Company registration is acknowledged as one of the initial steps for a startup. Commonly, it is a step for establishing your company legally. When your company becomes registered then you get the right to do business legally. This is a vital process for numerous startups. Previously, the company registration process used to be a little expensive and hectic but the progression of the internet has turned it relevant and easy for entrepreneurs. Every company should be registered regardless of its size and it grants your company lawful protection. When you register your company, you can take advantage of various offers.
The company registration comprises of a couple of parts; the private filings and the prospectus. The prospectus is considered a document that is provided to all the investors who buy the security whereas the private filing is info that is proposed to the Securities & Exchange Commission or SEC for inspection.
The process of company register
A person needs to provide to his service provider the following things for company register Singapore:
- Shareholders – A corporate entity or a person can turn a shareholder when he buys the shares of the company or when he subscribes for shares. At least one individual or corporate shareholder is needed for this process. At times, the shareholder and the director become different and sometimes, the same person. Singapore Companies Act permits 1-50 shareholders for a Pvt. Ltd. Company of this country.
- Resident Directors – A Pvt. Ltd. Company of Singapore should have nearly one director who should be a common resident of this country and it can be a person who has an EntrePass or Employment Pass, a citizen of Singapore, or a permanent resident of Singapore who has got a residential address of this country. The director should have attained the age of 18 years and should not be convicted for criminal malpractice. Again, he should not be bankrupt.
- Company Secretary – Every company of Singapore should also appoint an experienced Company Secretary and the chief responsibility of this person would be to safeguard regulatory compliance. Again, the CS or company secretary should be a normal person and an ordinary resident of Singapore. Singapore Companies Act needs every company to appoint a CS within 6 months of its incorporation.
- Paid-up Capital or Share Capital – The least paid-up capital needed for registering a Singapore company is either $1 or equivalent to this amount in any currency. The least issued capital happens to be a share of par value. However, “No par value” or “Bearer” shares aren’t allowed. Paid-up or Share capital can be augmented anytime after the company has been incorporated.
- Registered address – Every company needs to possess a registered office where all the official documents and notices will be sent. Again, here the company will keep different registers too that is needed for maintaining. All the companies that get registered in Singapore are needed to possess a registered office address and this address should be a physical address only rather than a PO Box. The residential address is permitted for some kinds of business.