Singapore is widely regarded as one of the easiest jurisdictions in which to start a company. For the 4th year in a row, the city-state has secured first place in the World Bank’s Ease of Doing Business survey. Penelope Brookes, an analytical director for the World Bank, noted the ability to set up a company in Singapore in as little as 4 days.
When using a corporate services firm the typical incorporation procedure is as follows:
i) The corporate services firm collects the required due diligence and confirms the required services
ii) Agreement is made on the preferred corporate structure for the company
iii) The preferred company name availability is checked via the Accounting and Regulatory Authority of Singapore (ACRA). If verified, the incorporation begins.
iv) Shareholder and Director details are collected to be lodged with the Singapore government as part of the company incorporation
v) The certificate of incorporation is sent from the Singapore Registrar of Companies
vi) Director / Shareholder / Secretary documents are lodged with the Singapore company registrar
vii) Application is lodged for the Business registration certificate
Apart from completing the company incorporation, other important aspects of setting up a company in Singapore are opening a corporate bank account and setting up the appropriate office facilities. Entrepreneurs typically choose a leading international bank to open a corporate bank account for their Singapore business. This is primarily because of the availability of multi-currency accounts and world class internet banking facilities.
In terms of office space, using Virtual Office Services gives an international entrepreneur a cost efficient means to conduct business in Singapore and internationally. A virtual office provides professional facilities but also the cost advantage of not having a large financial commitment of renting a dedicated office.
The basic requirements of Singapore Company Incorporation are:
• Minimum 1 director and 1 shareholder
• At least one director must be a local resident.
• Must have a local registered address
• Must have a local qualifies company secretary
• Minimum paid up capital of $1
Healy Consultants is a leading corporate services firm providing international clients with all Singapore company formation requirements. The firm provides a range of services for Asia business set up and offshore investing. More information on company incorporation can be found by visiting Healy Consultants website.
Healy Consultants Pte Ltd
#18-01 Thong Sia Building, 30 Bideford road
email: email@healyconsultants.com
