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An Overview on Singapore Company Registration Procedures

15th December 2010
By asiabiz in Business Law
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Company registration Singapore procedures are already fully computerized by the Singapore Registrar of Companies. The said computerization enables the process of incorporation fast and efficient because it abolished the prevalence of bureaucracy and red tape present in other systems. In normal cases, company incorporation is estimated to be 1-2 days.

Company registration in Singapore procedures involves two essential steps namely: a) Approval of Company Name and; b) Incorporation of Company. If there are no nuisance related to the process of name approval or particulars of directors/shareholders the two steps can be done on the same day.

Procedure 1: Approval of Name: It is essential that one already have an approved business name before the formal business setup. The company registrar process the approval of business name. The authorized business registration firm that you employ will be the one responsible in facilitating the business name application which is simultaneously the first step in the process of incorporation.

Procedure 2: Company Registration: If you already have a registered business name, the filing of incorporation as well as the approval from the Registrar of Companies can be completed in a few hours assuming incorporation documents are all available.

The following should also be considered in incorporation:

Company Name. The approval of name must be approved before incorporation of the Singapore company happens.

Directors. It is required to have one at least one resident director. [There is no limit on the number of additional local or foreign directors a Singapore Company can appoint.|On the other hand, the number of additional local or foreign directors appointed in a Singapore Company has no limit.|However, no limit has been set as to the number of additional local or foreign directors to be appointed in a Singapore Company.} The age requirement for appointed directors is at least 18 years old. Furthermore, he/she must not been undisclosed bankrupt or committed any illegal practice.

Shareholders.} A limit of 1 to 50 is the allowable number of shareholders in a Singapore private limited in which a director and shareholder can be the same or different person. An individual or another legal entity such as another company or trust can be the shareholder. Also, local or foreign shareholding is entitled up to 100%.

Company Secretary. According to Section 171 of the Singapore Companies Act, it is essential for companies to appoint a qualified company secretary within 6 months of its incorporation. It is also important that the company secretary is a natural person who is currently a resident in Singapore.

Paid-up Capital. S$1 is the minimum paid-up capital for a registration of a Singapore Company. Increasing the paid-up capital which is also known as share capital can be then be done anytime after the incorporation of the company. The general idea of Authorized Capital for Singapore companies does not exist.

Registered Address. Providing a local Singapore address as the registered address of the company is a prerequisite in order to register a Singapore company. The registered address must be a physical address (can be either a residential or commercial address) and cannot be a PO Box.

Taxation. Tax exemptions and incentives is being enjoyed by Singapore registered companies. This is one of the key reasons entrepreneurs from around the world prefer to form a company in Singapore.

AsiaBizSetup is a leading corporate services firm that assists entrepreneurs and investors with Singapore company setup including Singapore employment pass application in behalf of the foreign entrepreneur and other corporate services. The firm provides a range of services to assist the success of the Singapore offshore company, including opening Singapore corporate bank accounts.

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