Singapore may be small in size but the economically solid Southeast Asian nation sports an ideal site when it comes to trade. It is home to one of the biggest transhipment seaport in the world, making its connection with regional markets in Asia and Australia possible. When it comes to business incorporation, it treats all businesses favourably by firmly carrying out policies to protect the rights of every company and the authority of the whole industry. This gives all entrepreneurs, whether they are local citizens or foreign investors, the peace of mind that their business is justly protected in the country.
Registering a business in Singapore can be a relatively simple process. The first step to singapore company registration is to submit a proposed company name to the Accounting and Corporate Regulatory Authority. The name must be unique and should comply with the set rules. The approval will be give in less than one hour, unless that the name has words like law, media, and bank, which require further evaluation from different government authorities.
The organisation will throw out submitted company names that are undesirable, similar to another existing company name, and are similar to already well-known names and trademarks. But unlike the previous method where ACRA would check on the uniqueness of the proposed name, it’s the responsibility of the business applicants to make sure that their name is indeed unique.
The incorporation can be finished in one day after the business name approval if all papers required have been submitted and signed by shareholders and directors of the business. A minimum of one shareholder and one director are required for the primary officers of the company. The employment of company secretary, the opening of the company bank account, the submission of business permits, and other requirements may follow after the successful registration of the business.
The process of company formation in Singapore has been made easy for local and foreign investors alike. Foreign residents may own 100% of corporation shareholding. They may also move to the country if they wish if they apply for an Employment or Entrepreneur Pass, although they aren’t required to do so. However, foreign citizens, unlike native investors, must hire the services of a professional corporation firm in order to incorporate their business because they are not permitted to self-register a business.
Author: Lori WestThis author has published 1 articles so far.