Singapore is highly regarded as the best place to conduct business in South East Asia due to its friendly business environment with high incentives and low corporate tax. But before you open your private limited company, consider the following:
As the saying goes, “failing to plan, is a plan for failure”. You must have a business plan in your mind for your operations in Singapore before starting a Singapore business. Without prior planning, your business may not work out the way you might want it to.
If you are a foreigner, you need to find a local director from Singapore. Singapore local director must be either a Singaporean or Singapore Permanent Resident.
You may want to consider asking a friend from Singapore to be the local director of your Singapore company while you can be the foreign director of your incorporated company until you get the relevant business visa to move to Singapore.
You will need to provide 3 names for your Singapore company. Normally, the name ends with Pte. Ltd. We will help you check the availability of the company name.
You need to provide a maximum of 2 principal activities for your company in Singapore.
In addition, you need to determine the following:
a. Who are the directors
– the Singapore company must have at least one local director. You are able to act as the foreign director if you’d like.
b.Who are the shareholders
– A Singapore based company is able to have more than one shareholder locally or internationally. It can also be 100% owned by an international entity.
c. Percentage of shares for each shareholder
d. Number of shares and paid-up capital for each shareholder
– paid-up capital means the capital required to run the business.
– paid-up capital must be banked into the bank account of the Singapore company.
– if you are not sure about paid-up capital and a number of shares, you may want to start with one ordinary share for SGD1 for each shareholder. Paid-up capital can be increased later.
e. Registered address in Singapore.
-the Singapore company has to be registered to a local address.
Visa Express provides the relevant complementary, value-adding services to help you incorporate your company easier. We can provide you with a nominee director and secretary as well as a local address. What are you waiting for? Contact us today!