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A Complete Overview of Company Registration in Singapore

A Complete Overview of Company Registration in Singapore

If you are planning to start a company in Asia, Singapore could be the most profitable country for business in Asia. Company registration in Singapore shall also give some additional advantages. Singapore is also known for its top-growing economy and cutting-edge technologies, which are attracting lots of investors from around the world to invest in Singapore. It also has corporate-centric schemes, and due to the strategic location of Singapore in southern Asia makes import-export and foreign trade easier for the investors. There are many types of company registration like Private Limited Company Registration, Limited Liability Partnership, Public Limited Company Registration, etc. one can choose any one of them. In this article, we will discuss a complete overview of company registration process in Singapore.

Why Should You Go for Company Registration in Singapore?

Company registration in Singapore will give you an opportunity to enter the Asian market and meet foreign investors. Over the last two decades, Singapore is rapidly growing economically and promoting corporate sectors, making corporate-centric schemes, and has been recognized as a ‘Tiger economy’.  Company registration in Singapore will bloom your business. Other benefits are given below- 

  • Access to multiple foreign markets
  • Export-oriented market 
  • Blooming and stable economy 
  • Exposer of the biggest consumer market in the world (Asia)

Conditions for Company Registration in Singapore

Resident director

For company registration in Singapore there should be one resident director in the company. A Foreigner can be a director of the company but there should be one resident member on the company’s board before or at the time of registration. There is no requirement for a residential shareholding in the company.

Demographics 

Demographics have a critical part in determining whether a company succeeds or fails. A demographic analysis identifies and highlights the company’s target consumers as well as potential workers. A crucial issue to consider is the demographics of the area where the business will be placed.

Supply chain management

It includes storage, transportation, and movement of the product produced by the company. A Company should choose the location of their office as per their convenience before making any decision.

Overhead costs

All expenses other than manufacturing cost of the products are overhead costs. For example, storage, and transportation, also impact on business functioning and overhead costs are varying from region to region. 

Local competition

Every new business must have knowledge about local competitors. Local competitors can make impact on new business performance negatively. It gives verities of products in the market and increases the awareness about products in the market.

Local laws, and regulations 

Every region has its own set of taxes and tax rates. Businesses must be aware of these tariffs and ensure that they are adhering to any regulations imposed by the municipality or local government in the region.

Name and Nature of the Company 

Naming a company 

At the time of company registration in Singapore, the owners or board members should choose the company’s name wisely and keep in mind that the company’s name should be unique and should not be similar to any other already registered company’s name in Singapore. 

Nature of the business 

There are different types of company registration in Singapore- 

Partnership 

A Partnership company means when two or more than two people come together to form a company is called Partnership Company. In Singapore, there are two types of partnership companies, limited partnership, and limited liability partnership companies.

In a limited partnership company, some partners are limited and not allowed to take part in the management of the company. And in a limited liability partnership company, every partner has limited liability to the company. 

Private company

There are two types of private company registration in Singapore

  1. Exempted private company 
  2. Private company limited by share 

In exempted private company there can be only 20 members on the company’s board. And a private company limited by share can have maximum 50 members on the company’s board; a resident director must be there for registering a private company. 

Public company 

Public company registration in Singapore is of two types and can have more than 50 members on the company’s board.

  1. Public companies limited by shares 
  2. Public companies limited by guarantee

The former is used to establish firms that are meant for the public good and administration, while the latter is used to build up companies that are meant for the public good and administration.

Sole proprietorship 

As the name itself says sole, means when a company is completely managed by a single person. In this company, the owner has unlimited liability of the company. It is easy to be established with minimal paperwork and registration can be done in shorten time. The Abovementioned companies can be registered in Singapore.

Documents Required for Company Registration in Singapore 

  • Copies of Colored Passports
  • Utility bills that are no more than three months old Photo ID of the officeholder
  • Signatures of Specimens.
  • Your company’s name.

Advantages of Company Registration in Singapore 

Following are the main advantages of the company registration in Singapore- 

  • Digital and cost-effective processes;
  • An export-oriented market; 
  • A positive business culture;
  • Skilled Labor is readily available;
  • Disposal is simple;
  • The ease with which one can do business;
  • An Economy that is rapidly expanding;
  • Access to the largest consumer market on the planet.

Process of Company Registration in Singapore 

  • Choose a business name and get clearance from the appropriate government.
  • Details of potential shareholders’ and directors’ Know-Your-Customer (KYC)[1] documents
  • Forms and other documentation must be filed.
  • Submitting an application online
  • Bank Account Opening Certificate of Incorporation
  • Registrations for other taxes

Other Vital Instruments 

Physical or virtual address

All companies must have a physical or virtual address before registering a company in Singapore. All the vital or essential information shall be sent to the company’s address.

Phone number

Companies must have registered phone numbers. The number should be open on working days.

Bank account

Companies must open a bank account in the name of the company to make transactions in the name of the company domestically as well as internationally.

Article of association

The AOA is a set of by-laws that must be followed by any organization wishing a company registration in Singapore. AOA comprises all by-laws pertaining to internal management and day-to-day operations of the organization. 

Conclusion 

Company registration in Singapore could give a boost to your business. Singapore is rich in culture and heritage. Singapore’s laws are business-centric and its economy also gives some extra advantages to the business. Singapore also has one of the largest connections to the global market. Consult with an expert for company registration in Singapore. You can reach an expert at bizadvisor.io.

Read our article:Company Registration in USA : A Complete Process

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