Singapore is one of Asia’s most productive economies and a hotspot for ambitious professionals and entrepreneurs who have flocked there to advance their careers and start new businesses.
Although it is very business-friendly, the country understandably has its own way of doing things. Outsiders will need to understand these things in order to achieve their dreams there. This blog will look at one example: setting up a business in Singapore.
While registering a company in Singapore is generally hassle-free and there is little red tape, it nonetheless pays to be prepared. This article will equip you with the basics you need to know to get your business set up smoothly.
Find a foreign partner
By partner here, we are talking about somebody to help you with the registration. They do not have to own any of your business. You see, while it is legal for anybody over the age of 18 to register a company, it is not possible for a foreigner register business in Singapore alone.
This is because the online portal where a new business needs to be registered can only be accessed by a Singapore national using their digital ID. If you do not know any Singaporean people, there are services you can hire to do this for you.
Choose a company name
The first thing that will need to be submitted when setting up your business is a company name. This has to be approved by the authorities. Only then can the rest of the registration process proceed.
Define your company’s structure
This next step is to decide whether your company will be a private or public limited company. “Limited” refers to the fact that shareholders’ own personal assets are not at risk if the company fails and cannot pay back any business loans or other financing obligations. Whether it is “private” or “public” depends largely on how many shareholders it has and how it raises capital.
Your company will need to disclose how much the shareholders paid for their shares.
Appoint key personnel
After you register your business name and company type, you have a certain amount of time to make some important appointments. Every company needs a director and company secretary from Singapore, with the latter appointed within six months. You also need a CEO or managing director, and within three months you need to have appointed an auditor.
Register your company address
This does not need to be where your operations take place. It can be any ordinary, accessible address.
Draft your constitution
This is a legal requirement which lays out the characteristics and objectives of the company, details of its proposed operations, the responsibilities of its directors, and general rules and regulations which everyone involved in the company must follow.
Have your documents ready
You will also need proof of identity, address, etc. Depending on the language they are in, you may need to have them translated.
Conclusion
If you have these things ready in advance, the registration process for a business in Singapore is remarkably quick. The system is fully electronic, and although it charges a fee the submissions can be made in just 15 minutes and it typically takes only one or two business days for approval.
Daniel J. Morgan is the founder of Invidiata Magazine, a premier publication showcasing luxury living, arts, and culture. With a passion for excellence, Daniel has established the magazine as a beacon of sophistication and refinement, captivating discerning audiences worldwide.
