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Know About The Legal Requirement of Company Registration in Singapore

The businessmen seeking for the best business destination across Asia, they have found Singapore a suitable destination, where they can grow their businesses and give them an international standard as well. It is so because, the city-state offers ample of business opportunities, tax benefits, political support, good infrastructure, and business environment for foreign companies, investors, and entrepreneurs, who have innovative business ideas and give fiscal benefit to the country too.

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Know About The Legal Requirement of Company Registration in Singapore

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  1. The businessmen seeking for the best business destination across the Asia, they have found the Singapore a suitable destination, where they can grow their businesses and give them an international standard as well. It is so because, the city-state offers ample of business opportunities, tax benefits, political support, good infrastructure, and business environment for foreign companies, investors, and entrepreneurs, who have innovative business ideas and give fiscal benefit to the country too. So, if you avail profits of economic stability and other corporate benefits by setting up company in Singapore, you should first know about legal norms and requirements for the same wisely. Also, you should be aware of all legal rules of Accounting and Corporate Regularity Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS) in Singapore too. Both are statuary bodies in the country, which have their rules to follow by all level companies in Singapore to run their business operations and manage accounting and taxation works and other financial issues of them as per rules of both authorities in the nation. Below are some legal requirements of company registration in Singapore that you need to fulfill legally such as:

  2. 1. Company Name Setup and Approval from ACRA You should start process of company incorporation or setup in Singapore by selecting a right name of the company. You need to ensure the company’s name looks unique and does not match with name of other company in the industry. Moreover, you should have to apply for approval of company name with ACRA authority in Singapore too. Once your company’s name will get approved, you will be provided with clearance or approval certificate or its confirmation via email from ACRA authority too. 2. Give Details of Shareholders and Directors It’salso advised to submit complete details of company’s director, who should have been completed his or her 18 years of age and has years of experience in the concerned business domain too. Moreover, you need to give information about director’s work experience, resident proof of Singapore, background details, etc. Similarly, you need to appoint at least one shareholder of the company or its numbers can be increased up to 50 maximum. 3. Company Address Proof and Location You also have to give proper details of company’s registered address for setting up a company in Singaporeand ensure that the location is commercial and well-known in the industry. However, your company will easily get acknowledgment by higher authority, competitors and customers in the market too. Apart from that, you may also give details of bank account, license, and other business proofs to the government for verification process. 4. Paid-Capital of Company It is necessary that company has at least minimum paid-capital up to S$1 to start the business in Singapore. If you have more than that, it will be good or you need to give proper details about it to the ACRA. 5. Company Secretary Do not forget to appoint a legal company secretary after completing six months of company incorporation in Singapore. It is a mandatory rule there for all level companies in the country to follow. Hence, the above are some standard requirements for company incorporation in Singapore. If you need assistance of experts to manage all above things legally, you may also take aid of leading company incorporation service providers in Singapore. They will definitely help you to know about all legal steps and required documents and proofs to submit for setting up company in country in a right way.

  3. Apart from that, your next step should be applying for company registration in Singapore that is also significant step in the company setup process in the country. It is mandatory to register every foreign and Singapore company through legal process. Besides, you may also apply for private limited tag of company that is also a significant step for foreign companies in Singapore. Afterwards, you may take care of taxation and finance related services and legal processes to follow according to ACRA rules in Singapore. If you are a foreigner company and have paid capital up to S$1, you may be liable to take advantage of free tax in Singapore. But, there are certain conditions to meet for availing facilities of a free tax company in Singapore.For more details, you may get in touch with accounting and legal consultants in the country as well. Contact Us: 1 Coleman Street, #05-06A the Adelphi Building Singapore 179803 Telephone: (+65) 6222 8880 Email: enquiry@helencampos.com

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