Company Setup Singapore – Procedure Of Registering Business

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Company setup Singapore Procedure Of
Registering Business
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Every Company Setup Singapore is registered under
the Accounting and Corporate Regulatory
Authority. Foreign companies need to appoint two
local agents to work as representatives and these
persons must be permanent Singapore residents,
citizens or foreigners with dependent or
employment pass. Government approval is not
mandatory for foreigners to set up a company in
Singapore and the country permits 100 foreign
ownership.
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Eligibility requirements
A sole proprietorship, limited liability
partnership and limited partnership businesses
can register unless any one of the director or
shareholder has serious criminal background. In
case the owners are not Singapore ordinary
residents, a local manager of above 18 years old,
who is also a Singapore citizen or a permanent
resident must be appointed.
When considering company incorporation, the
Singapore company law needs a company must have
minimum one direction of 18 years old, who is
also a Singapore citizen or a permanent resident
or a person who has dependent/employment pass.
Directors cannot be involved in bankruptcy or
convicted dishonesty.
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Business Name Availability
Search at the online directory of Accounting and
Corporate Regulatory Authority (ACRA) for
available business name. Choose a name that is
not similar to any existing company or identical
with popular brands or trademarks. ACRA
directory contains certain reserved words that
will not be approved as a company name. Approval
of name may take more time if the name requires
approval from authorities like Law society.
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Business Structure

• The structure of a business must be selected and
  approved before registering as a company. Major
  business structures in Singapore include
• Limited liability company
• Foreign company
• Sole proprietorship
• Partnership
• Business location

A Singapore address must be submitted when
filling the application. Businesses that dont
need a physical premise can use virtual address.
Physically operating business can provide a home
office address, retail outlet, serviced office or
factory. Business premise must be operated
according to the approved business by the
relevant authorities.
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Business Permits And Licenses
Business permits and licenses are required based
on the type of business you want to operate.
Professional services need an occupational
license while travel agencies, private schools,
foreign worker employment agencies, childcare
centers, etc need a Compulsory License.
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Bank Account
To do business in Singapore, you need to open a
bank account and most banks offer corporate
banking account with appealing features such net
banking, trade financing and global fund
transfers. Check the services and other typical
requirements with different banks before opening
a corporate account
To do business in Singapore, you need to open a
bank account and most banks offer corporate
banking account with appealing features such net
banking, trade financing and global fund
transfers. Check the services and other typical
requirements with different banks before opening
a corporate account
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• Opening deposit amount
• Local currency or multi currency account
• Minimum monthly balance
• ATM withdrawal limit in a day
• Treasury and market services
• Facility to send funds across countries
• Liquidity management services

• Debit/credit card
• Net banking
• Cheque book
• Business loans
• Business insurance
• Service charges

Appointing a professional business formation firm
for Company Setup Singapore is mandatory for
foreigners in order to register a business in
Singapore. Business registration and company
incorporation in Singapore can be complex and
demands specialized knowledge on compliance. DIY
approach may not be suitable, so get assistance
from a professional service firm to register a
company on your behalf.
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GET IN TOUCH
Address One Duxton Hill, Singapore 089587,
Singapore
Contact No. 971-45579404 65-6711-3010
Email info_at_gccsolutions.com
Website
https//www.gccsolutions.com/private-limited-compa
ny-singapore/