This is the era of entrepreneurs. We see new companies emerging around us with every passing day. However, establishing and then running a business efficiently and profitably is not a piece of cake. It can be very daunting and overwhelming, but if you get a chance to show your entrepreneurial skills in one of the world’s largest financial centres and commercial hubs, taking a leap is the only sane choice! All you need to do is getting acquainted with that country’s business world’s rule-book and guidelines, and you are good to go.
How to setup a new Company in Singapore?
So, if you happen to made up your mind to join the league of entrepreneurs and start up your own company in Singapore, here is a list of the requirements you need for Singapore Company Formation:
- The first and foremost step is to check whether the company name that you have finalized is available for use or not. In case, the next thing you need to do is get it approved. You have the liberty of proposing up to three names for a company at a time.
- Secondly, you are required to appoint at least one nominee director who will take care of the company’s assets on your behalf. This person must be at least 18 years of age, and should either be a Singapore Citizen, a Singapore PR (Permanent Resident) or employment pass holder.
- Thirdly, you need to appoint at least one nominee shareholder. It is not necessary for this person to be a local citizen.
- At least one Permanent resident must be appointed as a company secretary.
- The local address of the company should be registered.
- The company must have a record stating its share capital, minimum amount – $1.
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