Before embarking on new business registration in Singapore, an important decision to make early on is to decide what legal form your business will take. In Singapore, you can choose to operate your business as a private limited company, sole proprietorship, or limited liability partnership. When deciding which category to register your Singapore business under, you need to consider the scale of your business and the amount of debt you might incur, as the liabilities for businesses are different depending upon which legal form you choose. singapore company names Below are some of the FAQS about Singapore Registration: What are the basic requirements for incorporation in Singapore? The basic requirements and facts are as below: * Anyone (a local or a foreign person) can register a new Singapore company * 100% foreign ship allowed * Minimum paidup capital of $1 only * Concept of ized capital no longer exists * Minimum of 1 director and 1 shareholder required * At least one director must be a local resident director (Singapore citizen, permanent resident, or EP/DP holder) * Must have a local registered address * Must have a local qualified company secretary What is the minimum amount of ized capital for incorporating a Singapore company? * The concept of ized capital has been abolished and no longer applies for companies incorporated in Singapore. What is the minimum amount of paid-up capital? * The minimum amount of paid-up capital to open a Singapore company is $1. Can we increase paid-up capital later? * Yes, you can increase the paid-up capital anytime later after the company incorporation. How many directors are required for opening a company in Singapore?
* With recent changes to Singapore Companies Act, a Singapore company can be incorporated with a single director. However note that at least of of the directors must be a local resident director. company name What is the procedure and timeline to register a Singapore company?
The time taken for company registration depends on two factors: a) the company name approval and b) whether you will be signing the documents in Singapore or overseas.
The company name approval takes only 2-3 hours unless there is some conflict with an existing name or the name has some sensitive words in it. Once the company name is approved and the signed documents are ready, the Singapore company can normally be registered in 1 day.
If you are signing the company registration documents overseas, you will need to factor in the time it takes to courier the documents back to Singapore.
After the company registration, the bank accounts opening can take from 2-3 days to 1-2 weeks depending on a) the bank you choose; and b) whether you are in Singapore to sign the account opening documents; and c) the level of due diligence conducted by the bank.
If you are a foreign entrepreneur and need to relocate to Singapore to run your company, you will need to apply for EntrePass or Employment Pass. For more information please visit us: http://www.3ecpa.com.sg/guide-to-select-your-singapore-company-names/