Singapore has become an integral part of the global economy due to the active development of such areas as international finance, logistics, shipping, and others. The country’s economy is characterized by favorable rules for doing business, relatively low taxation (compared to other Asian countries), as well as political and regulatory stability. For these reasons, Singapore attracts a large number of foreign companies. The reputation of the country makes it an attractive hub for doing business in the region.
In Singapore, there are several types of companies available for registration, but the most popular among non-residents of Singapore, including non-residents from European countries, is the private limited company (Pte Ltd).
IBO has prepared a listing of incorporation companies in Singapore.
When we are talking about company incorporation in Singapore, we should mention that most companies are registered as Private Limited Companies.
A private limited company in Singapore is a separate legal entity, and the shareholders are not liable for debts of the enterprise that exceed the amount of paid-in capital. According to the Singapore Company Law, any person (foreigner or local) over the age of 18 can register a company in Singapore. A properly structured private limited company is a very tax-efficient legal entity, hence this form is the most common type of business entity in Singapore in terms of frequency of incorporation.
There are several criteria you should consider when incorporating a company:
The name must be approved before the incorporation of a Singaporean company takes place.
It is mandatory to have at least one local resident director. A resident is a citizen of Singapore who permanently resides in Singapore or a person holding a business visa, work permit or Dependent Pass.
A private limited company in Singapore can have from 1 to 50 shareholders. One person can be both a director and a shareholder at the same time.
Under section 171 of the Singapore Companies Registration Act, every company must appoint a qualified company secretary within 6 months from the date of its incorporation.
The minimum paid up capital to register a company in Singapore is 1 million SGD.
Registration of companies in Singapore requires a local address for registration.
There are many firms that provide company incorporation services in Singapore and it may be difficult to find the right one for your needs.
Incorporate Business Online offers you a list of company incorporation providers in Singapore.
The incorporation of a company is a step-by-step process of creating a legal entity and licensing its activities in a particular country. Each business must be registered as part of the mandatory compliance with the legal regulations of the chosen jurisdiction. When registering a company, its name is checked, whether this or that type of activity is allowed in the country chosen for registration, etc.