What You Need To Know About The Process Of Forming A Singapore Company

A company is a type of business formation which stands on its own as a legal entity separate from its owners, or more correctly referred as shareholders. For businessmen who want to enjoy a more stable business structure and "limited liability," most professionals recommend a Singapore company which is traditionally viewed as the most ideal setup for medium- and large-sized enterprises.





Steps on how to setup a company in Singapore:





1. Company name registration. The name of the company submitted in the Registrar of Company (ROC) cannot be used for other company entity, should not violate the trademark of other organizations and also is non suggestive of indecency and vulgarity.





2. After the approval of ROC, the organization will open a bank account purely for its business.





3. Memorandum and Articles of Association should be filed to ROC These documents explains the intent to incorporate, the business activities a company will be engaged to, and the policies governing its internal management which should include the issuance and handling of the stock shares, the board of directors, and the key executives and officers.





4. Complying the necessary requirements as stipulated by the Singapore Companies Act like being able to secure an office address and being able to appoint at least one shareholder (which could be a an individual or a corporate entity), a qualified secretary and resident director.





- The range for share holders is from 1 to 50 persons or corporate individual.





- The resident director can be an individual holding a permanent residence in Singapore, a Singaporean citizen or a foreigner with employment pass, EntrePass, or Dependant Pass with residential address in Singapore.





- The secretary of the company should be capable of doing the responsibilities entailed in the said position and should not be one of the shareholders.





- A registered office address, which should be a "physical address" and not a PO Box, is where the authorities will send the notifications to a company. Additionally, it is also the place where shareholders will store the legal documents.





(Note: If the registered office address is a residential and not a commercial place, a company should seek the permission of the Housing and Development Board or the Urban Development Authority.)





5. Before the company starts its operation, the company must first pass the new business start-up documents to ROC.





Furthermore, the company is required to file for an identity certification of all the shareholders and officers, notice of the location of a registered address, statutory statement of compliance, return of allotment of shares, profiles of all the main executives (e.g., secretaries, directors, and auditors), and signed and notarized consent of each person who will act as a director.





Author Box:


Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Rikvin caters to the needs of foreign investments in terms of Singapore company registration, processing of work visas, and post-incorporation considerations including obtaining business license and permit and compliance matters.





Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.





"Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions." . If you are interested in learning more about Rikvin’s Services kindly email us at info@rikvin.com or give us a call at +65 64838887