According to the Singapore Companies Act, any person above the age of 18 can setup a Singapore company. A majority of the companies get incorporated as private limited liability companies, commonly known as private limited companies.
"Apart from private limited companies, you also have an option of setting up a limited liability partnership or a sole proprietorship," said the business head of SBS Consulting. For Singapore company registration [ http://www.sbsgroup.com.sg/company-incorporation-formation-business-registration-setup/ ], at least one local director, who is a resident of Singapore is required. A person having a PR or an employment pass can also be eligible for the director's post.
Other than the one requirement given above, for a company to get registered, it also should have -
1. At least one shareholder, who need not be a Singapore resident.
2. At least one company secretary
3. Minimum paid up capital of S$1
4. A desirable business name
5. A registered business address
The head of SBS Consulting added that, "the shareholder and the director can be the same person or two different people. A different legal entity such a company or a trust can also play the role of a shareholder. In addition, 100% foreign shareholding is also allowed." In this regards, it must be noted that if a director is also acting as a shareholder, then he cannot act as a company secretary [ http://www.sbsgroup.com.sg/company-secretarial-service-singapore/ ]. A company secretary, who is a Singapore resident, must be hired within 6 months of incorporation. This is a mandate as per Section 171 of the Singapore Companies Act. "Coming to the company address, it should be a physical address and not a P. O. Box," said the head of SBS Consulting in his concluding statement.
About SBS Consulting:
Since 2010, SBS Consulting has successfully served many national and international clienteles. The team of professional experts at SBS always ensures that the services provided are simple, straightforward, and tailor-made. SBS Consulting believes that an entity cannot be just left alone after incorporation; there are so many nuances of running a business, which needs to be taken care of. Therefore, apart from incorporation, other services provided are corporate secretarial, bookkeeping, accounting, payroll, auditing, taxation, immigration, and provision of work visas.
SBS Consulting Pte Ltd
35-B Hongkong Street,
Singapore - 059674
Tel: +65 67289142