Opening a Singapore Private Limited Company
- Posted by Lee Bon
- On 26.02.2017
1. You must have a business plan in your mind for your operations in Singapore before starting a Singapore business. A business may fail if you do not plan. No one plan to fail but a business may fail if you don’t plan.
2. You should look for a reliable professional firm like our company to assist in setting up Singapore company. We have been assisting numerous foreigners to set up Singapore companies.
3. If you are foreigner, you need to find a local director from Singapore. Singapore local director must be either a Singaporean or Singapore Permanent Resident.
You may ask your friend from Singapore to be the local director of your Singapore company and you can be the foreign director of your own Singapore incorporated company.
Local director is compulsory for the purpose of setting up Singapore company.
Our team being a one stop professional firm is able to provide nominee local director for a fee if you do not have a local director.
4. You need to provide 3 names for your Singapore company. Normally, the name ends with Pte Ltd. We will check the availability of the Singapore company name.
5. You need to provide a maximum of 2 principal activities for your company in Singapore.
6. In addition, you need to determine the following:
A: Who are the directors
– Singapore company must have at least one local director. You can be the foreign director along with local director
B: Who are the shareholders
– a Singapore company can have only one shareholder or more. A Singapore company can be 100% owned by foreigner.
C: Percentage of shareholding for each shareholders
D: Number of shares and paid up capital for each shareholder
– paid up capital means the capital required to run the business.
– paid up capital must be banked into the bank account of the Singapore company.
– if you are not sure on paid up capital and number of shares, you may want to start with one ordinary shares for SGD1 for each shareholder. Paid up capital can be increased later.
E: Registered address in Singapore.
– if you do not have a Singapore registered address, then, we are able to provide the registered address for a fee.
Now, let us know if you are ready to set up Singapore companies.