Singapore is a haven for business. Transparent laws, favourable taxes, government support and incentives for every firm, including local and foreign, and developed infrastructures are some of the reasons people want to start a business in Singapore.
If you want to dwell in the business environment in Singapore as well, these are the things you should know about doing business in Singapore:
Foreigners Need to Open an LLC in Singapore
Or more precisely, a Private Limited Company. You see, Sole Proprietorship and Partnership are flexible types of business, but they are suitable only for smaller ventures. Furthermore, they don’t have strict laws for operations like an LLC- for example; you don’t necessarily need a resident director. Also, in partnership and a sole proprietorship, your company won’t stand as a separate legal entity.
What is the Minimum Investment for Companies in Singapore?
The paid-up capital is S$1, meaning there isn’t a minimum investment requirement. Singapore locals and Permanent Residents (PRs) can easily register a company given that they have the mandatory staff and meet legal requirements.
International investors have to be able to prove that their company will help the Singaporean economy in one way or another, and create job opportunities. Their business should solve a significant problem Singaporeans are currently having.
Is it Easy to Register a Company in Singapore?
In case it is confusing, there are services, for example, one from the team of a renowned accountant Chai Chung Hoong that can help you register your company. You can get consultancy from their team, and they will ask you for the required documents and register your firm for you.
By the way, you can also buy a shelf company in Singapore. It is a company that has been registered to sell the paperwork. Of course, the company isn’t in operations.
What are the Basic things You Will Need to Register Your Company?
These are the things you will need:
- A company name. It can’t be vulgar or too similar to other company names.
- A resident director. You can also use Director Services For Shell Companies if it isn’t possible for you to reside in Singapore.
- A resident secretary.
- At least one shareholder. There can be up to 50 shareholders in a private limited company.
- A registered address. It should be a real physical address and not a PO Box Number.
- You will also need to do an annual audit.