News Americas, NEW YORK, NY, Mon. Aug. 2, 2021: Many foreigners want to start a business in Singapore because of its highly efficient infrastructure, pro-business environment and free market economy.
If you are from the Caribbean and you want to start a new business in Singapore, there are some special requirements you have to meet and some procedures you have to complete.
1: Fulfil The Requirements For Starting A Company In Singapore
In order to start a new business in Singapore, there are some eligibility requirements every person has to meet.
- Company name – The company name you choose must not be identical to other existing business entities. It must be approved by the ACRA before registration.
- Visa/Work Pass – In order to be legally allowed to start a business in Singapore, you will need to obtain the right visa/work pass. People from the Caribbean, you can choose from different entry options like a subsidiary, a branch office or a re-domiciliation.
- Resident Director – Your company needs to appoint at least one resident director according to the requirements laid down by the ACRA.
- Company Secretary – You have to appoint a qualified company secretary within 6 months of business incorporation. You can use the Singapore company secretary services from PilotoAsia.com.
- Share capital – You are required to hold at least SGD 1 worth of issued share capital.
- Registered Address – This refers to a physical location in Singapore which is either residential or commercial.
- Shareholder – You must have at least 1 shareholder.
- Foreign Director – All the resident and non resident foreign directors you appoint must be above the age of 18.
Apart from the above requirements, people who are from the Caribbean will need to hire a local director and register with a corporation service provider and accounting firm.
2: Registration Of Your Company
The first step in the registration process is to get your company name approved by the ACRA by following the guidelines laid down by them.
After approval, you will need to submit some documents for registration. These include,
- Registered address
- Company secretary particulars
- Directors particulars
- Shareholders particulars
- Memorandum and Articles of Association
3: Confirmation Of Registration
If your company is successfully registered, you will receive emails containing,
- Business Profile
- Certification of Incorporation – This certificate includes your company name, Unique Entity Number and date of company registration.