Are you thinking about starting your own business? You ought to know that this is not easy at all, but with the right guidance and disposition, you could start your venture under the most favourable circumstances for maximum profitability. Before anything else however, you have to know a couple of essential facts about this world of business you are getting into.
What type of company, for instance, are you planning to start? In the case of Singapore, there are three: private company, public company, and foreign company. The private company can accommodate not more than 50 stockholders at any given time, while the public company can hold more than that and actually allows for public ownership too. This means that anybody can just purchase buy shares through the stock exchange. Meanwhile, the foreign company is a local branch of another company registered in a different country.
Second, you need to know and comply with the requirements for your business. Each company type has different requirements, but all of them will need a SingPass bringing a proposed company name which adheres to the naming guidelines of Singapore. You also have to provide the particulars of all company directors, as well as secure the endorsement of any government agency involved, such as if you are putting up a learning institution, which entails the education ministry’s approval.
To ensure you successfully register company in Singapore, you also need to know the fine lines. Local companies need to have at least one director and one shareholder to get approval. It’s possible for just one person to occupy both positions provided that person is a local Singapore resident. It is advisable to have a company secretary by the time of Company Registration to guarantee a streamlined processing and increase the chances of approval.
This is needed since it is the requirement of the law for every company to assign a secretary who is different from the shareholder and the director. This means that, in the event you are the only director and also the shareholder of your company, you still have to hire your own company secretary for your application to push through.
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