As a home to enterprises operating across the wide spectrum of conventional and new age industries, Singapore always tops the charts compared to other jurisdictions. Its scores are perfect in terms of indicators such as political stability, economic competitiveness, the efficacy of the business ecosystem, transparency of regulations, and other such parameters which are crucial for a business to grow. The business law in Singapore allows for a variety of business structures or legal entities that will ideally meet the diverse needs of business owners. Choosing the right type of entity is a mission-critical decision for entrepreneurs. Private Limited Company is one of the many business entities through which an entrepreneur can start their business in Singapore. It is also known as the Private Limited Liability (PLL) Company in Singapore. The PLC is a company limited by shares while being a separate legal entity from its shareholders.
Those are the minimum key requirements that every entrepreneur intending to open a private limited company in Singapore is expected to fulfill. Once this step has been completed, entrepreneurs can then move on to the next phase, which is getting the necessary documents ready for the Singapore company registration.
Every company in Singapore must register with the Accounting and Corporate Regulatory Authorities (ACRA). The steps to register your business in Singapore are as follows:
To register, the company must have a minimum paid up capital of $1 SGD and the incorporation process can be completed within a day if all the documents required are in place.
Despite the easiness of the Singapore company registration, foreign entrepreneurs may find it challenging to manage all the administrative pre-registration paperwork. Not only is it procedure-intensive, but also it requires awareness of the latest business registration trends and tons of local requirements. If handled unprofessionally, company registration can be detained due to paperwork hitches. We at Business Setup Worldwide can help you with this process and make it hassle-free. Our advisors have years of experience in this field and can guide you through every step without any glitches. Contact us today – we’d be happy to help.