Exemptions and incentives in taxation are provided by Singapore to investors who establish their businesses in the country. This is the primary reason many multinational corporations choose Singapore as their company’s base of operations.
Many companies registered in Singapore are classified as private limited companies. Based on Singapore business rules, any individual – whether a non citizen or a citizen – who is of legal age (above 18 years old) is qualified to register a private limited company in the country.
Singapore, just like other countries, has several requisites if you wish to register a private limited company in the country.
Below are some of the requisites that need to be met by entrepreneurs who wish to establish business in Singapore. The guidelines cover the basic requisites, the procedures, and some things to pay attention to when registering a private limited company based in Singapore.
1. Singapore expects a multinational company wishing to establish operations in the country to hire a professional firm to process the registration of the private limited company. Foreign business people are not permitted by the Singapore government to self-register their private limited companies.
2. At least one resident director has to represent the private limited company. In this context, the word resident refers to an individual who is either a natural-born Singapore citizen or a foreigner granted a work permit (for instance, EntrePass, Employment or Dependent Pass) and qualifies as an immigrant.
3. A corporation being registered as a private limited company is required by Singapore regulations to have at a minimum of one and at a maximum 50 shareholders.
4. The corporation being registered as a private limited company must have a physical address in Singapore – whether in a commercial or residential area.
5. The private limited company that has been granted registration by the Singapore administration may then open a corporate bank account in the country. For this specific transaction, the banks will require the principal of the newly registered private limited company is physically present in Singapore.
6. Depending on the business nature of the private limited company, the administrative agency of Singapore may require it to also acquire a business license upon incorporation.
When your company registration requirements have all been met, you are then ready to do business in Singapore.
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