Singapore is the best alternative investment market in the world and for good reasons too. It is the focal point of South East Asia and it highly values entrepreneurs. Let us not forget about the unique infrastructure and the flexible tax system. To set up a limited liability company in Singapore and start your business, you have to incorporate it. Simply put, you have to submit an application of approval for its name. There are many formalities that you have to go through, like hiring secretarial services. For secretarial services in Singapore, click here. If you have no idea whatsoever where to start, read this article.
Choose business activity
As a business employer, you have to declare your business activity. The state authorities control all activities realized with the purpose of making a profit. This means that it may be necessary to get permits and licenses. Requirements of this kind apply to all businesses, whether banks, recruitment agencies, restaurants, or insurance companies.
Hire secretarial services
In Singapore, you are required by law to have a company secretary. According to the 171 Companies Act, every company must appoint an administrative assistant within the 6 months of its incorporation. It is more than clear that you need to have a secretary prior to registering your business. But what about before? Well, an administrative assistant can help you in the early stages too. For instance, your corporate secretarial service ill file important documents for you.
Pick a name for your business
You cannot set up, let alone incorporate a company in Singapore if it does not have a unique business name. Naming your business is not as easy as you think. You have to pick a name that stands the test of time and that embodies the values of your company. You should have at least 3 variants of names. The name you have come up with may already be registered. Another thing to keep in mind is to avoid common nouns like ”agency” or “bank”. They will only make your application process longer.
Determine shareholding pattern
At the time of the incorporation, you have to issue subscriber shares to the entities that make up the owners. This is the reason why it is good to have in place a shareholding agreement. The shareholding agreement will show the relationship among the shareholders and how the company regulates these rights. It is important to stress that your company can be registered with a minimum paid capital of $1.
Appoint a company director
To comply with the regulations of the Singaporean law, you have to determine a director. The company director has to be a resident of Singapore and hold an employment pass. You can appoint an ominee director. This person will act as a director until you get the employment pass.
Prepare documents for incorporation
You have to provide the following piece of information to the Company Registrar: company name, description of business and scope of activities, paid up capital amount, characteristics of shareholders, details of the directors, office address, and particulars of administrative assistant. If the incorporation is successful, your will receive a confirmation email.