Singapore is a bustling and international city that offers many opportunities for business. Singapore law allows foreigners to establish companies with few formalities, which makes it an attractive option for entrepreneurs who want to start their own company. This article discusses how this structuring process works in Singapore, outlining the steps and fees you need to take.
What are the Types of Companies?
There are three types of companies in Singapore: public companies, private companies and joint ventures. Public companies are those that are listed on the Singapore Exchange (SGX) and must disclose their financial information to the public. Private companies are not typically listed on the SGX, but must instead submit an application to the Registrar of Companies for approval to trade shares privately. Joint ventures are created when two or more companies agree to share ownership and management responsibilities for a specific project or venture.
How to Form a Singapore Company
The Singapore company formation process is straightforward and can be completed without the need for any legal or business expertise. In this article, we will outline the steps involved in setting up a Singapore company.
The first step is to decide on the type of company you would like to form. There are four options available to Singapore residents: Sole Proprietorship, Partnership, Company Limited by Shares (C-Corp), and Corporation Limited by Shares (C-Corp).
Next, you will need to complete an application form with the relevant authorities. This includes filling out your company’s name, registration number, contact details, financial statements and articles of association. Once all the paperwork is complete, you will need to pay a registration fee and submit an annual report to regulators. You can also hire an incorp company in Singapore to get help with the documentation process.
Finally, you will need to appoint a formal chairman and directors and start carrying out business activities under your newly formed company.
When Can I Start Running My Business?
If you’re thinking of starting your own business in Singapore, you’ll want to get started as soon as possible. Here’s a guide on how to set up a company in Singapore:
1. Get registered with the Department of Trade and Industry (DTI) and the Ministry of Economic Affairs (MOEA). Make sure all your paperwork is in order before you start your business. You can get more information on setting up a business by visiting the DTI website or consulting an attorney.
2. Obtain a business license from the Municipal Corporation of Singapore (MCS). The MCS will require evidence that you have the financial resources to run your business and that you comply with certain regulations, such as having a Business Ethics Committee approved insurance policy. For more information, visit their website or contact them at 6389-1111.
3. Validate your trade mark if you plan to sell products or services under that name. To do so, you’ll need to file an application with the Intellectual Property Office (IPO) and pay fees. For more information, visit their website or contact them at 6438-6000.
4. Register your company name with the National Registration Board of Singapore (NRBS). It’s important to choose a name that is not already taken, so make sure to check the trademark database before filing your application. The NRBS will also require documents such as an annual report and auditor’s report for companies with over $10
Other Things You Need To Know About Incorporating Your Company In Singapore
If you’re thinking of starting a business in Singapore, there are a few things you need to know first. In this article, we’ll outline the process of setting up a company in Singapore and explain some of the other things you need to consider before moving forward.
Before You Start: forming your business entity is only the beginning
To incorporate your company in Singapore, you will need to gather a number of documents and paperwork. Make sure you have all of the following before beginning the incorporation process:
– A memorandum and articles of association (M&A) – This document sets out your company’s fundamental operating principles and provides important information such as the name, registered address and contact details of your directors. It must be filed at both the Registry of Company Affairs (RCA) and with the Commercial Registry (CCP). The M&A can take up to 45 days to be processed by RCA, so get started as soon as possible.
– A company seal – If your company does any business outside of Singapore (for example, if it has subsidiaries or branches overseas), it will need a seal approved by the Registrar of Foreign Companies (RFC). The cost for this service is around S$60 per year.
– CIPs for directors – Each director must provide proof of their identity and nationality before being registered with RCA. This can be done through issuing certificates of incorporation (CIPs), which can take around two weeks to.
