What Are The Requisites To Register A Limited Company In Singapore?

Singapore offers attractive incentives and exemptions for entities willing to establish their companies in the country. This is the major reason many foreign entrepreneurs pick out Singapore as their company’s base of operations.

Many corporations registered in Singapore are classified as private limited companies. In Singapore, any person, whether a foreigner or a Singapore national, may be able to register a private limited company, for as long as the person is more than 18 years old.

As with other nations, Singapore has a set of guidelines for the registration of a private limited company.

The following lists the specific requirements one must meet to become a full-fledged, legally operating private limited company in Singapore. This guide discusses the necessary things to accomplish, the procedures, and some other things you could expect to come across when registering a private limited company in the country.

1. For a foreign company that wishes to register its operations in Singapore, they must engage the services of a Singapore-based professional firm to process the registration of their business. The Singapore government discourages foreign entrepreneurs to register their own businesses.

2. It is a requisite that at the minimum one individual will be listed as a resident director for the company being registered in Singapore. In this setting, a resident is person who is a Singapore citizen, who could either be a natural-born citizen or an individual given by Singapore any of the work permits for foreign nationals.

3. For a company to qualify as a private limited company in Singapore, it should have at least one and a maximum of 50 shareholders at the moment of enrollment.

4. A private limited company applying for registration in Singapore is required to present a physical address located in Singapore, and not merely a PO box.

5. After the registration of a private limited company has been authorized, the company may now open a corporate bank account in any banking institutions in Singapore. This procedure necessitates the company owners and principals to be physically present in Singapore. Bank regulations call for the principal’s physical presence for this certain process.

6. Based on the nature of the private limited company’s business in Singapore, it may also be necessitated by the government to acquire a business license before it could begin operations.

After you have fulfilled all requisites, all will be set for a smooth-sailing business venture in Singapore.

Are you planning to work or invest in Singapore? Drop by now to get more details about corporate secretarial services and other company formation requirements of the Singapore government.