director of a company in Singapore is that he/she must be a citizen of Singapore, or must have a Singapore Employment Pass (EP), Dependant Pass, or Entre Pass. The director should not have a record of any business malpractice, and must be at least eighteen years of age upon appointment.
At Least One Shareholder
The PTE LTD Company Registration in Singapore requires that a company should have at least one shareholder. Unlike the director, a shareholder does not need to be a resident of Singapore, and can be any legal entity. The maximum number of shareholders that a company that needs to be registered can have is 50.
At Least One Company Secretary
It is the director’s responsibility to hire a competent company secretary, who is a resident of Singapore, or holds an EP pass, a Dependant Pass or a Permanent Pass. The qualifications for a secretary must follow any one of the following:
- Must be qualified under the Legal Profession act.
- Must be a member of the SAICSA.
- Must have an experience of three to five years as a company secretary.
- Must be registered under the Accounts Act.
- Must be a member of the ISCA.
- Must be a member of the AIA of the Singapore branch.
- Must be a member of the Institute of the company Accountants, Singapore.
An Approved Company Name
A company name must be first approved so that no copyright issues ensue, and that the name of your company is in the legal books. You can easily file your application for the approval of the company name at the Company Registrar.
Share Capital to Incorporate Business
A share capital is the amount of money required to set up a business in Singapore. The minimum share capital in Singapore is one dollar.
A Registered Business Address
Your business should have a physical entity and to prove it, you need to secure a business address. A P.O. Box is not a registered address. A registered business address must be open for a minimum of three hours every day during the work days.
Do you need more information about the process details and how to best set up your local company in Singapore? Get in touch with us today!