Facts About Singapore Business Registration for Foreigners
A businessman who intends to explore business opportunities other than his own nation will be happy to know about the features Singapore government offers for company registration in Singapore. Singapore has witnessed supreme growth and development in the last few years. It has transformed itself completely from what it was in the past. The transition from a small and sleepy Southeast Asian island to become one of the five busiest sea ports in the world, Singapore’s overall transformation is incredible and motivational. This is the reason, innumerable foreigners are considering Singapore as their business center to operate their businesses. Singapore government is offering full support to foreign nationals to make Singapore their business home and to mark their presense in the history of Singapore’s economy.
The businessman wishing to mark their footprints in Singapore have to obtain the work permit visa, which is known as Singapore EntrePass. The entrepreneurs without a formal degree can obtain the visa by presenting proven track record of a successful entrepreneurship. The Singapore Ministry of Manpower (MOM) is the governing body to issue an EntrePass. The entrepreneur has to register his company with Accounting and Corporate Regulatory Authority (ACRA).
Requirements to fullfill when set up a company in Singapore
- There should be 1 director (a Singapore resident), 1 shareholder, and 1 company secretary.
- There should be a proper office address registered with government.
- The registered company should be a Private Limited Company.
- The minimum capital of S$50,000 has to be paid.
- There should be share holding of 30% – 100% in the company.
Steps to take to set up a company in Singapore
- Submission of form with required details, that includes:
- Company name
- Business activities
- Information about the directors and shareholders
- Passport details
- Identity proof
- Making payments and preparing business plans.
- Application submission for EntrePass
- Incorporation of company in Singapore
If a person wishes to register a company in Singapore, without being physically present, he can do so by appointing a nominee director. By furnishing all the necessary and relevant information to the nominee director, one can submit the application form. This facility is provided to relieve the applicant from the cost involved in traveling to the city and staying here. This will also save the precious time to be invested elsewhere.