What Are The Steps In Forming A Company Singapore?
Are you planning of starting your entrepreneurial journey in Singapore? The following is a list of steps to pull off a successful formation of a company.
The first step in forming a company is coming up with a business name. Although business owners have the right to choose the name they want, it's important to take note of the name's potential to attract your target customers and the name's compliance to legal customs.
In choosing a business name, pick one that is really relevant to your business. The words "Incorporated," "Limited," etc. can be used only if your business will be registered as a corporation. Sole proprietors thereby can't include these words to their business names.
Once there is already a chosen name, the next step is gathering and filing of key documents of the company's owners and leaders.In Singapore, foreign businesses need to have a least one director who is based in the country either as a resident or a citizen.
You have to be aware that directors undergo profile investigation as the government avoids providing business passes to those who have been bankrupt in the past or have committed offenses elsewhere in the world. Take note also that formation of a company also necessitates at least one shareholder, but this is not much of a concern as the director and the shareholder can pertain to one person.
A company also needs to enlist its official company secretary, and he or she shouldn't be a director or a shareholder. The secretary is expected to manage all the documents on company registration and operation and it is therefore necessary to enlist a professional who has wide knowledge and experience on business compliance practices in Singapore.
After fulfilling the company's directory and secretarial requirements, the next concern is the business' official address. Although there are no existing policies on address registration, do yourself a favor and acquire an office that really answers the company's operational needs. Research on office spaces, retail buildings, warehouses and the likes and compare costs, government incentives, availability of labor, and tax regulations, among many others.
The first step in forming a company is coming up with a business name. Although business owners have the right to choose the name they want, it's important to take note of the name's potential to attract your target customers and the name's compliance to legal customs.
In choosing a business name, pick one that is really relevant to your business. The words "Incorporated," "Limited," etc. can be used only if your business will be registered as a corporation. Sole proprietors thereby can't include these words to their business names.
Once there is already a chosen name, the next step is gathering and filing of key documents of the company's owners and leaders.In Singapore, foreign businesses need to have a least one director who is based in the country either as a resident or a citizen.
You have to be aware that directors undergo profile investigation as the government avoids providing business passes to those who have been bankrupt in the past or have committed offenses elsewhere in the world. Take note also that formation of a company also necessitates at least one shareholder, but this is not much of a concern as the director and the shareholder can pertain to one person.
A company also needs to enlist its official company secretary, and he or she shouldn't be a director or a shareholder. The secretary is expected to manage all the documents on company registration and operation and it is therefore necessary to enlist a professional who has wide knowledge and experience on business compliance practices in Singapore.
After fulfilling the company's directory and secretarial requirements, the next concern is the business' official address. Although there are no existing policies on address registration, do yourself a favor and acquire an office that really answers the company's operational needs. Research on office spaces, retail buildings, warehouses and the likes and compare costs, government incentives, availability of labor, and tax regulations, among many others.
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New Unique Article!
Title: What Are The Steps In Forming A Company Singapore?
Author: Linda Robbins
Email: Buy1GIVE1@gmail.com
Keywords: company formation,company incorporation,company incorporation singapore,company registration,company registration singapore,company set up,company setup,incorporation of company,set up company,singapore company formation,singapore company incorporation,singapore company registration
Word Count: 350
Category: Business
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