Business Guide: How to Incorporate a Singapore Company

By: ashley123 | Posted: 06th December 2010

Singapore is sometimes referred as the "little red dot", but the emergence in the country is a total opposite of that description because Singapore is mostly known as a country that offers a world-class living environment. The spirited multicultural experience where there is a collection of different cultures is one interesting aspect of Singapore. Some of these people are visitors, some are professional workers and some are businessmen and investors.

It is helpful to discuss about how to incorporate a company in Singapore to businessmen and investors since they play a vital role in Singapore's success in terms of economy.

These are the basic requirements needed to incorporate a Singapore company:

1. Anyone either a local or a foreign individual are allowed to register a new Singapore company
2. It is allowed for a foreign individual to own 100%
3. The minimum paid-up capital is only of $1
4. Concept of authorized capital no longer exists
5. A minimum of 1 director and 1 shareholder is required
6. At least one director must be a local resident director (Singapore citizen, permanent resident, or EP/DP holder)
7. Must have a local registered address
8. Must have a local qualified company secretary

We have also prepared a brief description on the basic considerations for incorporation:

1. Name of the company. The name must be approved before incorporation of the Singapore company can occur.

2. Directors. It is required to have at least one resident director. The number of additional local or foreign directors a Singapore Company can appoint has no limit. In order for directors to be eligible he must be at the minimum age of 18 years and must not be undisclosed bankrupt or convicted of any illegal practices in the past.

3. Shareholders. A minimum of 1 and maximum of 50 shareholders are needed for a Singapore private limited company. In addition, the shareholder can be a director or vice versa. Also, the shareholder could be an individual or another legal entity like another company or trust.Full ownership or 100% shareholding is allowed for a foreign or local individual.

4. Company Secretary. Every company must appoint a qualified company secretary within 6 months of its incorporation according to Section 171 of the Singapore Companies Act. In order for the company secretary to be eligible he/she must be a natural person who is a current resident of Singapore.

5. Paid-up Capital. At least S$1 is the paid-up capital of a Singapore company registration. Paid-up capital (also known as share capital) can be increased anytime after the incorporation of the company. The general idea of an Authorized Capital for Singapore companies are no longer existent.

6. Registered Address. For a company to be registered in Singapore, one must provide a local Singapore address as the registered address of the company. Aside from not being a PO Box, the registered address must be a physical address which is either a residential or commercial address.

7. Taxation. Singapore registered companies has been enjoying very attractive tax exemptions and incentives. The aforementioned is the main reason entrepreneurs worldwide choose to start up a company in Singapore.

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Asiabiz is the leading Singapore Company Incorporation Solutions Specialists. It has successfully helped foreign entrepreneurs Incorporate a Singapore Company. Our office is located at Raffles Place, in the heart of the Singapore business district. ("CBD") If you're in our neighborhood and want to discuss any aspect of our service then feel free to come in to our offices during business hours for advise and consult.
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Tags: different cultures, businessmen, brief description, shareholder, legal entity, registered address, professional workers, company secretary, permanent resident, private limited company, singapore company, company in singapore, resident director