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Consistently ranking at the top place in terms of ease of doing business, Singapore boasts quick and convenient company registration processes both for local and foreign business owners. However, the success of your company registration in Singapore relies heavily on how you equip your company with all the necessary data.
This time, we will identify each requirement that you should prepare for your company registration in Singapore. Take note!
A company in Singapore must appoint one local resident director. The director must be a Singapore citizen or permanent resident who is actually residing in Singapore. If he or she is a Singapore permanent resident but settling in another country, then he or she is not qualified for this requirement. Appointing additional local or foreign directors are also allowed.
Employment pass and EntrePass holders are not allowed to take Directorship in the company, which has not sponsored their EP or EntrePass.
A company in Singapore must have at least a minimum of one shareholder who is a Singapore resident. A foreigner in Singapore can also be appointed as a company shareholder as Singapore allows 100% foreign ownership of shareholding. Minimum 1 $ Share capital is required.
A company secretary handles responsibility within the company and guarantees that the company is in compliance with Singapore laws. He or she must be a Singapore local resident as foreigners are not allowed to be appointed as company secretaries. The single director of a company cannot also act as a company secretary. In this case, at least two directors or a separate director and a separate secretary are needed.
A company in Singapore is required to register an address where it will keep all of its legal documents and receive notices. This address can be a commercial or home address, but not a post office box address. There should be somebody present to attend to any visitors at the location.
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