Company in Singapore
Singapore is an Asian city-state located near the southern tip of the Malaysian Peninsula. Singapore is 465 times smaller than Poland and has over 6 million citizens.
Few words about running your business in Singapore.
Establishing a company in Singapore is diffrent from establishing a company in Poland mainly because it can only be done online. The government there is open to foreign entrepreneurs, although it makes no secret that it is less complicated for the locals to open company in Singapore. All thanks to the highly developed freedom of economic activity.
Company registration in Singapore and its representative.
A key element when it comes to company formation in Singapore is to have a local director or representative and although this sounds pretty serious as few people have friends in the country, many companies and law firms offer help in finding one.
Company formation in Singapore. Find the best company type for you.
Singapore, as well as other countries in the world, offers a number of types of companies. Everything depends, above all, on the future profile of the business activity the entrepreneur is interested in.
When you open a company in Singapore it requires you to choice a form of your business. Let’s focus primarily on companies, and we stand out among them:
1) Partnership, which is divided into:
- General Partnership – the equivalent of a Polish civil partnership. The shareholders of this company are responsible for its liabilities with all their assets jointly and severally with the company.
- Limited Partnership – the most similar to the Polish limited joint-stock partnership. The shareholders’ liability is limited to the amount of their contributions.
- Limited Liability Partnership – “such our” partner company. Similarly as in Poland, it was established for representatives of “liberal professions” such as: doctor, architect, etc.
2) Private Limited – equivalent of a limited liability company. Establishing a company in Singapore is most popular in the form of PRIVATE LIMITED. This company protects against debt, is flexible and easy to register. Because of those benefits, setting up a company in Singapore is quite a simple and quick process.
3) Public Limited – otherwise a joint stock company. Such a company in Singapore must have a minimum of 50 shareholders.
Open business in Singapore
As mentioned above, you can registered the comapny in Singapore online via the government website. As in Poland, it is necessary to have a trusted profile there, which signs all documents. This profile can be accessed by people working in Singapore on a permanent basis, so you should ask your native Singaporean for help in this regard or have this task performed by specialized agencies. It is necessary for Private Limikted to have a local director – this is a mandatory element that we cannot circumvent. The agencies mentioned above also provide assistance in this regard. The whole process is completed in two forms, which we fill out online.
Buying a company in Singapore
Buying ready made company in Singapore that has already been registered is not practiced. Therefore, as a rule, it is much more beneficial to register a company in Singapore on your own.