Over the years, Singapore has become one of the highly demanded business destinations in Asia for traders around the world. However, they are searching for the future of their businesses in Singapore and want to set up their new offices too. But, all businessmen do not get success to set up their businesses in Singapore, as they are not aware of legal rules to incorporate new venture in the country.
So, if you also want to start a new branch of business abroad, you should go for setting up a company in Singapore, which would be the right decision for sure. For the same reason, you will have to first find out all genuine requirements of Singapore company registration or legal formalities or documentation required in the process too.
For this goal, you can take services of the top-most business solution agencies or corporate consultants in Singapore too. Once you find the right business registration service firm in Singapore, you will get to know about the following requirements for setup of a new company in the country such as:
Legal Proofs of Business: You need to submit all legal papers and proofs of business or company and ensure that the company is genuine and has no bankruptcy record earlier. Make sure, your firm at native land has a good track record and its clients are happy with the services too.
Company’s Name and its Legal Approval: Before Singapore company registration, you need to set up a right name of the company and need to keep in mind that its name is decent and reflects the essence of the type of business too. Afterward, you are supposed to do the registration of the company’s name too through ACRA in Singapore without fail. It is mandatory to do registration of the name of the firm. So, do not skip this step in the process.
Company’s Owners and Shareholders: It is also necessary to give details about the company’s owner and its shareholders to the government. The owner of the firm should not be below 18 years of age. Also, there should be at least one shareholder and one owner in the company too. About shareholders of the firm, you can increase their numbers up to 50 only.
Details of New Company: You are also supposed to apply for a new bank account, address proof, and other legal papers for the company’s approval in Singapore. Once you get the proofs of all such things, you also need to submit them to the ACRA or higher authority in Singapore for the verification process.
Company’s Secretary: After setting up a company in Singapore, you will also have to hire a company secretary in-house to manage the company’s accounting, operational and clients’ requirements too. It is mandatory to rule to hire a professional company secretary in the company within 6 months of its incorporation.