SBS Consulting Discusses the Essentials of Company Incorporation Singapore

2024-04-25 07:16:20 Business

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?A solid business idea, capital funds, breakthrough marketing plan & resources are necessities for a successful business. Similarly, there are some additional key elements without which company incorporation Singapore would be incomplete,? says Business Head of SBS Consulting Pte Ltd.

"Get to know about the key essentials of the company incorporation Singapore. Once you are aware of those vital factors, the experience of registration will be a smooth sailing one."

Needless to say, that the elements such as the business idea, capital or fund, marketing and advertising plan, labor force are the vital requirements for company incorporation in Singapore. However, there are a few other key essentials which must be met as per the rules of the authority. The below are the requirements one must fulfill before company registration in Singapore.

Director: At least one director has to be a resident of Singapore (Citizen, PR or holder of Employment Pass). Alternatively, one may choose to opt for local nominee director services.

Shareholding or Ownership: The number of shareholders may vary between 1 to 50. 100% foreign shareholding is allowed. It means no local shareholder is required to set up a company in Singapore. Both individual or entity can be the shareholder of the company. An individual can act the roles of both director and shareholder.

Registered Address: Having a local registered office address is mandatory for Singapore company incorporation process. The address can be commercial or residential one, but it has to be a physical address. P.O. Box address is not accepted.

Paid-up Capital: The minimum paid-up capital required for company incorporation Singapore is just S$1.

Company Secretary: A qualified company secretary has to be appointed within the six months from company incorporation. He/she has to be a resident of Singapore.

?Apart from these requirements, the applicant must have a company name approved by the authority, i.e., ACRA. It takes very less time to get the proposed company name approved as long as the name is unique, meaningful and decent. We have noticed that many foreign aspirants prefer taking the assistance of corporate services providers like us to make their registration process smooth and expedient,? Ms. Meena of SBS Consulting added.

One must submit a set of required documents when filing registration application.

Brief description of Principle Business Activities
Particulars of Shareholders, Directors and Company Secretary
Memorandum and Articles of Association
Statutory declaration of compliance

The foreign individual must submit documents such as a copy of passport, residential address proof of overseas country, KYC (know-Your-Client) documents, etc. A copy of local identity card is enough for the local Singaporean applicants.

ACRA (Accounting & Corporate Regulatory Authority) oversees the process of company incorporation in Singapore. It is regulated by the Singapore Companies Act, Cap 50. The authority is very stringent about its laws and regulations. No one can afford to ignore any of the vital laws of the local jurisdiction in its course of company registration. Non-abidance may result in undesired circumstances. So, everyone must comply with the ongoing statutes of the ACRA.

?Since foreign entrepreneurs are unsure about its laws and regulations, they prefer using the service of corporate firms like SBS Consulting. Even the domestic aspirants who do not like to tackle the task, turn to our services. They often share their gratitude to us for being with them throughout the process. Thanks to our esteemed clients who have been helping us to advertise our service in various parts of the world through their mouth publicity. Their gratitude, appreciations and positive gestures motivate us to come up with more advanced and refined services,? Ms. Meena stated.

She concluded saying that, ?For those who are toying with the idea of company incorporation Singapore, I would suggest them have a thorough knowledge of its rules and regulations. If you cannot do it, the least you can do is to get the help of a professional service provider. It ensures fast, flawless and smooth company incorporation experience to the aspirants.?

About SBS Consulting Pte Ltd
SBS Consulting Pte Ltd is a notable name in the field of Company incorporation in Singapore. It offers end-to-end service for the startups which help them to establish, take off and run daily operation of the business. Apart from company incorporation, SBS also excels in other related fields such as accounting, bookkeeping, XBRL, GST, corporate secretarial, payroll, registered address, etc.

Contact Info:
SBS Consulting Pte Ltd
Visit: https://www.sbsgroup.com.sg/
High Street Centre,
#17-02, 1 North Bridge Road,
Singapore
179094 - Singapore
Phone: +65-6536 0036
Email: info@sbsgroup.com.sg