Incorporating a company in Singapore
How to incorporate a company in Singapore
In addition, incorporation must also comply with the requirements of Part III of the Companies Act. The minimum requirements under the Act are as follows:
•A minimum of one shareholder, who can be a director and may be an individual or another company. 100% foreign shareholding is allowed.
•Initial paid-up capital of at least S$1.00. Paid-up capital refers to the amount of money which the company receives from selling its shares to shareholders. After the company meets the minimum requirement for paid-up capital, it can increase the share or paid-up capital at any time.
•A locally-resident director – that is, a Singapore citizen, Permanent Resident, or a long-term pass holder with a residential address in Singapore. However, this requirement may be satisfied by a nominee director who is not required to hold any shares. Apart from the requirement for a local director, there are no limits on adding more local or foreign directors.
•A company secretary, who must also be a natural person ordinarily resident in Singapore. He or she is responsible for regulatory compliance and must be appointed within six months of incorporation.
•A local, registered address. This must be a physical address and cannot be a PO Box. A residential address may be used for certain types of business.
Advantages of incorporating a company in Singapore
Singapore law recognises a number of different business organisations, including sole proprietorships, partnerships, and limited liability partnerships.
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