Singapore is one of the leading Asian countries for business and commerce and has been rated as one of the best business environments in Asia Pacific. It is no wonder that small and medium-sized businesses and even business conglomerates from all over the world spring up in this small nation.

If you are planning to start a business in Singapore, here are some useful tips that can help you through the process of setting up a business in Singapore.

Singapore Companies Act

In order to start setting up a company in Singapore, you must be familiar with the Singapore Companies Act (SCA). Singapore companies are primarily governed by the Singapore Companies Act, but it should be noted that companies may be subject to the regulations of other statutes depending on the type of business they are in.

Requirements to establish a company in Singapore

• The law states that to establish a company in Singapore, the company must have a minimum of 1 shareholder + 1 director + 1 company secretary

Director:

The director of the Singapore trade setup must be a citizen or permanent resident of Singapore. He may also be a Singapore Employment Pass holder. The director of the company must be over 18 years of age and must not be bankrupt or have a history of malpractice.

the shareholder

The law allows a maximum of 50 shareholders for the formation of a company in Singapore. Shareholders can be individuals or legal entities. Said director may be the shareholder as well or they may be separate individuals. 100% local or foreign shareholding is allowed.

the company secretary

According to the SCA, a company established in Singapore must have a company secretary. The company secretary must be appointed within six months of company incorporation and must be a resident of Singapore.

• The company must also have a minimum initial paid-up share capital of S$1.

The minimum paid-up capital for Singapore company registration is S$1, unless you are an EntrePass holder, in which case the paid-up capital will be S$50,000.

• Singapore company setup must have a registered office address in Singapore. The office address must be a registered address in Singapore and addresses with a PO Box are not allowed.

Starting a business in Singapore is made much easier with the help of a professional business start-up service. A professional services provider can help you through the process of incorporating a company in Singapore. A professional service provider will not only help you register a company in Singapore, but will also help you through the entire business incorporation process.

Professional company formation services ensure that you have the correct information and documentation and get the right resources to set up a company in Singapore.

Business incorporation services advise you on relevant licensing requirements specific to your line of business and you can also take advantage of helpful business concierge services that can help you find a suitable location for your office, develop your network and IT infrastructure, etc.

You can also take advantage of various support services such as tax services, accounting services, and business accounting services.