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Handy checklist foreign entrepreneurs need for incorporating .pdf



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Handy checklist foreign entrepreneurs need
for incorporating company in Singapore

If you have decided to incorporate a company in Singapore,
congratulations!
Incorporating a company in Singapore is one of the best
decisions one can make in today’s global economy and this
does definitely open doors to a lot of growth prospects.
Once you have decided to incorporate a company in
Singapore, the next step in the process of incorporating a
Singapore company is to prepare yourself for various things
that are required.
In this post, we have put together a handy checklist of the
various things you need when registering company in
Singapore. Using this list you will be able to prepare yourself
for the process. All that you need is to tick mark the items and
you can be rest assured that you’re not missing anything.

1) Type of company incorporation:
There are different types of Singapore company
incorporation that a foreigner can choose from. Make
sure that you know which one you’re going to adopt
(based on your needs and requirements).
2) Resident director:
According to Singapore Companies Act, a minimum of
one resident director (a resident is defined as a
Singapore Citizen, a Singaporean Permanent Resident, or
a person who has been issued an Entre-pass,
Employment Pass, or Dependent Pass) is mandatory.
Directors must be at least 18 years of age and must not
be bankrupt or convicted for any malpractice in the
past.

3) Company name:
According to the Act, the name must be approved
before incorporation of the Singapore company can
occur. One can register a Singapore company only if the
company name is approved.
4) Registered Business Address:
In order to register a Singapore company, you must
provide a local Singapore address as the registered
address of the company. The address much be a
commercial address or home office address approved
by the authorities.

5) Work pass:
If you are planning to relocate to Singapore for operating the
company, you are required to obtain an Employment Pass or
Entrepreneur Pass once you have obtained your work pass, you can
act as the local resident director of your Singapore company.
6) Shareholders:
A Singapore private limited company can have a minimum of 1 and
maximum of 50 shareholders. A director and shareholder can be the
same or a different person. The shareholder can be a person or
another legal entity such as another company or trust. 100% foreign
shareholding is allowed. The minimum share capital is $1 SGD. Make
sure that you have worked out your company’s share allotment
procedure before going for company incorporation in Singapore.

7) Qualified professional firm:
Singapore law does not allow foreign individuals or
entities to self-register a company. It is mandatory to
engage a qualified professional firm to assist you in
the process of registering company in Singapore. This
part is extremely crucial.
It’s Important to
understand that the firm you hire for your company
incorporation should be able to deliver high-quality
incorporation services and choosing a wrong
company can cause serious business and personal
losses.

8) Required documents:
There is a set of documents you are required to submit to company
registrar when incorporating Singapore company. These documents
will be collected from you by your incorporation provider:
 For non-residents: Copy of passport, overseas
residential address proof, and other Know-Your-Client
(KYC) information such as a bank reference letter,
personal and business profile and other essential
identification documents
 For Singapore residents: Copy of Singapore identity
card
 If the shareholder is a corporate entity: Copy of
registration documents such as Certificate of
Incorporation and Constitution.

What to do if you are short of required things:

Having read the checklist, it’s possible that you find you’re
not having all the items that are needed. While there is no
way you can bypass above items in order to successfully
register company in Singapore, a qualified Singapore
company incorporation firm can help you in the entire
process end-to-end and make sure to have everything
available to you, including trusted local nominee director,
share allotment consultancy, registered Singapore address
and company constitution formulation.
It’s extremely critical that you choose the incorporation
provider carefully to ensure a safe and smooth company
incorporation in Singapore.

Precursor has years of experience, a panel of company
incorporation experts and a large number of satisfied
clients that testifies the highest quality, up-to-mark
company incorporation services in Singapore that we
provide.
For More information visit this link:
http://precursor.com.sg/handy-checklist-foreignentrepreneurs-need-incorporating-company-singapore/


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