Handy checklist foreign entrepreneurs need for incorporating company in Singapore

Handy checklist foreign entrepreneurs need for incorporating company in Singapore If you have decided to incorporate a company in Singapore, congratulations! Incorporating a company in Singapore is one of the best decisions one can make in today’s global economy and this does definitely open doors to a lot of growth prospects.

1) Type of company incorporation: There are different types of Singapore company incorporation that a foreigner can choose from. Make sure that you know which one you’re going to adopt (based on your needs and requirements).

2) Resident director: According to Singapore Companies Act, a minimum of one resident director (a resident is defined as a Singapore Citizen, a Singaporean Permanent Resident, or a person who has been issued an Entre-pass, Employment Pass, or Dependent Pass) is mandatory. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past.

3) Company name: According to the Act, the name must be approved before incorporation of the Singapore company can occur. One can register a Singapore company only if the company name is approved.

4) Registered Business Address: In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. The address much be a commercial address or home office address approved by the authorities.

5) Work pass: If you are planning to relocate to Singapore for operating the company, you are required to obtain an Employment Pass or Entrepreneur Pass once you have obtained your work pass, you can act as the local resident director of your Singapore company.

6) Shareholders: The shareholder can be a person or another legal entity such as another company or trust. 100% foreign shareholding is allowed. The minimum share capital is $1 SGD. Make sure that you have worked out your company’s share allotment procedure before going for company incorporation in Singapore.

7) Qualified professional firm: Singapore law does not allow foreign individuals or entities to self-register a company. It is mandatory to engage a qualified professional firm to assist you in the process of registering company in Singapore.

8) Required documents: There is a set of documents you are required to submit to company registrar when incorporating Singapore company. These documents will be collected from you by your incorporation provider: • For non-residents: Copy of passport, overseas residential address proof, and other Know-Your-Client (KYC) information such as a bank reference letter, personal and business profile and other essential identification documents • For Singapore residents: Copy of Singapore identity card • If the shareholder is a corporate entity: Copy of registration documents such as Certificate of Incorporation and Constitution.

For More information visit this link: http://precursor.com.sg/handy-checklist-foreign-entrepreneurs-need-incorporating-company-singapore/

Contact us: Precursor Group Pte ltd. • Address : 60 Albert Street #14-04 OG Albert Complex Singapore (189969) • Phone : (65) 63365500 • Email id : clients@precursor.com.sg • Website : http://precursor.com.sg

Handy checklist foreign entrepreneurs need for incorporating company in Singapore