Starting Your Own Business Empire in Singapore

Starting your own business empire in Singapore can be very rewarding as this country provides a perfect platform for the establishment of new business services. This island country is counted as one of the leading business hubs in the world for having highly developed economical structure, impeccable government policies, low taxation system, political stability, and many more factors that are advantageous for a business set up. Owing to pro business law that prevails in the country, many of foreigner business owners prefer to rush to Singapore to set up their own business empire over there. If you are one of them then it is wise to have good knowledge on the basic requirements to set up a company, incorporation procedure, company registration and time- line and statutory compliance and other related requirement to own a Singapore based company.

When it comes to set up business formation in Singapore, it is much easier and convenient than any other country in the world. Being a start-up friendly country, Singapore provides a simple and easy process. Nevertheless, authorities implement some guidelines and legal ethics to maintain its reputation across the globe. The basic requirement is to have a local business address from where you intended to run your business activities. The address should be proper and not simply PO Box no.

While setting up your business entity of your dream, you also need to consider few other major requirements such as:  

• The main requirement to set up a company in Singapore is that the director of the company should be a Singapore resident or from Singapore. 
• Engagement of a local Company Secretary is mandatory. You must employ him/her within six months of your company incorporation. 
• As per Singapore Company Law, in any case it is mandatory for foreign business owner to employ local incorporation services for business formation. 
• There should be one shareholder, who can be from anywhere in the world. 
• One should bear minimum paid up capital of S$1. 

You should learn about the mandatory structural requirements of a Singapore company.  You may choose from following types:

• A sole proprietorship
• A limited liability partnership firm
• A private limited company

In the course of setting up of own business venture, we cannot disregard the most important factor of incorporation of company, that is registration. You will need to register your newly ventured company with the Singapore Registrar of Companies. 

The main requirements for the process of company registration include: 

• Name of the company
• Details of director, who should have the Employment Pass
• Details of shareholders
• Description of the proposed activities
• Details of the paid up capital proposed

Even if it is easy to engage into the process, it is still essential to hire a professional service provider or advisor to help you in this regard. By doing this, you will witness a speedy execution of the requirements along with many added benefits like secretarial services, documentation, company profiles, etc.