Singapore is one of the best places to do business in the world. The city-state has developed infrastructures, transparent law, lack of bureaucracy, several incentives from the government that make it a haven for investors.
For foreigners, running a company in Singapore can be as easy as it is for the locals. However, the incorporation process can be a little confusing for some as not everyone is accustomed to filing applications and taking care of legal documents.
Well, this is where Corporate Service Providers come in. You can work with an accounting firm in Singapore, which offers company registration services. You just need to tell them your requirements, and they will register your company for you.
Requirements for Foreigners to Open a Company in Singapore
International investors need to have a viable business idea to register their company in the city-state. They will have to prove that their firm will significantly contribute to the Singapore economy; for example, create jobs or solve a prominent problem that Singaporeans may be facing.
Furthermore, the investor should be at least 18 years of age and should not have a criminal record. Well, this is assessed manually – a driving ticket will not prevent you from registering in Singapore. Having a strong business portfolio can maximize your chances of getting a business permit.
In terms of the business entity, foreigners need to go for a Private Limited Company. These are the requirements for opening a Private Limited Company in Singapore:
- The company should have one to fifty shareholders. The shareholders can be from any place in the world.
- The company should have a resident director. The firm can also hire a nominee director if the main director can’t live in the city-state.
- The firm should hire at least one resident secretary. They need to help with all the office activities.
- An Annual General Meeting should be held every year.
- The firm should have a registered address. The address should be a real physical address and not a PO Box Number.
You can consult a business advisor to know how you can fulfil all the requirements for opening a company in Singapore.