Singapore Company Formation


Singapore Company Formation
Singapore company formation provides international entrepreneurs with a perfect way to conduct global business. Singapore has evolved into the 17th wealthiest country in the world in terms of gross domestic product (GDP) per capita and continues to attract vast amounts of foreign direct investment every year. Important points for entrepreneurs to note when considering setting up a company in Singapore:
1.	Singapore company formation is governed by the Singapore Companies Act 1963, which is based on UK Common Law. The Accounting and Regulatory Authority of Singapore (ACRA) is the governing body for such business matters. The cost to register a company with ACRA is S$300 (US$220).
2.	To complete Singapore company formation, every company must appoint a director who is resident in Singapore. There are no limits on the number of directors of the company however corporate directors are not permitted. In addition, every Singapore company must appoint a local, resident company secretary and registered office. Corporate company secretaries are not allowed.
3.	There are no minimum requirements for the shareholders of a Singapore company. Both individual and corporate shareholders are permitted, though a private limited company must not exceed 50 shareholders. The minimum authorised share capital for a Singapore company is S$1.
4.	Singapore company formation is both cost effective and straightforward when compared to other international jurisdictions. According to the World Bank's Doing Business 2008 Survey, Singapore is also the world's easiest place to do business.
5.	Annual financial statements must be submitted to both ACRA and the Inlands Revenue Authority of Singapore. All Singapore companies, (with the exception of a Representative office) must also submit annual tax returns to the Inland Revenue Authority of Singapore (IRAS).
6.	After the company has been formed, company details, for example shareholder and director information, must be made available for public viewing on the ACRA online public register.
7.	Entrepreneurs prefer to use the Singapore limited liability company (LLC) for international business. In 2006, 18,500 LLCs were incorporated in Singapore.
8.	Following the start up of the business, entrepreneurs can easily open corporate bank accounts around the world, apply for employment visas in Singapore and rent office space.
Other Information
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Contact Us
For more information on Singapore company formation, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
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