Setting up a company in Singapore can seem daunting, but it is actually much simpler than you think. This article outlines the key requirements that you need to fulfill before you can register your business in Singapore.
Start by choosing a name for your company. Be sure to have a few different options in case your first choice is already taken. Next, make sure that the name is unique and does not violate any trademark or copyright laws. You can check this by using the ACRA website.
Then, select the directors for your company. You need one resident director and at least one nonresident director. The resident director must be a Singaporean citizen, permanent resident or an Employment Pass holder. The foreign director can be a natural person or a company. You must have at least one shareholder. If you are a private limited company, the initial share capital of your company must be at least SGD 1 worth of issued shares. You may also choose to have more than one shareholder, but only a maximum of 50 shareholders are allowed for companies in regulated industries.
Finally, you must prepare a company constitution. This document should include core information about your company, such as the purpose of the company, liabilities, shareholders and rules. You should also state whether your company will be taxed and the type of tax it will be subject to, such as value added tax (VAT). If you do not want to prepare this document yourself, you can use a service provider to help you. how to set up a company in Singapore