If you are a businessman who wishes to start up a business in Singapore, you may have already looked up ways on how to properly go through the procedures of company registration. Then you might have a couple of questions or things that you are unsure of. In this article, we will summarize a few things that are often questioned by entrepreneurs regarding on how to register a company in Singapore that may help you in gathering more information and prepare better for your upcoming business.
What is a paid-up capital?
Paid-up capital is the amount of money that a company has in total that’s earned or funded by its shareholders. As you might have already known, shareholders in Singapore company must pay for their purchased shares. For companies in Singapore, there’s a minimum paid-up capital of S$1.
What are the Singapore companies paid-up capital requirements?
It is required to incorporate a company in Singapore with a minimum paid-up capital or share capital of S$1, and that is the only requirement. There are certain conditions that require you to pay more, for example, if you are applying for relocation visa of Entrepreneur Pass, then the minimum paid-up capital is S$50.000. For relocation visa of Employment Pass, it is also recommended to have a paid-up capital of at least S$50.000 as well in order to ensure the Employment Pass application approval.
What things to take note in naming a Singapore company?
It is known that before getting the company registered, you must have its name approved first. A company name must not conflict with an existing name and does not include obscene or vulgar words. The approval of a company name usually takes less than an hour if the basic requirements are fulfilled. However, there are other situations where your company name is not approved such as having it referred or rejected. If your proposed company name is referred, that means it needs a government authority to review and approve it. Usually, this would happen if a company name that’s proposed includes words such as school, media, bank, or financial, and such. If your company name is rejected, the possibilities are that the name is already taken or violates the basic rule. You can appeal for that name, or submit another name for approval.
What is the requirement for a local resident director?
A Singapore company requires at least one local resident director. The qualifications for this person are:
A Singapore citizen, or a Singapore permanent resident, or someone that holds an Employment Pass or Entrepreneur Pass. This local resident director must be at least 18 years old.
What are the requirements for the secretary of a Singapore company?
A secretary for a Singapore company must be appointed within six months after the company incorporation. A secretary of a company must be a natural person, a Singapore resident; as in someone who is a Singapore citizen, a Singapore permanent resident, or a foreigner that holds an Employment Pass or Dependent pass, and someone who is knowledgeable about the Singapore Company Acts and has the necessary expertise in order to be able to perform as a company secretary. The director of the company cannot be appointed as a company secretary.
Can a foreigner hold 100% of a Singapore company shares?
Yes, it is allowed under the Singapore Companies Act. There is no restriction on the type of business activities of the company and whatsoever. There is also no special approval required by foreigners. There is no difference between a local or foreigner in terms of holding shares and running a business in Singapore as long as they adhere to the regulating laws. Please visit this website to find out more, https://www.companyregistrationinsingapore.com.sg/