Business

10 and one more questions about company registration in Singapore

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  1. Singapore company, what does it mean?

The company is a legal entity; can own property, can run for an infinite period and can also act on its own behalf in court as plaintiff or defendant.

 

  1. What kinds of companies Singapore can feature?

According to the Companies Act in Singapore, there are next three types of companies:

  • Company limited by shares;
  • Company limited by guarantee limits;
  • Unlimited company.

 

  1. Legal forms of enterprises, in addition to companies that can be registered in Lion City?

You can also register:

  • Private Limited Company
  • Sole Proprietorship;
  • Partnership;
  • Limited Liability Partnership (LLP).
  1. What is LLP and why it is so popular.

There are several reasons that make LLP (Limited liability partnership) so popular:

 

  • Opposed to unlimited liability of owners of Sole Proprietorship and general partners of Limited Partnership, LLP members have limited liability of the company’s obligations;
  • Separate legal entity (Sole Proprietorship and Limited Partnership are not legal entities);
  • Free circulation of shares (opposed to limited liability companies, to deal with the shares of Limited Liability Partnership may be restricted).

 

  1. The most popular company`s type in Singapore?

Singapore chooses Private Limited Company (Pte Ltd). It is any company with limited liability that is not related to the number of public limited companies. This company has no right to put their shares to the public; it is not subject to the rules applicable to the activities of public companies. Opening Pte Ltd is quite simple procedure and saves your business from different risks.

  1. Can a foreigner be a shareholder of the Singapore company?

In accordance with the Companies Act, there are no restrictions on residency of shareholders in Singapore. Therefore, anyone can start business in Singapore and become a shareholder. Furthermore, foreigner can purchase any shares of an existing company in Singapore.

 

  1. Can a person from another country become a director of the company in Singapore?

Yes, foreigner can easily become a director of the company in Singapore. Moreover, as the director and owner of the company, foreign businessman can get a special visa and subsequently apply for permanent residency in Singapore.

 

  1. Sole director of Singapore company. Can it be a foreigner?

Also the answer will be positive. A person from any State in the world can be a sole director of the company in Singapore. But for this case is required Entrepreneur Pass visa (also called EntrePass). However, in any case, during the incorporation of a company, at its initial stage, is required appointment of a local director. For non-Singaporeans who are willing to start business in the Lion City there is a company called Cancunlemond, specialized in this particular area.

 

  1. Are there any restrictions on opening bank accounts?

In Singapore are not provided any confines on bank accounts openings. The company may have different types of bank accounts – investment, payment, merchant accounts in different banks, both local and foreign.

 

  1. How can I register my own company in Singapore?

After defining the name of a company, the size of the authorized capital and the structure of the board of directors, shareholders and personnel you can begin the registration of a company. Subsequently, all these data are fed into The Accounting and Corporate Regulatory Authority (ACRA). After time this procedure is finished you can surely say that your company has been registered.

Currently, all the data necessary to register a company may apply via a special section of the Internet site in electronic form, which simplifies and accelerates the process of registration.

 

  1. What are the terms of company registration in Singapore?

Companies in Singapore might be registered within one working day, as the registration is done electronically. One more day is needed for preparing the registration documents and stamp of a company.

 

We hope that this article was useful and helped you to find answers on main questions. Singapore is placed among the best countries for doing business, so don’t waste your chance.

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