The success of a business depends to a large extent on the business conditions in the place where the business is based. If corporate espionage, cybercrime levels are high, and it is difficult to take legal action to end it, the business owner may face losses and not be able to focus on his business. Hence startups and business owners are interested in starting their business in a country/city with a business friendly government. Surveys indicate that Singapore is having the best business environment in Asia, and so many businesses are interested in finding out about company incorporation in Singapore, so that they can relocate or open a branch office in Singapore.
Type of companies
In Singapore, a business can choose to have different types of companies. Individuals can start a sole proprietorship business, which is suitable for smaller businesses. It is usually better to have a partner for the business, so the partners can choose from a limited partnership, Limited liability partnership (LLP) and Ordinary business partnership. Most of the larger companies or subsidiaries are set up private limited companies, which is the most common type of business in Singapore. Business experts also recommend that well established companies should register as private limited companies.
The accounting and corporate regulatory authority (ACRA) defines the procedure for company registration in Singapore under the companies act in the country. It also specifies the regulations, rules which the registered companies should follow. For registering or incorporating a private limited company in Singapore, the company should have at least one shareholder, one resident director, one company secretary, a paid up capital of at least $1, and a registered address in Singapore. The business owners or their representatives will have to submit documents as proof of identity, and address proof.
For registration, companies with shareholders who are not residents of Singapore, have to submit documents like their passport, proof of residential address, and a bank reference letter. For shareholders or directors who are residents of Singapore a copy or details of the Singapore identity proof will be required. In case the company registering is owned by a corporate entity, it should provide details of the company, like the company incorporation certificate copy, details of the directors of the parent company, and registered address.
Typically the first step in company registration is checking the availability of the name which the business is interested in using. Usually foreign companies are using the services of a corporate service provider who will complete the registration procedure on their behalf quickly. If all the documents required are available, the registration can be completed within a few days. The service provider can also provide other relevant services like annual filing of financial records with ACRA and other government agencies, maintaining accounting and financial records. While residents of Singapore can register their company themselves, they are likely to take more time, especially if they are doing so for the first time. So though the business owner may have to spend more money, it is usually better to hire a service provider.
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