Hundreds of foreign companies are nestled in Singapore’s Central Business District, ranges from banking, insurance and law firms, to design and art companies, to bar and restaurant chains. According to the Singapore Economic Development Board, more than 7,000 multinational companies have registered a company in Singapore as a regional or global headquarters to date. Singapore company registration is also a very popular option for international entrepreneurs, and SME’s, wishing to register any type of business. The main reason for this appeal is the quick and efficient procedure of registering a company in Singapore.
A typical Singapore company registration procedure with the help of a service firm is as follows:
(i) A Singapore company name and corporate structure are determined. The service firm chosen to help register your company in Singapore presents the application to the Accounting and Corporate Regulatory Authority of Singapore (ACRA). The approval/rejection normally comes quickly unless the pending name has to be reviewed by an external authority, which may then take 1-3 weeks for notification to be received.
(ii) If the details are approved, a minimum of one resident individual director (corporate directors are not allowed) is appointed. A resident is classified as a Singapore Citizen, a Permanent Resident, a person with an Entrepass, Employment Pass or Dependent Pass.
(iii) At least one shareholder has to be appointed. The maximum number of shareholders a private limited company can have is 50. A director and shareholder can be the same person.
(iv) The minimum authorised share capital for a Singapore registered company is S$1.
(v) A Unique Entity Number (UEN) is given to the company as its identification number.
(vi) A certificate of incorporation is given by ACRA and the company details can be viewed from the ACRA online public register.
Foreigners wishing to register a company in Singapore need to consider several impacting factors. These include:
(i) You must be 18, or more, years old.
(ii) You cannot be an undischarged bankrupt, otherwise, permission must be gained from the High Court or official assignee.
(iii) Unless the foreigner is a Singapore Permanent Resident, they must apply for an Entrepass to be able to engage in operation of a business in Singapore.
(iv) Alternatively to an Entrepass, a foreigner may appoint a local resident director to complete their Singapore company registration. This means the foreigner can then still live outside of Singapore.
The company may benefit from many factors after registering in Singapore, such as tax exemptions and incentives, Singapore’s sophisticated transportation system, Singapore’s key central location in Asia, the influx of investment opportunities, Singapore’s protection of Intellectual Property Rights, and many more. Singapore is not only an easy place to register a company, but, according to the 2010 Doing Business Report, it is also the easiest place to do business in the world.
Healy Consultants is a leading corporate services firm providing international entrepreneurs with all Singapore company incorporation requirements. The firm provides a range of services for Asia business set up, tax planning and offshore investing. More information can be found on the Singapore company registration section of our business website, www.healyconsultants.com