Most companies in Singapore are registered as private limited liability companies (commonly known as private limited companies). A private limited company in Singapore is a separate legal entity and shareholders are not liable for the companyís debts beyond the amount of share capital they have contributed (hence the term limited liability). According to Singapore Companies Act, any person (foreign or local) above the age of 18 can register a Singapore company.
In addition, most foreigners find it easy to start a business in Singapore as we have a very pro-business environment. You just need to be aware of additional regulations and permits that apply to non-Singapore Citizens.
The requirements for formation of a company or business in Singapore for individual entrepreneurs or corporations are specified below:
* Get company name approval
* Prepare registration documents
* Client to sign company registration documents
* Register company
* Open bank account
Your company incorporation agent will prepare and submit all the necessary documentation for registering your Singapore company so you donít have to worry. Just for your reference, to register a Singapore company, the following information needs to be submitted to the registrar of companies (ACRA):
* Memorandum and Articles of Association
* Statutory Declaration of Compliance
* Particulars of Shareholders, Directors, Secretaries, etc.
* Certificate of Identity
* Situation of Registered Office/Office Hrs at Time of Registration
* Consent to Act as Director and Statement of Non-disqualification to Act as Director
* A Consent to Act as Secretary
The time taken for company registration depends on two factors: a) the company name approval and b) whether you will be signing the documents in Singapore or overseas.
The company name approval takes only 2-3 hours unless there is some conflict with an existing name or the name has some sensitive words in it. Once the company name is approved and the signed documents are ready, the Singapore company can normally be registered in 1 day.
If you are signing the company registration documents overseas, you will need to factor in the time it takes to courier the documents back to Singapore.
After the company registration, the bank accounts opening can take from 2-3 days to 1-2 weeks depending on a) the bank you choose; and b) whether you are in Singapore to sign the account opening documents; and c) the level of due diligence conducted by the bank.
If you are a foreign entrepreneur and need to relocate to Singapore to run your company, you will need to apply for EntrePass or Employment Pass.