The World Bank lists Singapore as one of the world’s most business-friendly regulatory environments. This means that it’s relatively straightforward to set up a company here, and even a foreign-owned enterprise can benefit from the country’s robust economy and legal system.
When setting up a company, it’s important to work out how you’ll finance the venture – and how much capital you’ll need during and after the start-up phase. You can use personal savings, take out a bank business loan or look for financial backers. In addition, you can also seek out government grants that can help turn innovative ideas into competitive global brands.
You can register a private limited company or a public limited company in Singapore. The latter has a name that ends in “Pte Ltd” and can have up to 50 shareholders. A public company can raise capital through a share offering but must register its prospectus with the Monetary Authority of Singapore and fulfil certain additional compliance requirements.
If you’re a foreigner and wish to incorporate a company in Singapore but don’t have any local partners, you can hire a professional ‘nominee director’ who will act on your behalf in managing the company. However, it’s important to note that a nominee director is a full legal director with the same rights and responsibilities as any other director under the Companies Act, so this is not a risk-free solution.
Once you’ve settled on a business structure and chosen a company name, you need to prepare all the relevant documents and formally register it with ACRA. It might take a few weeks for your application to be processed if it requires extra vetting by the regulators, for example, if your company name includes regulated words like 'lawyer' or 'bank'.how to start a company in Singapore
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