How to register a company in Singapore?
The answer to the question of how to register a company in Singapore can be both simple and very ornate. In the first case, it will look something like this: “find an intelligent mediator who will take all the trouble on himself and don’t think about anything else.”
The second involves an independent bypass of instances (more precisely – mailing via the Internet). But here it should be borne in mind that both proposed schemes are not ideal. First, finding a responsible intermediary is a rather complicated task, although it is quite feasible. In other words, if you want to not just give money for an imitation of violent activity, negotiating with the first office you come across is at least not very reasonable.
The second scheme is generally not feasible in practice, because in any case you need a resident, because some of the required steps can only be passed by him. Yes, and the probability of failure due to an incomplete package of documents or lack of knowledge of the local specifics will be very, very high.
That is why our experts decided to offer you a compromise option. We thesis, without going into details, will tell you about all the necessary steps and basic requirements. This will provide an opportunity to assess the amount of upcoming work and eliminate the accusations of “earning in the air.” And at the very end we will allow ourselves a small advertising digression, where you will find links to our portal and e-mail for communication with experts.
If you do not understand how to register a company in Singapore at all, we recommend that you read the list of procedures as carefully as possible. Of course, not in order to control the work of the “right” intermediary. There is no need for this. But to understand what awaits you is still worth it.
Discussion of all your wishes. Our experts will discuss with you issues related to the organizational structure, possible licensing requirements, sources of additional financing and estimated dates.
Choosing a company name. In this case, it makes sense to prepare several options, because the most “delicious” of them are likely to be busy. There are services on the Internet that “predict” the chances of the name being approved by the Singaporean regulator, but you still should not trust them 100%.
Determined with the organizational structure and legal form. It should discuss the number of shareholders and their rights, the draft charter, features of the arrangement of the substance (actual presence in the jurisdiction) and other important issues. Regarding the choice of ownership, the following can be said. Only 3 options definitely deserve attention: the classic company (company), limited partnership (Limited Liability Partnership) and individual entrepreneurship (Sole Proprietorship).
Director choice. Their number is not limited, but at least one must be a resident. Note that a legal entity has no right to perform the functions of a director. How to register a company in Singapore, if you do not want for some reason to take on these chores? See the answer in the next paragraph.
Secretary selection. He must be permanently in Singapore. Both legal entities and individuals are suitable for this role. And just before the registration process, he will sign form 45B, as required by the Companies Act. Please note that the services of the director and nominal secretary are already included in all complex packages: Basic, Business, and Premium.
Legal address. This may be a new (rented) office, but its arrangement will require a substantial revision of the budget. Therefore, we recommend choosing one of the basic service packages where the legal address service is already enabled by default.
Constitution. According to the new rules in force since January 2016, it replaced the charter of the company and the memorandum. The document is typical and will suit most people. But a competent intermediary (it is not customary for reputable companies to praise themselves for good, therefore we will limit ourselves to a soft wording) will always offer the client the opportunity to “tailor” the constitution to specific requirements. But it must necessarily indicate: capital, legal address, name of directors and legal form. Note that taking a random sample on the Internet means immediately putting an end to the idea of registering a company in Singapore.
Process planning. Here, in fact, the work of an intermediary begins. Subtleties are determined directly at the registration stage, preparations are made for filing an application with the tax service, a bank is selected to open an account, and a list of necessary licenses is found out.
Preparation of documents. This stage usually causes a lot of problems, although with the proper approach, the whole procedure takes literally several days. Therefore, if you are told that all the chores will take time, do not believe it.