Singapore is among Asia's outstanding hubs of international trade. This is one of the several reasons why many startup companies choose to register their businesses in this country. Singapore is a techno-savvy nation with advanced telecom systems, not to mention the tax incentives that local and foreign businesses get from the government. Hence, it is not surprising that various company owners are considering Singapore company registration as an ideal option to start a business or expand an enterprise.
Knowing the basics of company formation in Singapore is crucial for those who want to have a business in the country. This is because incorporation of a company needs a lot of preparation and knowledge on how to establish a business in the country.
Prerequisites. When incorporating a company, its members are required to fulfill certain legal requirements. These include the following:
Must have at least one shareowner. He or she may be a local resident or a foreigner. Must have at least one director; must be a natural individual, at least 18 years of age Has a minimum paid-up capital of S$1 Has an official adress in this country Must have a competent corporate secretary. Has an approved business name that is company-specific and includes no obscene language Has validated licenses and permits for particular industries, such as private childcare, educational institutions, and video companies.
Memorandum and Articles of Association. Another requirement that new businesses should fulfill is the preparation of MMA or memorandum and articles of association to the Registrar of Companies. The memorandum provides information regarding the nature of the company, while the articles of association set the regulations of its internal operations. The information that these documents contain should complement each other. In case conflicting provisions occur, the provisions in the memorandum will prevail over those in the articles.
The incorporation of a company entails careful thought and planning in order to make sure the company is properly is properly set up, as well as to get rid of legal problems and disputes. However, by following the correct procedures in Singapore company registration, a newly-established company would surely enjoy the various business advantages the country has to offer.
Knowing the basics of company formation in Singapore is crucial for those who want to have a business in the country. This is because incorporation of a company needs a lot of preparation and knowledge on how to establish a business in the country.
Prerequisites. When incorporating a company, its members are required to fulfill certain legal requirements. These include the following:
Must have at least one shareowner. He or she may be a local resident or a foreigner. Must have at least one director; must be a natural individual, at least 18 years of age Has a minimum paid-up capital of S$1 Has an official adress in this country Must have a competent corporate secretary. Has an approved business name that is company-specific and includes no obscene language Has validated licenses and permits for particular industries, such as private childcare, educational institutions, and video companies.
Memorandum and Articles of Association. Another requirement that new businesses should fulfill is the preparation of MMA or memorandum and articles of association to the Registrar of Companies. The memorandum provides information regarding the nature of the company, while the articles of association set the regulations of its internal operations. The information that these documents contain should complement each other. In case conflicting provisions occur, the provisions in the memorandum will prevail over those in the articles.
The incorporation of a company entails careful thought and planning in order to make sure the company is properly is properly set up, as well as to get rid of legal problems and disputes. However, by following the correct procedures in Singapore company registration, a newly-established company would surely enjoy the various business advantages the country has to offer.
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