Moving any complex organization to a different country takes serious consideration and planning˳ There are a multitude of variables to consider from tax rates to legal status˳ Singapore has become of the most welcoming country in terms of supporting business and entrepreneurship due to its low tax rates and ease of setting up a business and becoming incorporated˳ Below is a quick factsheet on what to consider when thinking about transferring an existing business or a new Singapore incorporation in the global business hub in Southeast Asia˳
Legal: Companies are incorporated under the Singapore Companies Act, Chapter 50˳ It is also registered with the accounting and Corporate Regulatory Authority or ACRA˳ The company is separate from its owners, thus investors and shareholders in most cases are not liable if the company is not financially successful˳ The only liability is for initial investment in private limited companies by its shareholders˳
Company name: When setting up a private limited company under Singapore Incorporation regulations, the business must use the Pte˳Ltd or Ltd which recognizes limited liability˳ Anything connecting the business to another sovereign nation is not allowed˳ Specialist words denoting regulated activities such as bank, finance, insurance, university and others are only permissible when the necessary accreditation has been proven satisfactory the relevant monitoring agency˳ Offensive names or those that plagiarize on existing brands too closely will be rejected˳
Incorporation Process: In order for your business to pass Singapore Incorporation procedures, an application must be made to the Registrar of Companies˳ The Memorandum and Articles of Association also must be supplied to the Registrar˳ The Memorandum should set out explicitly what the company’s operation entails with the Articles supplying governance and the management structure within the company˳
Shareholders: There must be at least one shareholder that will be on file and public˳ However, some aspect of anonymity can be afforded with a nominee shareholder˳
Share Capital: Though there is no minimum requirement for share capital, it is recommended that there should be at least $1000 invested˳ This has been in effect since 1 April 2004˳
Directors of the company: The director needs to be a resident of Singapore, which can either be a Singapore national or an individual with the relevant visa or employment permit˳ The Director will also be on public file, though the individual can remain anonymous with a similar mechanism as that of the shareholder nominee˳ The only restriction on the director is that they also cannot be the company secretary˳
Registered Office: To maintain tax status for Singapore Incorporation, each business must have a registered office and secretary in the country˳ This should be included with information given to the Registrar˳
AGMs: Not all meetings have to be conducted in the country˳ However, any new company that has Singapore Incorporation must have an in country AGM within the first 18 months of being set up˳ AGMs should be held per annum and not exceed more than 15 months from the last AGM˳
Time to Singapore Incorporation: The process for Singapore Incorporation is extremely fast, between 1 and 5 working days on average˳
Source by https://ezinearticles˳com/?Singapore-Incorporation—General-Factsheet&id=5670021
