Singapore-Entrepreneurs

FAQ’s on doing business in Singapore

Singapore is one of the leading economic business powers in the Asia Pacific. Despite being a small island state with limited resources and a small economy, Singapore has beaten all the odds and has grown to become an unbeatable force to be reckoned with.

The great thing about Singapore is that the country promotes and encourages business entrepreneurs, both local and foreign. The Country has reasonable taxes and above all has laws that make business incorporation easily possible. If you are planning for a Singapore business incorporation here are some FAQ’s that can give you useful information about doing business in Singapore.

Q. What are the requirements that need to be fulfilled to startup a business in Singapore?
A. In order for you to start a business or incorporate a company in Singapore, You must be at least 18 years of age and You must not be an undischarged bankrupt or you must obtain the permission of High Court or the Official Assignee if you wish to form a business entity in Singapore.

Q. Can foreigners do startup a business in Singapore?
A. Of course. Singapore is known to be one of the leading destinations for foreign businesses and has thousands of MNCs already. All you have to do is follow the necessary rules put forth by the SCA which is the Singapore Companies Act.

Q. Can a foreigner be a shareholder of a company in Singapore?
A. Yes. Singapore allows for 100% foreign or local shareholding. However if you do want to become a shareholder you must engage a professional firm to register a Singapore company. Contact One offers professional business incorporation services and can assist you in the Singapore incorporation process. We help you in registering a company and guide you through all the stages of business incorporation.

Q. What business structure would be suitable for my company in Singapore?
A. There are several business structures that can be applied for the operations of a company. The important thing is to choose one which will ensure that your business operations are running in the most effective and optimized manner. The most popular choices of business structure adopted by many entrepreneurs is a private limited company. The key advantages of a private limited company include limitation of personal liability exposure of the shareholder as well as utilising income tax benefits and incentives specific to corporate entities. Contact One does a thorough analysis of your business plan and can guide you on what structure will suit your company best.

Q. Do I need to appoint a company secretary for my company?
A. Yes. The law states that Singapore incorporated company must hire a local company secretary within 6 months of business incorporation. Singapore legislation does not permit the use of a corporate entity to serve as a company secretary. Contact one can offer professional company secretarial services. We can assist you in finding a company secretary who is experienced and can meet the needs of your company as well as help you comply with the laws of Singapore.

Q. What does a company secretary do?
A. A company secretary is in charge of ensuring that the company is in compliance with the compliance requirements stated in the Companies Act as well as the Memorandum and Articles of Association of the company. Some of the main tasks performed by the company secretary include
• Maintaining of Statutory Registers and Minute Books
• Preparation of Minutes and Resolutions for Annual General Meeting
• Preparation and Filing of Annual Returns

Tags: , professional company secretarial services, registering a company, Singapore business incorporation