Requirements for Singapore Company Registration
Who doesn’t want to so a seed of their business in this thriving economy and friendly business culture? As a foreigner when you come to set up a firm in Singapore there are documentation and paperwork you have to complete. Here are the company registration requirements for a company when foreigners start a company in Singapore.
- Singapore company registration requirements comprise of:-
- Shareholding. A company must have a minimum of 1 and an utmost of 50 shareholders. Shareholders can be normal persons or corporate beings. 100% foreign shareholding is entitled.
- Share Capital. The least paid-up capital to set up a corporation is S$1. A corporation can boost its share capital at any moment by injecting the following capital.
- Directors. Both Singapore-resident and foreign-resident individuals can be directors of a Singapore corporation. Corporate directors are not authorized. A firm must have at least one Singapore-resident director. Singapore-resident is interpreted as someone who is a Singapore inhabitant, a Singapore permanent resident, or an Employment Pass owner. Foreign-owned corporations have three local director options.
- Company Secretary. A corporation must elect a competent company secretary within six months of incorporation. The corporate secretarial service in Singapore must moreover be a normal person and an inhabitant of Singapore.
- Registered Address. Each corporation is compelled to have a local registered address in Singapore where the company will maintain all of its statutory papers. The address cannot be a PO box.
- Company Name. The name of the corporation must be authorized before continuing with the enrollment of the firm.
Ø Supporting Documents for Company Registration
The following documents will be needed from you when incorporating your Singapore firm. Note that Singapore’s AML/ATF regulations expect us to conduct a Know-Your-Client (KYC) due diligence as a portion of consumer acceptance and incorporation. The compliance team may inquire about extra information if they consider it essential.
Ø For Individual Shareholders
- Passport copy
- NRIC or Residency ticket (for Singapore residents only)
- Residential address proof
- Brief professional experience. This can be in the aspect of a curriculum vitae (CV), resume, or link to the individual’s LinkedIn profile.
Ø For Corporate Shareholders
If the shareholder is a corporate entity, the pursuing documents will be needed for the corporate entity:-
- Certificate of Registration handed out by the Registrar of the jurisdiction where the corporation is enrolled.
- Company Extract from the Company Registrar of the jurisdiction where the business is enrolled.
- Approved Person Resolution enacted by the director(s) of the shareholding corporation that encompasses the following:-
- Approval to hold shares in the recommended Singapore Company
- Approval of an Authorised Person to approve the Singapore Company formation papers on behalf of the shareholding firm
- A possession structure chart that observes the Ultimate Beneficial Owners (UBO) of the shareholding firm. Identification papers for the key UBOs may be compelled for KYC due to perseverance.
Ø Our Incorporation Service – How it Works
Once you substantiate your decision to commit to our service at Hey Sara, we will establish an account for you in our online Corporate Service Platform (CSP) and you will be instantly operating with our service delivery team through the outlet to get your company incorporated rapidly and efficiently.