Registering A Private Limited Company In Singapore

By Hailey Myers

Singapore provides appealing incentives and tax exemptions for entities willing to set up their businesses in the country. Due to this incentives, Singapore is a country known to attract many foreign corporations looking for a base of operations in the Asian market.

A number of companies operating in Singapore are registered as private limited companies. According to Singapore business regulations, any person – whether a non citizen or a citizen – who is of legal age (above 18 years of age) can register a private limited company in the country.

Singapore, just like other countries, has a few requisites if you wish to register a private limited company in the country.

The following lists the specific requisites an entrepreneur must fulfill to become a full-fledged, legally operating private limited company in Singapore. This guideline discusses the essential things to do, the procedures, and some other things you would expect to encounter when registering a private limited company in the country.

1. Singapore expects a foreign company intending to establish operations in the country to hire a professional firm to handle the registration of the private limited company. The Singapore government does not permit foreign entrepreneurs to self-register their businesses.

2. It is a requisite that at the minimum 1 person will be appointed as a resident director for the company being registered in Singapore. In this context, a resident is an individual who is a Singapore citizen, who could either be a natural-born citizen or person given by the country any of the work permits for foreign nationals.

3. A private limited company registered in Singapore must have at least one and at the maximum 50 shareholders.

4. The business enterprise being registered as a private limited company must have a physical address in Singapore – whether this is situated in a commercial or residential area.

5. Upon approval of the registration, the private limited company can apply for a corporate bank account in Singapore. This necessitates the principal to be physically present in Singapore. Bank rules and regulations necessitate the company owners’ physical presence for this particular process.

6. Based on the nature of the private limited company’s business in Singapore, it could also possibly be necessitated by the government to apply for a business license before it could commence operations.

Once everything is order, your corporation will now be prepared to offer its services to people in Singapore.

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