Exemptions and incentives in taxation are provided by Singapore to entrepreneurs who establish their businesses in the country. This is the primary reason many foreign entrepreneurs pick out Singapore as their company’s base of operations.

Many business registered in Singapore are classified as private limited companies. In Singapore, an individual, whether a non-Singapore national or a Singapore national, is qualified to register a private limited company, for as long as the person is above eighteen years old.

As with other nations, Singapore has a set of guidelines for the registration of a private limited company.

The following are the primary pointers specifically drawn up for foreign entrepreneurs intending to put up a private limited company in Singapore. This guide discusses the necessary things to accomplish, the steps, and some other things you would expect to encounter when registering a private limited company in Singapore.

1. Business people wishing to establish business operations in Singapore must hire the services of a Singapore-based professional firm that can the registration process in their behalf. Foreign business people are not permitted by the Singapore government to self-register their private limited companies.

2. It is required that at the minimum one individual will be appointed as a resident director for the company being registered in Singapore. Here, the word resident refers to an individual who is either a natural-born Singapore citizen or a foreigner granted a work permit (for example, EntrePass, Employment or Dependent Pass) and is considered as an immigrant.

3. A corporation being registered as a private limited company is required by Singapore regulations to have at least one and at a maximum 50 shareholders.

4. A private limited company preparing for registration in Singapore must present a physical address located in Singapore, and not merely a PO box.

5. The private limited company that has been approved registration by the Singapore administration may then open a corporate bank account in the country. For this particular deal, the banks will call for the principal of the newly registered private limited company is physically present in Singapore.

6. Depending on the nature of the private limited company’s business in Singapore, it could also possibly be necessitated by the governing agencies to acquire a business license before it could begin operations.

When you have taken care of all requirements, all will be ready for a smooth-sailing business venture in Singapore.

GST Singapore – Drop by now to experience efficient accounting services from Singapore-based business accountants. This article, What Are The Requirements For Registering A Company In Singapore? has free reprint rights.

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