Singapore is a great city
[caption id="attachment_7996" align="alignleft" width="421"] Singapore Company Registration Cost[/caption]
The government has also made incorporating a business there quite simple. They cut the red tape and costs other countries require for registering a business. This makes relocating to Singapore a very attractive option.
Even with the reduced amount of paperwork, there is still a process you must go through to make sure your business is legal and able to operate within Singapore’s boundaries. What follows is a complete guide to register your business in Singapore.
The process for company formation in Singapore
No matter where you go there are always legalities that need to be met before you can start your business. Singapore is no exception. Here is the process that you need to go through to be successful in forming your company n the city-state:
The cost and time it takes to register
The good news is that it does not cost you a lot or take a lot of time to go through the Singapore company registration process. There are 2 fees involved, the first is the name approval fee which costs S$15. You should get an instant replay if the name is acceptable.
What slows the response is are a few keywords like law, bank, media, and finance. The use of those words means that another Government entity will get involved and slow every done for up to weeks at a time.
The other fee you need to be concerned about up front is the Singapore company registration Cost. This costs you S$300. The process usually takes only a few hours to approve if all the correct forms have been signed by everyone involved in the company.
The documents needed for company formation in Singapore
Like any country who wants to make sure all businesses are operating according to the law, Singapore requires certain documents to complete the process. It also needs some pertinent information. The list is as follows:
[caption id="attachment_7999" align="alignleft" width="421"] Singapore company registration[/caption]
Like everything else in life, there are pros and cons to registering your company in Singapore. We will give you the good news first, but don’t the cons discourage you from incorporating your company in Singapore.
The advantages:
The disadvantages:
The process for foreigners to register a company in Singapore
The good news is that Singapore has made it easy for foreigners to register a company in their jurisdiction. The process is very similar to what has been described above. But there are a few minor differences.
First, they need to get either a work visa or pass. These are called the Employment Pass or the Entre Pass. Once a foreigner gets this visa, then they can fulfill the resident director requirement.
Second, they must be over 18, have no criminal convictions or bankruptcies on their record. Third, they must submit their application electronically. It would be wise of them to use an official incorporation service to handle this duty.
Fourth, he or she does not have to be a resident of Singapore to register a company in the city-state.
Some final words
As you can see, forming a company in Singapore is not that difficult. A little patience, a little help from the pros, and you will be registered in no time. The lack of red tape makes it simple and easier than other countries. Just make sure you have all your documents, the correct fees and avoid using those keywords that slow the approval process down. Get the advice of the professionals to make sure you do not have any delays in registering your company