Setting Up a Company In Singapore By Asiabizservices 

by James Maxwell Wednesday, April 27, 2011
There are three individuals required to register a company, specifically, a private limited company in Singapore. Based on the Companies Act, there ought to be a resident director, a shareholder, and a company secretary.

“A resident director is supposedly comes from the locals either the citizens or permanent residents,” shares Asiabiz, a company based in Singapore to assist foreign investors in setting up a company.

“Foreign businessmen may also be appointed as the resident director after obtaining any of the work visas such as the Employment pass or Entrepreneur pass,” it adds.

During the incorporation procedure, there must be someone of ordinary residence to act as the resident director as only registered companies can apply for work visas.

“We offer a nominee director service for a company to proceed with the registration,” quips Asiabiz, “the nominee director, however, shall not be a participant in any of the company affairs.”

The nominee director is also not held liable for the company as he or she is not bestowed with corporate powers. There shall also be no obligations expected of the nominee director. Satisfaction of statutory requirement is the sole purpose of such nominee service.

Besides these individuals, the laws require a business local address. Depending on the work visa sought, the paid up capital is specified.

“An Employment pass requires S$1 paid up capital, while the Entrepreneur pass needs S$50,000,” Asiabiz explains.

It continues: “The procedure of company incorporation also depends on which work visa is applied. If it is the Entrepreneur pass, the company incorporation depends on the approval of the labor pass.”

After the company is registered, Asiabiz shall process the application for an Employment pass. The Ministry of Manpower requires that the applicant has completed the tertiary level of education. It also assesses the applicant’s monthly salary and categorizes the type of Employment pass it shall issue.

“A P1 pass requires S$8,000 monthly wages, while P2 pass is given if the monthly salary is S$4,000, and Q1 if it is S$3,800,” Asiabiz continues to elucidate.

Upon release of the Employment pass, Asiabiz shall transfer the directorship to the labor pass holder.

Asiabiz also offers a nominee shareholder for an investor seeking for anonymity. The Memorandum and Articles of Association contains personal information about every company’s shareholder and director. And this document is available to the public.

In addition, Asiabiz is a practicing member of SAICSA and ICSA, which makes it eligible to render secretaryship to companies in Singapore.

About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

For more information visit:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614
email: sales@asiabizservices.com
website: http://www.asiabizservices.com/

Asiabiz Services is a business solutions and processes provider based in Singapore. It reaches out to companies, employees, and individuals in all their business needs and requirements.

0    submitted by James Maxwell
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