With the rapid pace of changes in the corporate statutory laws and regulations and business environment, it is of utmost importance that directors fully understand and comply with all statutory requirements when setting up and operating companies.
The most common type of incorporation set up are as follows:-
1. Incorporation of a Singapore Private Limited Company
Setup requirements
Structure – Minimum of 1 shareholder, 1 director and 1 Corporate Secretary (Shareholder can be a corporate entity e.g. the parent or an individual.
If its an individual, the individual can also be the same person as the director but not necessarily so.
Director and Corporate Secretary must be a natural person. When the director is a sole director, the director and secretary cannot be the same person.
Director – At least one of the director must be ordinarily resident in Singapore (that is Singaporean, Permanent Resident or valid employment pass holder)
Corporate Secretary – The corporate secretary has to be ordinarily resident in Singapore.
Paid Up Capital – Minimum Singapore Dollars (SGD) 1 as initial paid up capital during setup.
Registered Address must be in Singapore
2. Setting up of a Foreign Company (Singapore Branch)
Registration requirements
Local Authorised Representative – Mininum 1. Must be natural person and resident in Singapore (that is Singaporean, Permanent Resident or valid employment pass holder)
Registered Address must be in Singapore
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