Meeting Registration Requirements in Singapore
March 12, 2017
Although there are many companies which have been able to register in Singapore, there are also a few that have failed to meet the criteria needed to allow them to register. Those companies that failed to meet the registration criteria should perhaps have sought assistance from Singapore Incorporation Service(SIS) or a similar business as these are businesses, in Singapore, which specialize in assisting other businesses wishing to register there. As the Singapore government welcome new businesses to their country, the regulations that have to be met in order to register are not too stringent and yet do have one or two areas that may be hard to meet, if a company is unprepared or is unassisted. Perhaps the three main criteria which have caused some companies problems are with the need for a nominated director, the need for a corporate secretary and the need for a legitimate Singapore address.
• Nominated Director – Any company that wants to register in Singapore must first provide the government with the name of a company director that is either a Singapore citizen or a permanent resident of Singapore. Although this has failed to be met by some companies, it needn’t have been if they had consulted with SIS first as, if the company already has a director who has a valid Singapore employment permit, this requirement is not necessary.
• The hiring of a corporate secretary is necessary in order to maintain the records and accounts which the Singapore government insist on which, although not unusual on its own, is perhaps when the government insists that those records must be maintained by a Singapore citizen. There is no getting around this ruling and so a company will have to hire a corporate secretary that is Singaporean but as they have a 6 month grace period in which to find one, SIS can assist them in doing so or, may offer to undertake that service themselves.
• Many businesses in different countries may only have a PO Box address so that they can receive mail however, if a company wants to register in Singapore, it must have more than just a PO Box. The regulations state that for a company to register in Singapore, it must maintain an office in the country and provide the government with the address of that office. The Singapore government also expects that office to be open during all official Singapore office hours. Once again this is something that SIS can assist with as they will know of all the office spaces available and may even be able to provide staff to facilitate the office’s opening.
With the assistance of a Singapore business such as SIS, none of the requirements for registration of a company in Singapore need be a problem but, if a company tries to meet all the requirements on their own, they can come across one or two problems. The companies that have already registered in Singapore have found that the benefits of doing so have far outweighed any problems they had in registering.