Check out the minimum requirements fulfilled for registering in a company in Singapore
A company is a kind of place which deals in a product or service. There are lots of things in the present In which a person can deal. Commencing a business is not a tiny thing; you need so many resources to start one. You should have a fantastic plan, money for investment, a big team, a product or service to provide, and so on. All this makes a company, and a good business plan makes it popular. But, before all these things, you need to open up a company, for which an extensive process is to be followed. You have to fulfill some requirements for starting up a company in Singapore.
Singapore is mentioned here because it is one of the biggest markets in the world, which helps a business to stand rapidly. But, for starting up a company in the market of Singapore, some requirements are there which need to be fulfilled by you. These requirements are made up by the government of Singapore, and you can check them on https://www.pilotoasia.com/guide/singapore-company-registration. Let’s discuss some of these requirements.
- Resident and Non-resident directors
The first requirement is that you need a resident of Singapore as one of your directors in the company. This means you have to make the resident your partner in the company, and then you will be able to complete the process.
- Approved Company Name
The company’s name should be legit and unique—Unique in the sense that it should not be similar to some other company’s name. You have to approve it by ACRA before starting up your company.
- Registered Address
The address of your company should be recognizable and should be registered. The address of the company should be Singapore itself. The address should be a physical one (Residential or Commercial), not a PO one. The address meant a lot as sometimes the audit can come and check its originality.
- Appoint a Company Secretary
After the completion of the registration process, you need to hire a company secretary for the duration of 6 months. This is important so that all of the things should be adequately managed and the company should run in proper rules and regulations.
- Share Capital
For opening up a company in Singapore, there is a limit of money that you need to invest in it. The amount is 1 million Singaporean dollars. Less than this amount will be not be allowed for opening up the company.
Along with all these requirements, there are certainly more things which should be there to open up a company. Shareholders are essential to raising the capital, company’s directors, company secretary, and some other important aspects should be there which can help to run the company.
Summing up all this, we conclude that for opening up a company, there are some requirements made by the government of Singapore under the company’s act. These requirements need to be fulfilled for opening up the company. The requirements have been already discussed above; check them out.
Jesse Waters is head content writer and article at God Men. He found out about his love for writing when he was struggling with cancer. His works are very sensitive and he writes with his heart.