Registering a company in Singapore is one of the top choices for many business owners and entrepreneurs to expand internationally** and expand overseas. However, registering a Singapore company requires compliance with the registration process and certain regulations, and after registering a Singapore company, you need to comply with the relevant regulations, so what are the specifics? Let's take a look at the following legal requirements that you need to know and comply with when registering a Singapore company
Company Type:First, you need to determine the type of company you intend to register. In Singapore, common types of companies include private limited companies, partnerships, limited partnerships, sole proprietorships, etc. Different types of companies have different legal requirements and responsibilities.
Company Name:The company name must be unique in Singapore and meet the requirements of the Singapore Registrar of Companies (ACRA). The name must not involve sensitive words and must not be similar to the name of an existing company.
Directors and Shareholders:Private*** requires at least one local director, who must be a Singapore Citizen, Permanent Resident or Foreigner with an Employment Pass. A company also requires at least one shareholder, which can be an individual or a corporation, and there are no nationality restrictions.
Registered address:You will need to provide a registered address in Singapore as the legal address of your company. This address can be your own office, business center, or the address of a registered service provider.
Company Secretary:Singapore companies must employ a qualified company secretary. The company secretary is responsible for ensuring that the company complies with relevant laws and regulations and is responsible for managing the company's documents and records.
Articles of Association:You need to create a constitution, which is a document that sets out the internal functioning and management structure of the company. The articles of association should include the name of the company, its purpose, the rights and responsibilities of shareholders, the rights and responsibilities of directors, etc.
Registered capital:The minimum registered capital of a private company in Singapore is S$1, but it is common to register a company with an appropriate registered capital, along with the authorized share capital and issued share capital of the company.
Statutory Documents:An application for incorporation** is required to be completed and submitted, along with the necessary documents and materials, including: articles of association, personal identification of shareholders and directors, proof of registered address, and documents such as the company secretary.
Tax Registration:Once you have registered your company, you will need to register with the Inland Revenue Authority of Singapore (IRAS) and obtain a tax number to meet your tax obligations.
Annual Statutory Requirements:Singapore companies are required to comply with the statutory requirements for annual reports and financial statements and submit the relevant documents within the stipulated timeframe.