Registering Private Businesses in Singapore with Law Firms
Singapore has emerged as one of the top business hubs in the world over the course of the last few years. It has seen tremendous economic growth which is because of the influx of a number of multination brands that have arrived here to set up operations. Even today many businesses are actively seeking assistance of law firms in Singapore to obtain licenses and set up shop in this major South Asian economic power house.
Singapore’s Popularity as a Business Hub
There are many reasons why entrepreneurs look up to Singapore as an ideal place for their businesses. The first reason is because of its strategic location right in the middle of South Asia. Singapore is surrounded by countries like Malaysia, China and Australia in close proximity. The other reason is the favorable tax laws and intellectual property laws in Singapore that protect the right of businesses from infringement of any kind.
Private Business in Singapore
A majority of businesses in Singapore are privately held, or limited companies. Almost anyone over the age of 18 years whether a national or a foreigner can start his or her own company in Singapore. They have to first register the company in Singapore which can be done with the help of law firms in Singapore. Law firms in Singapore can also help in fulfilling all other regulatory and legal requirements that are mandatory for business owners.
The registration of a business in Singapore can only be done by a professional registration company. The laws for business registration and corporate in Singapore bars foreign and local individuals from registering their own business or company. Business owners can run their operation from within or outside the country, or can run an outstation company while living in Singapore. This requires them to first provide a permanent address in Singapore from where a licensed registration company works on behalf of the business owner. It should be noted that Post Office Box numbers are not accepted as valid address proofs.
Registering a Business in Singapore through Law Firms
The Accounting and Corporate Regulatory Authority (ACRA) is where registrations for new businesses have to be done. The ACRA states that any businesses must have paid up capital to get registration. Other types of licenses, visa requirements, employment passes and documents should be obtained through a registration company as well. Then there are other professional information that is required which includes:
1. A rubber stamp that is registered
2. A bank account in Singapore
3. A company seal that has been registered
4. Certificates for shares of the company and the details of share allocation
Law firms in Singapore can help business complete all formalities for registration and can guide them through consultation.
Shaneka Buttler is an expert writer having vast experience about the Law industry. Currently, she is writing on various topics related to family law and corporate law like Business Lawyer Singapore, legal advice in Singapore. For more details click here