The World Bank ranks Singapore as the easiest place to do business in the world. As a matter of fact, Singapore has been topping the rankings for several years now and you could say even dominating the rankings in the "Doing Business" reports created by the World Bank. One of the reasons why Singapore is known as such an entrepreneur friendly destination is because of the company setup procedure. Anyone, whether they are a local resident or a foreigner can complete their Singapore company setup within a day. Laws are the same for both locals and foreigners with the only difference being foreign business owners need to go through a professional company registration agency based in Singapore to setup their business in the country.
The first step in setting up your company in Singapore is to get your proposed business name approved by the Company Registrar. Usually this takes only about an hour and upon approval, you can straightaway proceed to actual company incorporation. If all things are in order, the Singapore company registrar may approve your application and issue the certificate of incorporation via email the same day itself. Depending upon what time of the day you submit your application, the approval may be on the same day or at the most the next working day. However, this is provided you have submitted all required documents and your proposed company meets the statutory compliance requirements.
Statutory compliance requirements are actually quite minimal and all you need to do is appoint at least one local company director, one local company secretary and your business should have at least one shareholder who may be a foreigner as well. Apart from that, you would need a local registered business address as all companies incorporated in Singapore must have a business address in Singapore itself even if the owner is a foreigner. PO Boxes are not allowed. However, you are free to use the services of a company registration agency that provides office address for company incorporation.
There are no other steps or procedures involved in getting your business registered in Singapore. Foreign business owners do not even have to visit Singapore to setup their company. It is that simple. Majority of companies do not even require additional business licenses and the only post incorporation formality is to open a corporate bank account in Singapore. It is no wonder then that the World Bank continually ranks Singapore as the easiest place to do business as the laws for setting up and managing a company could not get friendlier for entrepreneurs.
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Singapore Company Setup and Singapore Branch Office.
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