Singapore is an ideal place to start a business. The country has a strong infrastructure ecosystem, political stability and a robust network of advisory services. Additionally, its tax system is competitive and conducive to growth. This makes it a top choice for businesses looking to expand into Asia.
However, it is important to know what is needed to set up a company in Singapore. This article will walk you through the key requirements for incorporating in the country.
- Determine the company structure
When starting a business, you need to choose which type of entity to register your company under. The most common is a private limited company (Pte Ltd). This allows you to raise capital and offers the protection of your personal assets from business liabilities.
- Pick a company name
You must select a unique and approved company name before proceeding to register your business in Singapore. It is recommended to have a shortlist of 2-3 names in case your first choice is not available.
- Create a Company Constitution (formerly known as Articles of Association)
The Constitution outlines the legal structure and operations of your company. It includes information like the company’s name, registered address, share capital, directors and shareholders. A professional firm can help you draft a standard constitution or customize it according to your specific requirements. setting up a company in Singapore
- Appoint an Auditor
All companies must appoint an auditor within 3 months of incorporation. Your accountant can assist you with this process.