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Handy checklist foreign entrepreneurs .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.

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 Entrepass, 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:

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.

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.


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