Important Questions Regarding Singapore Company Registration
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Written by: bryanwong
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Date: Tue, 3 Jan 2012 |
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Singapore is expected to remain one of the hottest destinations for entrepreneurs from all over the globe in the New Year with the tag of easiest place in the world to do business and with a number of advantages for business owners. With rising interest in doing business in the country, there are a number of questions by foreigners on how to register a foreign owned company in Singapore. Some of the more common questions and their answers are as follows:
Q – What are the rules regarding foreign shareholders and directors in a Singapore Company?
A – As far as shareholders are concerned, they can be all foreigners and a company in Singapore can be entirely foreign owned. There are no special permissions required and most types of businesses do not even need an additional business license. Shareholders are permitted to stay overseas and may or may not choose to relocate to Singapore. As for company directors, while foreigners are allowed to act as company directors, every company in Singapore needs to have at least one director who is a local resident. You may either use a nominee director service or try to relocate someone from the overseas office to act as the local director in Singapore.
Q – How long does it take to complete Singapore Company Registration?
A – It takes about one or two working days for the company registrar in Singapore to process company incorporation applications. Note that Singapore company registration is extremely simple and straightforward and hence it does not take much time at all. However, foreigners should take care of the documents needed for company incorporation and ensure they arrange for these promptly. Documents need to be submitted along with the required application forms.
Q – What is the exact procedure for company incorporation?
A – The first step in incorporating a company in Singapore is to get your proposed business name approved by the concerned authorities. This usually takes about an hour to complete and the name is approved provided it has not already been trademarked or is not already in use by another company in the country. Of course the name cannot be anything vulgar or obscene as well. Once the company name has been approved, you need to submit the company incorporation application form along with the required documents to the company registrar. This can be done on the same day as the name approval. The above two steps take one or two working days in total to complete.
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore company registration and Singapore subsidiary company.
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