Starting a company in Singapore can be an overwhelming process. But the good news is that it’s much simpler than many people think. In fact, The World Bank ranks Singapore as the most business-friendly regulatory environment in the world, making it a top choice for foreign investors to establish and grow their companies.
But before you start, there are some important things to know. This article will outline 9 key points you should know about setting up a company in Singapore the right way.
Firstly, decide on the type of entity you want to register. There are several types of entities available, but the most common is a private limited company. This is a type of business that offers greater protection to the shareholders. The company is treated as a separate legal entity from its owners, which means their personal assets are not at risk.
You will also need to determine the number of shareholders and their shareholding percentages. The minimum paid-up capital is $1, but you will need to submit higher amounts if your company operates in a regulated sector, such as a travel agency or a construction business.
Once you’ve registered your company, you will receive a soft copy of the certificate of incorporation from ACRA, which will include your company’s registration number. You can also request a hard copy for a nominal fee.
It’s a good idea to open a corporate bank account once you have completed the registration and received the necessary approvals. Most banks require that the critical directors and representatives sign in person, so you will need to plan a time when they are all available. how to set up a company in Singapore