Asiabizsetup Talks about How Singapore Company Setup Works Located at the crossroads of the eastwest trading routes, Singapore, a small tropical island in Southeast Asia, boasts of its global business potential made possible by 2 channels—the Changi International Airport served by 80 airlines that maintain flights to 50 countries and more than 180 cities, and the Port of Singapore, the world’s second largest by volume and busiest too. Because it is the second largest investment center in the world, entrepreneurs come to Singapore to explore its business opportunities or expand. Businessinclined individuals can register or incorporate a company in the city state. “Either way, investors must meet certain eligibility requirements,” says Asiabizsetup, a consultancy firm constituted to help foreign investors set up a company in Singapore, “such as not being a bankrupt and appointing a local manager,” if none of the owners possesses an ordinary residence, permanent residence or working visas, “for business structures like sole proprietorship, partnership, limited liability partnership, and limited partnerships.” Among the directors, there should be a local director appointed to be the resident director and who must either be a Singaporean citizen, permanent resident, or a holder of working visas like employment pass, approvalinprinciple employment pass holder, or dependent pass holder, should they wish to incorporate a company instead. In addition, a minimum of one shareholder is required for corporations. Before the registration commences, a business name needs approval. Asiabizsetup explains that the name “ought not to contain obscene words nor be demeaning in nature,” rather, it should be clear in expressing what the business is all about without “any similarity to an existing business entity registered with ACRA.” A Singapore Standard Industry Classification Code or SSIC is then obtained from ACRA to categorize the business. The code is decisive whether or not the business organization needs further business licenses and permits. The business should register a local address too. Asiabizsetup advises that the business address should have an approval from Urban Redevelopment Authority, Housing and Development Board and or other related authorities. Unless foreigners are eligible to register their company by themselves, they must
hire a reputable company such as Asiabizsetup to spearhead the procedure. Upon approval of the business name, documents such as Memorandum and Articles of Association detailing the objectives and bylaws of the company, Statutory Declaration of Compliance, Certificate of Identity, Notice of Situation of Registered Office and Office Hours at time of Incorporation, and Consent to act as Director along with a Statement of NonDisqualification to act as Director, must be submitted online to ACRA for registration. “Every company is required to appoint a company secretary who maintains an ordinary residence,” Asiabizsetup continues its explanation, “and within 3 months following its incorporation, an auditor must be appointed for the company,” unless the business registered is of a Sole Proprietorship in nature, which exempts the enterprise from such obligation. Opening a corporate or business bank account is done next. In this phase, the presence of the incorporators, directors, and shareholders, whichever is applicable, is needed. From the business name approval to the company registration, the process is accomplished online through ACRA’s official website. To gain access, all directors, shareholders, partners, and company secretary must have either a SingPass or Singapore Personal Access or NRIC or National Registered Identity Card. Nonetheless, these proofs of identification are inherent only among local residents. Working visas such as Employment Pass, Entrepreneur Pass, and Dependent Pass can also grant access. However, in most cases, even these are not readily available among foreign investors. Thus, they are obliged to hire a firm providing professional services like Asiabizsetup. More Information: AsiaBizSetup is the leading provider of Singapore Subsidiary Registration Solutions and has successfully helped thousands of both local and foreign entrepreneurs Register a Singapore Company . AsiaBizSetup.net address: 120 Telok Ayer Street Singapore 068589 phone: +6563034614 website: http://www.asiabizsetup.net/
Published on Nov 18, 2010
Published on Nov 18, 2010
AsiaBiz is the leading Singapore company that provides Singapore Subsidiary Registration services to local and foreign entrepreneurs and inv...