RS-Control Instrumentation Services

Are you planning to begin your entrepreneurial journey in Singapore? The following is a list of steps to pull off a successful formation of a company.

As the adage goes, in naming comes creating. Hence, the first step in company registration is coming up with a business name. The factors you need to consider in thinking of a name include the name's potential to attract your prospective customers and the name's compliance to legal traditions.

In choosing a business name, pick one that is really relevant to your business. You are allowed to use the words "Incorporated," "Limited," etc. only if your business will be registered as a corporation. Sole proprietors thereby can't include these words to their business names.

When there is already a chosen name, the next step is gathering key documents of the company's owners and directors.In Singapore, foreign businesses are required to have a least one director who is based in the country either as a resident or a citizen.

Directors undergo profile investigation as the government avoids providing business passes to those who have been bankrupt in the past or have committed offenses elsewhere in the world. Company formation in Singapore also requires at least one shareholder, but this is not much of a concern as the director and the shareholder can pertain to one person.

A company also needs to enlist its company secretary, and he or she shouldn't be a director or a shareholder. The secretary is expected to handle all the documents needed for company registration and operation and it is thereby necessary to choose a professional who has extensive knowledge and experience on business compliance practices in Singapore.

After accomplishing the company's directory and secretarial requirements, the next concern is the business' official address. Although there are no existing policies on address registration, do yourself a favor and acquire an office that really solves the company's operational needs. Get equipped with knowledge on retail buildings, office spaces, warehouses and the likes and compare costs, availability of labor, government incentives, and tax regulations, among many others.