Singapore is a popular destination for Indian entrepreneurs looking to expand their businesses globally. The country is renowned for its business-friendly environment, excellent infrastructure, and supportive government policies. Singapore is also a hub for global trade and has a well-developed financial and legal system.
Before we delve into the registration process, it is essential to understand the types of companies that can be registered in Singapore. The two most common types of companies are Private Limited Companies (PLCs) and Limited Liability Partnerships (LLPs).
A Private Limited Company is the most common business structure in Singapore. It is a separate legal entity from its owners and shareholders and provides limited liability protection. An LLP, on the other hand, is a partnership where each partner has limited liability protection. It is a popular option for professional services firms.
If you are considering setting up a company in Singapore, it is crucial to understand the criteria for company registration.
The first step in registering a company in Singapore is to choose a name for your company. The name must be unique and not already in use by another company. The name must also not be offensive or infringe on trademark or copyright laws. You can check the availability of a company name through the Accounting and Corporate Regulatory Authority (ACRA) website.
A company in Singapore must have at least one director who is a Singaporean citizen, permanent resident, or Employment Pass holder. The director must be at least 18 years old and not bankrupt or convicted of criminal offenses. A foreigner wishing to be a director of a Singaporean company must obtain an Employment Pass.
A company in Singapore must have at least one shareholder, and there is no limit to the maximum number of shareholders. A company can have up to 50 shareholders, who may or may not be directors. The shareholder can be an individual or a corporate entity. The shareholder is not required to be a resident of Singapore.
very company in Singapore must appoint a company secretary within six months of its incorporation. The company secretary must be a resident of Singapore and cannot be a director or shareholder.
A company in Singapore must have a registered address, which must be a physical address and not a PO Box. The registered address must be a place where official correspondence can be sent and where company records and registers are kept.
A company in Singapore must have a minimum paid-up capital of S$1. The paid-up capital can be increased at any time after incorporation.
To register a company in Singapore, you will need to prepare and submit the following documents:
There are registration fees involved in setting up a company in Singapore. The fees include a name reservation fee, incorporation fees and a fee for issuing the Certificate of Incorporation. The total cost of registering a company in Singapore varies depending on the type of company and the services required.
These are the necessary documents required for company registration in Singapore for Indians.
One of the primary requirements for company registration in Singapore is submitting identification documents for all directors and shareholders. For Indian nationals, this includes a copy of their passport, proof of address, and any other identification documents issued by the Indian government. The documents must be certified by a notary public, advocate, attorney, or certified public accountant.
Business owners must choose a unique company name that is not already in use. Entrepreneurs should ensure that the company name is not offensive, prohibited, or similar to any existing business name. The registration documents should also include a brief description of the company's intended activities.
The Singapore Registrar of Companies (Accounting and Corporate Regulatory Authority (ACRA)) issues a Certificate of Incorporation when a new company is registered. The certificate acknowledges that the business was established or incorporated on the specified date. Additionally, it demonstrates that all legal conditions for company creation have been met.
The Memorandum and Articles of Association (M&AA) are legal documents that outline the company's objectives, rules, and regulations. They also define the company's structure, share capital, and management structure. Entrepreneurs should ensure that the M&AA is in compliance with Singapore's Company Law and that all the shareholders sign it. The M&A must be filed with ACRA during the company registration process.
Singapore law requires that every company must appoint a company secretary within six months of incorporation. The secretary should be a resident of Singapore and must have the necessary knowledge and experience to fulfill their duties. Entrepreneurs can engage a professional company secretary to fulfill this requirement.
Certain business activities require specific licenses and permits before they can be legally carried out in Singapore. Entrepreneurs should research the applicable licenses and permits for their business activities and ensure they obtain them before commencing operations.
Finally, entrepreneurs should provide the company's bank account details as part of the registration process. The bank account should be opened with a local Singapore bank and in the company's name.
Registering a company in Singapore can be straightforward if you follow the necessary steps and requirements. Singapore offers many benefits for businesses looking to expand globally, including a strategic location, a business-friendly environment, intellectual property protection, and a skilled workforce. As an Indian entrepreneur, registering a company in Singapore can be an excellent way to expand your business and tap into the country's many opportunities. IndiaFilings can help you start your business in Singapore quickly and securely.
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