How to incorporate a company in Singapore in 24 hours
The popularity of Singapore for the development of international business is justified, first of all, because of the short time frame and simplified procedure of document preparation for business establishment. Registering a company in Singapore in 24 hours in 2020 is a reality. With a competent approach, you can become the owner of the company in the largest financial center of Asia in just 24 hours and at a minimal cost.
The advantages of Singapore as a platform for business development.
- Lack of currency control;
- Low level of taxes and various privileges for business;
- Availability of popular world banks and simplified procedures for opening an account with them;
- Stable economy of the country;
- Wide range of state sources of additional business financing;
- Agreements with largest countries (exception: the possibility of double taxation);
- Infrastructure, not inferior to the EU countries in terms of development level;
- Loyal conditions for the purchase of real estate and registration of residence permits.
Singapore is a friendly jurisdiction for investors and business immigrants, but its market has certain laws, and not all types of goods and services are in demand there in 2020. Entrepreneurs planning to open a company in Singapore should pay attention to the IT sphere, provision of educational, auditing and consulting services, international trade and delivery services.
Requirements for companies to be registered
- One or more shareholders (founders) who may be natural persons without Singapore citizenship or legal entities;
- The recommended share capital of $1,000, but the range is not actually fixed by the state;
- The legal and physical address in Singapore;
- The director and secretary of the company must be resident.
The procedure for incorporating a company in Singapore essentially involves only approving the name of the company and adjusting it on a special registry. If you are careful enough while collecting the documents package and under the guidance of IT-OFFSHORE specialists, you can get finish the process in 24 hours.
Procedure for company registration in Singapore in 2020
- Choose the name of the company, its legal form, management structure, the size of the start-up capita, and the direction of activity;
- Pay registration fees;
- Collect a package of documents (identity documents and place of residence of managers and beneficiaries, memorandum, charter, memorandum of association, memorandum of association, declaration of compliance with the laws of Singapore, employment documents for directors, secretaries and top managers).
The easiest way for an entrepreneur to choose a "limited liability company" as a legal form of organization for his/her business. The financial obligations of participants of such a firm to the state and partners are limited only by the amount of the share contributed to the authorized capital. However, if the business is large and its annual turnover exceeds 5,000,000 dollars, the list of reports mandatory for submission to the regulatory authorities is expanded.