Singapore is an investment haven. Many companies, whether foreign or local, decided to build up their business or regional office in the country because of different opportunities. It is among the busiest countries in the world accommodating several industry players trying to cement market position.
One of the things that makes Singapore attractive as an investment destination is its technological innovation and intellectual rights protection. If you are building a company in Singapore, these are among the factors you should consider because the future is digital. The Singaporean government values research and development in different fields.
But before you set up your company in Singapore, there are fundamental factors you should put in mind first. These will help you put your dream business into a reality on the right track.
Naming Your Company
First of all, you have to pick a name for your company so you can establish its identity. It should be unique and catchy so your potential customers will always remember your brand. The chosen name should embody what are the services you are offering or what products are you selling. By doing so, you will avoid customers from getting confused because they might not give attention to your business if the name is too vague or misrepresenting your company.
Most importantly, make sure that no other name is the same or similar with your chosen business name. So, you have to check carefully first.
Choosing Your Company Type
You need to select as well what type of company will you be establishing. This should be according to your preference of operation structure, capitalization, and even number of shareholders. The usual types of businesses in Singapore are private company limited by shares, exempt private company, public company limited by shares, and public company limited by guarantee. Let us discuss them.
- Private company limited by shares is allowed to have a maximum of 50 shareholders.
- Exempt private company can have 20 shareholders at most, but no corporation is a stockholder.
- Public company limited by shares can have over 50 shareholders and may raise funds for capitalization via sale of shares or bonds. This company should also register a prospectus with the Monetary Authority of Singapore.
- Public company limited by guarantee is created for non-profit making activities.
Before choosing one, plan carefully. Make sure that you can sustain operations under the chosen company type. After all, you are after the longevity of your company in Singapore.
Appointing the Company Officers
When you are setting up your company in Singapore, you also have to identify the key officers of the organization. You will have to provide their personal identification details as well, in addition to contact information and residential addresses. These are the following positions to be filled:
- Director – The person in-charge of looking after all the affairs of the business and making decisions for the company.
- Company secretary – The officer responsible for compliance with regulatory requirements. This position must be filled within six months from the company’s incorporation date.
- Chief Executive Officer – The officer tasked with managing the company’s overall operations and resources.
- Auditor – The officer handling the finances of the company.
Need Experts to Set Up a Company in Singapore?
As discussed, there are many things an entrepreneur must keep in mind when setting up a company in Singapore. The aspiring business leaders prepare for every single detail of their business plans to assure success. If you need help with company registration Singapore has corporate service providers that can look out for you, including us, 3E Accounting. We are ready to help you. Contact us.