Hey, I’m back! Welcome to My Musings on Singapore Company Formation: Part Two! So, in my last post I was telling you how my friends inspired me to think about putting up my very own business here. Another friend did suggest a BVI Company but that sounded too complicated to me so I decided to stick with a Singapore Company. I also mentioned that I had decided to research how to set up a company by myself. Some would say that I was being too proud and stubborn, not wanting to ask the help of professionals in starting my company. Others would call me “cheap,” since hiring people to set up a company for you, of course, comes with a price. I’d like to think that it’s my innate sense of independence that’s pushing me to do this on my own. And aren’t things so much more valuable when you know you’ve exerted much effort in getting them? Anyway, my motives for embarking on this on my own are not important. Let me just start sharing what I’ve learned so far.
So, the first thing I did was to find out the requirements for company formation in Singapore. The requirements are as follows:
a. At least one director aged 18 and above who must be a Singaporean, a Singapore permanent resident, or a Singapore employment pass holder
b. At least one shareholder, not necessarily a Singaporean
c. A minimum paid-up capital of S$1
d. A company secretary
e. A local registered address
f. An approved company name
Okay, so the requirements seem simple enough. I do need to get approval for a company name though before I could get the company registration process going. I’ll update you once I’ve come up with an awesome company name that is sure to be approved. Thanks for reading!