Are you an entrepreneur in Vietnam or from anywhere in the world, who’s looking to set up a new company in Singapore? The process of company registration Singapore can be complicated and confusing.
The many rules and regulations, in addition with the array of entity types, can be make the process of incorporating a company in Singapore complex. And if you are an aspiring local entrepreneur lost in the sea of guides to company registration Singapore, it can be difficult to find a trusted and reliable source.
This leaves you with two options. You could either go through the process to set up company in Singapore by browsing ACRA’s sea of articles to setting up a company in Singapore. Alternatively, you could find a professional company registration Singapore services provider. In fact, many firms provide free set up company in Singapore consultations for entrepreneurs looking to set up their first business.
If you are a foreigner, the process of company registration Singapore for foreigners is very different from that for a local citizen or PR. Regardless of the entity type, you will have to engage in a local company formation Singapore firm and follow several requirements applicable to non local citizens and PRs to go through the process of foreign company setup in Singapore.
It is always wise to be careful with regulated government processes such as company formation Singapore. However, to give you an idea of the process to set up company in Singapore, this article will guide you through the step-by-step process of setting up one type of company entity – a Limited Liability Partnership (LLP) company.
Requirements for Company Formation Singapore
Company Secretary of the Company
Within six months from the date of company formation Singapore, it is compulsory that the private limited company in Singapore appoints a company secretary. The company secretary has to be a natural person who is a local resident in Singapore (in the event that the applicant lives overseas).
The main responsibility of a company secretary is to ensure that the company is in compliance with the Company Act as well as other statutory rules and requirements. Maintaining the company’s books and mandatory annual filings to ACRA are part of their duties.
Appointment of Auditors
If private limited companies in Singapore are not qualified to be exempted from audit requirements, they required to appoint an auditor within three months from the date of registration. Therefore it is important to go for a free how to set up company in Singapore consultation when answering the question on the process of how to register a company in Singapore.
A company is exempted from audit requirements if it meets at least 2 of the criteria:
- Total Annual Revenue is not exceeding S$10,000,000.
- Total Gross Assets not exceeding S$10,000,000.
- Total number of employees does not exceed 50 counts.
Local Registered Address
After going through the process of how to register a company in Singapore, a private limited company has to also provide a registered address during the company formation Singapore process. This address has to be a physical address in Singapore and must not be a PO Box.
In Singapore, depending on your business nature, it is possible to use a residential address as the Company’s registered address as long as approval is obtained with Housing & Development Board (HDB) / Urban Redevelopment Authority (URA). Therefore, it is important to go for a free how to set up company in Singapore consultation to find out the requirements specific to your business.
Looking to make the move and Set Up Company in Singapore?
Are you informed and have decided to register a private limited company in Singapore? For more information regarding the process of company formation Singapore, contact an experienced company formation service provider for a free consultation!