Singapore Incorporation means the formation of entity in the Singapore. Singapore is one of the lucrative places for registering the business because of its effective tax structure. In terms of the law of Singapore, foreigners are not allowed to register the company in Singapore and therefore startups interested to register the entity in Singapore requires Singapore representative to register their firm.
A few considerations are necessarily needs to be made before you go ahead with the plan of starting a Singapore Corporation. Ensure that you are ready with the decisions of the following points:
- Self Attested Copy of Passport of Shareholders and Directors
- Memorandum and Articles of Association
- 1 Passport size Photo in softcopy of Directors and Shareholders.
- Utility Bill
Application check filing for Name Approval.
Preparation of Byelaws of corporation (Memorandum and Articles of Association).
Filings of documents with Registrar.
Issuance of Certificate of formation.
Bank Account and start operations.
The minimum capital requirement is one Singapore dollar (S$1) which can be increased at any point of time.
The minimum number of shareholders in the Singapore Corporation is one and maximum number of shareholders is fifty.
Company Secretary manages the secretarial affairs of the Singapore Corporation and it is mandatory for every Singapore Corporation to appoint Company Secretary within six months of its incorporation.
Yes, we need the local person or professional competent firm to register the corporation in Singapore.
Singapore Corporations need to appoint an auditor after formation who will audit the financial statements on the year end.
No, physical presence is not required. Proper documents are needed to form a corporation in a soft copy which needs to be uploaded online at the time of formation of corporation.
Director and Shareholder may or may not be a same person so a person can be a shareholder without or with being a Director or vice versa.
The term founder of a company is not particularly defined by the law. Founders are generally the promoters of the corporations who set up the corporation in the beginning.
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