Starting A Business In Singapore @ Asia Business Set Up


Starting a Business in Singapore
Starting a business in Singapore is popular thanks to Singapore's reputation for economic stability and transparent legal system. Consequently, entrepreneurs starting a business in Singapore can be confident of a fair legal system which protects intellectual property rights. Following is an overview of the legal and regulatory aspects of starting a business in Singapore:
1.	The principal legislation which governs the processes involved in starting a business in Singapore is the Singapore Companies Act 1963. The Accounting and Regulatory Authority of Singapore (ACRA) is the regulatory body to enforce this law and governs companies, businesses and certified public accountants.
2.	Singapore’s legal system is based on UK common law. The transparent legal system and constitution provides security to investors starting a business in Singapore as it strongly supports rule of law and the protection of intellectual property rights. This is one of the factors why Singapore ranks as the world’s 2nd-freest economy in the Heritage Organisation’s 2009 Index of Economic Freedom.
3.	Because of Singapore's economic freedom, foreign investors starting a business in Singapore expect to encounter low levels of corruption. To illustrate this, Singapore is rated the world’s 4th least corrupt country in the 2008 Corruption Perceptions Index by Transparency International. The index is a measure of corruption amongst public officials and politicians.
4.	The Corrupt Practices Investigation Bureau is responsible for safeguarding the integrity of public services and encouraging corruption-free transactions in the private sector. It is also responsible for checking on malpractice's by public officers and reporting such cases to the appropriate government departments and public bodies for disciplinary action.
5.	Starting a business in Singapore requires only one shareholder, who may be either an individual and body corporate. A private limited company must not have more than 50 shareholders, however. The minimum authorised share capital for a Singapore company is S$1. Director and shareholder details are, however, available for viewing on a public register via ACRA's BizFile website.
6.	Annual financial statements must be submitted to both ACRA and the Inland Revenue Authority of Singapore (IRAS). After starting a business in Singapore, every Singapore company (with the exception of a Representative Office) is required to submit an annual tax return to the IRAS.
7.	Entrepreneurs starting a business in Singapore are required to have a Singapore resident director. When starting a business in Singapore, there are no limits placed on investors on the number of directors. However, corporate directors are not allowed.
Contact Us
For more information on starting a business in Singapore, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.
Back to Singapore Company Formation page