Singapore is one of the well-renowned and suitable destination for the people who wants to start their business and grow it at a great level. As per the world bank, Singapore is the least corrupted countries where the revenue of your business is legit depends on the marketing and services you are providing to your audience and no the amount you have paid to any authority to let your business grow.
When it comes to starting up and business in Singapore, people often came up with some basic yet essential questions. So, we have decided to answer all those questions regarding setting up your business in Singapore. Here, we will also tell you some basic requirements for setting up your company as per the law and orders of Singapore. Let’s get started!
- can a foreigner be a director in a Singapore company
In the procedure of incorporation of a business 2 main revelries are elaborate. A director and a shareholder. Directors are like the manager of the company who oversees the operations of the company. People often ask, can a foreigner be a director in a Singapore company or not, so, yes! foreigners can be a director of the company who has employment pass in Singapore. Other than that, directors could be a Singapore permanent resident or Singapore citizen. Foreign residents could be selected as foreign directors as the local director.
Any person who is eighteen plus of age could act as a director. Though people sentenced or undischarged broke of any misconduct could not be assigned as a director.
Shareholder
Shareholders are the owners of the company, whatever the company has, be it profit it makes, cash, stock or property, eventually goes to the shareholders. To incorporate a company in Singapore, you required to have at least one shareholder. It can be any corporate or individual. They might or might not actively operate on the company’s day to day operations, but has proper right to stop any operation. Singapore valid hundred per cent foreign shareholding.
Other than that, the company secretary who needs to be a resident in Singapore should be appointed as they are like administrators of the companies.
There is a certain amount of fees you need to pay to register your company or business as a private limited company in Singapore under the Accounting and Corporate Regulatory Authority (ACRA).
Name Approval Fee: S$15
Registration fee: S$300
This is a sum-up of S$315 in fees which you required to pay to set up a company in Singapore with ACRA. But this is not all, you also required to consider the cost of maintaining your company per year as there they would be plenty of administrative matters involved in order to run a company. So, estimate the value as per your business and the value it provides.
