Singapore Company Registration Setup Requirements
Foreign individuals and corporation are welcome to invest and to set up companies in Singapore. Singapore allows 100% foreign individual and corporate shareholding allowed. Singapore has no exchange control nor restriction on repatriation of profits
Setup Requirements for Singapore Company
- Minimum 1 Shareholder + 1 Director + 1 Company Secretary
- Minimum initial paid-up share capital is S$1
- Singapore Company must have a Singapore registered office address
- Singapore Companies Act requires a minimum of one Director who must be a resident of Singapore: Singapore citizen or permanent resident/ Singapore Employment Pass holder (If necessary, we can act as your company’s local Nominee Director for a fee)
Directors Singapore Companies Act requires a minimum of one resident director who must be a Singapore citizen or permanent resident, an EntrePass/Employment Pass/Dependent Pass holder. A person appointed to be a director must not be bankrupt nor has prior record of malpractice. A director must be is at least 18 years old.
Shareholders Singapore Companies Act requires a minimum of one resident director and allows up to a maximum of 50 shareholders that can be an individual or a corporate entity. A director and shareholder can be the same person or separate individual. 100% local or foreign shareholding is allowed.
Company Secretary Singapore Companies Act requires each newly incorporated to appoint a Company Secretary within 6 months of its incorporation. The Company Secretary must be a Singapore resident.
Paid-up Capital The minimum paid-up capital for registration of a Singapore company is S$1 unless if you’re an EntrePass holder in which case the paid-up capital will be S$50,000.
Registered Address Singapore Companies Act requires all incorporated companies in Singapore to have a Singapore registered address as the company address. Address with a PO Box is not allowed.
Company Setup requirements for foreigners
Foreign corporation and individuals who wish to set up a Singapore company must engage a professional firm to register a Singapore company.
Work Visa for Foreign Individuals
Foreign individuals who wish to relocate to run their new Singapore company operations have two types of work pass to choose from. From more details, please refer to Work Pass Comparison Chart.
Work Visa for Foreign Corporation
Foreign corporation that plans to relocate their management staff to Singapore to run their new Singapore company setup must apply Employment Pass for the management staff. For more details, please refer to Employment Pass.
Foreign Individuals and Corporation who do not wish to Relocate
Foreign entrepreneurs and corporation that do not intend to relocate to Singapore but will operate their Singapore companies from overseas must appoint a local resident director in accordance to the Singapore Companies Act.
Opening of a Corporate Bank Account
After the incorporation of your Singapore Company, you may open a corporate bank account with any of the local or international banks based in Singapore, and in some cases, overseas.
If you are unable to come to Singapore, you may choose a bank that allows opening of a corporate bank account without your presence. Standard Chartered Bank and HSBC are two of the banks that allow you to open a bank account without you being there in person.
Information required for Singapore Company Registration
For the purpose of company registration in Singapore, the following information is required:
- Company Name
- Brief Description of Business Activities
- Shareholders Particulars
- Directors Particulars
- Registered Address
If you don’t have a resident director to fulfill the requirement for the incorporation of a company, AsiaBiz can provide you with a local Nominee Director for a fee.
For complete and detailed info about Singapore Company Registration and business setup
visit http://www.asiabizservices.com/singapore-company-registration-formation-business-setup/
