3 Things to note when incorporating a company in Singapore
You must be well versed with Singaporean corporate law and regulations before incorporating a business in the nation. We have assembled all of the criteria, procedures, and specifics in form of 3 points that you’ll need to know for company incorporation in Singapore without infringing any of the country’s restrictions. Here are 3 things you need to note before establishing a company in Singapore.
- You Must devise the structure and decide on a the company name
Company incorporation in Singapore requires a comprehensive business plan, which is the first step in the process. A business plan is a detailed map of your company’s future operations.
In order to pick the optimal legal structure for your circumstance, each of these factors must be considered.
In order to get acceptance and be successful in the market, picking the correct business name is essential. In Singapore, ACRA is in charge of registering new businesses and keeping a check on things. It’s a good idea to brainstorm a minimum of three possible business names before you start the company incorporation procedure to incorporate a new company.
- Hire a company secretary and set up a registered business location
It is necessary for you to provide ACRA with an official Singaporean business address in order to complete the Singapore company incorporation procedure Official documentation for your business will be sent to this location.
Before a company can officially be incorporated in Singapore, it must first define its governance structure. Corporate documents such as the articles of incorporation and memorandum of association (MOA) are intertwined with the corporate governance system that is governed by the Companies Act.
- Resident directors should be hired for this purpose.
A resident director will handle the project after that. It is mandatory that at least one director of a Singapore private limited company be a permanent resident of the country. The following qualifications must be met by the director:
Candidates must be Singaporeans or residents with a Singapore Pass, such as an Entrepreneur Pass, in order to be considered. A director must be at least eighteen years old in order to be qualified for the position of director. From the Ministry of Manpower (MOM), a director must first get a Letter of Consent (LOC) and an Employment Pass (EP) (EP).
No one can afford to declare bankruptcy
- You must not have any criminal convictions on your record to be eligible for this position in the newly incorporated company.
- As long as they meet the following requirements, you may employ as many directors as you choose.
Profits distributed to all stockholders of a corporation aren’t taxed, so bear that in mind. For Singaporeans, another bonus of working overseas is that they don’t have to pay tax at home. The preceding measures are even more critical at this point. The ideal outcome will almost certainly be achieved if you can be really explicit about the same. Now to incorporate a company in Singapore you have to be specific. This is why the points must be kept in mind and made use of profusely.
