The Minimum Requirements for Singapore Companies Before discussing the costs associated with each component, let’s discuss what is required to Incorporate a Singapore company.
Resources for Singapore Company Incorporation:-
Check out our guide to company registration for a comprehensive explanation of the incorporation procedure.
The four minimum requirements for incorporating a private limited company in Singapore will be discussed here. one shareholder, one director, one secretary, and a registered address with a minimum paid-up capital of one dollar.
- 1.Company Secretary: In accordance with the requirements of Section 171 of the Singapore Companies Act, you must appoint a competent company secretary within six months of establishing your business.
- You will need to appoint a separate natural person as the company secretary if your company only has one shareholder or director.
- 2.Appointment of Directors: In order to register your business in Singapore, you will need at least one resident director who is either a local citizen, a permanent resident of Singapore, or a person with an active employment pass.
- If you are a non-resident business with no local directors to appoint, you have a few options: hire your own Singapore-hired staff or use a nominee director service provided by professional corporate secretarial firms, find a nominee director on your own, or use a nominee director service.
- 3.Shareholders: Singapore private limited companies can have as few as one shareholder and as many as fifty. Shareholders can be an individual, a trust, or a different legal entity like your BVI company.
- Private limited companies in Singapore allow non-resident shareholders to hold 100% of the shares.
- 4.Registered Office Address: This can be any Singapore residential or business address.Postal boxes are not permitted.
5.Paid-up Capital: Since the minimum paid-up or share capital is one dollar, starting a business in Singapore requires little capital.
You can always begin with $1 and raise it at any time after incorporation. Before you start your own business, these requirements could cost you money.
Non-Resident Businesspeople in Singapore:-
You can incorporate your business on your own as a Singapore citizen by logging into the File+ portal with your Singapore Pass ID and proceeding from there. You can make Incorporation of Company in Singapore Easily on no time.
A non-resident entrepreneur, on the other hand, will need to work with a corporate secretarial or service provider if they do not have a SingPass ID.
Using these services, starting a business in Singapore will cost differently depending on:
The business structure you want to register as (e.g., sole proprietorship, partnership, private limited company, etc.)
The incorporation packages the company offers Provision of a local nominee director if the non-resident entrepreneur cannot appoint one themselves Add-on services such as HR and Payroll, tax and accounting, and so on. The kind of business you’re starting (for example, a branch office of a foreign company, a holding company, a subsidiary company, an offshore business, etc.)
- 3 Reasons Why Your Company Should Incorporate in Singapore
- Entities or Types for Singapore Business
- Myths of Company Registration