10 Jul Steps to take when you incorporate a company in Singapore
The unique infrastructure, no bureaucracy, a very flexible taxation system is the incomplete list of the advantages of creating a business in Singapore, which is really worth it, because money can be placed in the most reliable banks, the tax burden is easily optimized in Singapore. Also, do not forget about the remarkable jurisdiction of this state.
So, the decision on the organization of business is accepted, now it remains to decide on the organizational form of the enterprise and to open a business in Singapore. The most favorable form was and remains a small private company in which liability is limited to shares. This is a company that is registered directly in Singapore, and the number of shareholders cannot exceed 50 people. If you need to know how to register a new company in Singapore then please read on.
The entire responsibility of each member of the board is limited to the amount of capital that has been paid by each of them. When using such a form, there is a reliable asset protection, tax benefits that are provided to the entrepreneur when certain conditions are met.
It is necessary that there is at least one shareholder in the firm; it is allowed that a legal entity and an individual can receive 100% ownership of assets. It is necessary that the firm has at least one director who is required to be an individual, a citizen of Singapore, or to have permanent residence, and the work of the director is allowed if there is a work permit.
Also, it does not matter how many local and foreign directors work for the company. Legal registration of business cannot do without an experienced secretary, who must also be a resident of Singapore. Such secretary should possess all necessary skills of conducting, storage, administration of documents of the enterprise, and should perfectly know the legislation of Singapore.
There are several steps that go through after the decision to register the company in Singapore was taken.
- These steps should be taken only when the decision to create has already been taken firmly and finally, because there will be no turning back, and if you stop registering, all the time, money and effort will be wasted: The first step is preparatory, it is necessary to choose the name of the company, prepare the constituent documents and carry out their signature and certification;
- The second step is to create an account in the bank; The third step – If the entrepreneurial activity is related to the production of products that require a license or permit, then they should be obtained.
Registration of the company may take several hours or days, it all depends on how quickly the company’s name is approved and documents are prepared. The longest is the registration of a bank account, this process can take a day or even a few days. Since when you open an account you need to attend the bank personally. Also, if necessary, permits and licenses are received sometimes several days, and sometimes even weeks.