Company Formation in Singapore

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Absolutely yes. Within six months of establishment, all Singapore corporations must employ a company secretary.  The company secretary is in charge of communicating with Singapore regulatory agencies, filing required papers, and advising directors on their compliance and legal obligations.

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In Singapore, unless exempted under Section 205B or 205C of the Firms Act, all firms are obliged to employ a company auditor within three months after establishment. Before July 2015, exempt private enterprises with annual revenues of less than S$5 million were exempt from audit compliance. That is now being supplanted by the notion of a "small company."

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Do not name names with offensive or vulgar words, names that are similar to already existing companies in Singapore or a company name that is registered with ACRA. Do not name a company with a forbidden word as ordered by the minister of finance, for example, "Temasek"

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Yes, a Singapore company is required to have at least one loal resident director. In order to qualify as locally resident, the person must be Singapore resident or pass holders. 

A director must be a natural person and above 18 years old. Corporate directors are not permitted. There are a number of different ways you can satisfy the local resident director requirement:

• If you plan to relocate to Singapore to run your company, you will need to apply a work visa of type (employment pass or entrepass) under your new entity. Once your work visa is approved, you can act as the local resident director.
• If you have a local partner or know a trustworthy person in Singapore who is willing to act as the local director, your problem is solved.
• Alternatively, most foreigner entrepreuneurs and businesses that setup a Singapore company without relocating to Singapore, use our nominee local director service. Our nominee director service does not require any shareholding in the company and does not get involved in the company operations or banking matters.

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Paid-up capital is the total amount of capital that has been funded by shareholders. In other words, it refers to the sum of money that a company has received from shareholders who have completely paid for their purchased shares. The minimum paid-up capital requirement for setting up a company in Singapore is S$1.00.