If you want to register your company in Singapore, there are several requirements that must be met. These include selecting a business structure, a minimum paid-up capital of $1, and a registered office. You should also be aware of the tax implications for foreigners.
A Singapore company registration firm is a one-stop consultancy for finding solutions to your business needs. They offer cost-effective processes and knowledgeable advice.
Business structure
When you register a company, it’s important to consider your business structure carefully. There are several options available to you, including a partnership, sole proprietorship, or private limited company. Each structure manages its liabilities differently. A good professional firm can help you decide which one is right for your needs.
A private limited company, or Pte Ltd, is the most common and ideal choice for Singapore entrepreneurs. It offers limited liability, which protects shareholders’ personal assets from business liabilities. The structure is also scalable and allows for easy transfer of ownership.
A Pte Ltd is a great option for foreign entrepreneurs because it’s quick and simple to register and has an advantageous tax rate. The company’s corporate income is taxed at 0% to 17%, which is significantly lower than in other countries. In addition, this structure allows for easier access to capital and is a great way to grow your business. It also tells customers, partners, and investors that you’re a legitimate business.
Share capital
Before registering your business, you must decide on the type of company structure. A private limited company is the most popular option and provides maximum legal protection for shareholders. It also allows for a high share capital and is tax efficient. It is essential to choose an organisational form that suits your needs and will allow your business to grow.
In order to register a Singapore company, you will need to submit some key documents to ACRA. These include the company’s constitution, a list of directors and secretary, and other details. These documents are all legally binding. The company will be incorporated once ACRA has approved the documents.
Once your company has been incorporated, you will need to open a corporate bank account. This is a requirement for all companies in Singapore. To open a bank account, you will need to provide your company’s BizProfile, address proof for the directors and shareholders, and copies of their passports.
Nominee director
If you’re a foreigner wanting to register your business in Singapore, you must have at least one resident director. This can be a local Singapore citizen or someone working on an employment pass. You can also use a corporate services provider (CSP) to hire a local director for you.
A nominee director is a non-executive position and serves mainly to fulfill regulatory and legal requirements. Unlike an executive director, the nominee is not in charge of company management, so he or she does not take any risks or responsibilities for the business.
The nominee can be someone you trust, like a family member or friend, or a professional with a proven track record in business. The nominee should be willing to sign an agreement with you stating that he or she will only act on your behalf and that you still own the shares in the company. They must also have a valid passport and residential address in Singapore.
Registered office
A registered office is an address where companies and LLPs receive notice from governmental agencies and keep their registers and records. It must be open and accessible to the public for at least three hours during business hours each day. It also must be a physical address and cannot be a PO box. The registered office address should not be the same as where the company conducts its operations.
The process for registering a Singapore company is quick and simple, especially if you use an ACRA-approved service provider. These companies will help you with all the necessary steps, including preparing your Memorandum and Articles of Association. In addition, they will collect additional documents for KYC (Know Your Customer) due diligence.
After completing the registration process, you will receive a Certificate of Incorporation by email from ACRA. This document includes your company’s unique business registration number and must be submitted to your bank when opening a bank account. You can also request a hard copy of your BizFile by visiting the ACRA website.company registration Singapore