To start a business in Singapore, the business must have its name that will be subject to approval before incorporation.
- It should have a minimum paid-up capital of $1. This amount can be increased any time after the company has been incorporated.
- It also entails having to determine whether the business will be a sole-proprietorship, partnership, or a company.
- The business should also have a registered residential or commercial address.
- It should also open a corporate bank account.
Being hailed by the World Bank as amongst the easiest place to do business, the city-state is teeming with aspiring entrepreneurs wanting to set up shop, here are the things one should know on how to start a business in Singapore.
- Company-type businesses are required to have one resident director who will then appoint a qualified company secretary.
- Before incorporating such businesses, it pays to learn which type of company will work efficiently for your firm. According to Accounting and Corporate Regulatory Authority (ACRA), there are two types of company: Private Company limited by shares and Public Company. A private company and an exempt private company has at most 50 and 20 shareholders, respectively. On the other hand, a public company limited by shares can have more than 50 shareholders. They can raise capital by offering shares to the public.
Once the pre-registration essentials are met, the company is now ready to be incorporated. After approval, the business can now start recruiting manpower from Singapore’s robust pool of local and international talent.