Establishing a business firm involves a lot of risk and requires completion of every legal step. It is not every day that you decide to start up a company of your own. Every businessman who starts out on setting up his own firm, looks for financial support from every channel he knows. But is it only financial support that he will need? Well, the answer is an obvious no!
Professional help is needed at every stage of establishing the business. There are many legal requirements that need to be met while setting up the establishment. Also, every country has outlined a set of conditions that need to be met by the business owners before they apply for registration. Singapore company registration requirements are a clear set of instructions that are easy to understand and follow. So what are these basic requirements?
The Administration Body
To begin with in order to obtain registration, the business administration body must have at least one shareholder, one resident director, and one company secretary. The shareholder can be a hundred percent local person or a total foreigner. He can also function as the director of the firm. The details of the shareholder have to be made available on public records. The resident director has to be a Singapore citizen above 18 years of age. Even though the company secretary may not be appointed at the time of registration, the administration must appoint one within six months of incorporation.
Shared Paid-up Capital
The initial paid up capital is permitted to a minimum Singapore $1 or its equivalent in any currency. ‘No par’ value shares are not permitted in companies and the paid-up capital can be increased anytime after the company has been incorporated.
The Official Address
The most important requirement is the official address of the firm. The company should have at least one physical address in Singapore which cannot be just a PO Box number. The registration can be totally cancelled if the office address is not found to be physically true.
ACRA or the Accounting and Corporate Regulatory Authority of Singapore approve the proposed name of the company. It also needs submission of the company memorandum and articles of association. Thus, you need to meet all Singapore company registration requirements to be able to start your own company. The best way to complete your company’s registration would be to go for company registration services. Singapore has immense market potential. A well planned business venture is sure to meet with success. All you need to do is hire professional helping obtaining registration for your firm.
For a detailed understanding of different Singapore company registration requirements, you must contact the professionals working with Budget Accounts and hire their company registration services Singapore.
