Company Incorporation in Singapore: 8 Bad Business Mistakes to Avoid

Mistake #1. Thinking That a Good Idea is Good Business Idea.

Mistake #2. Cutting The Employment Line To Jump Into Entrepreneurship.

Mistake #3. Not Hiring A Company Registration Firm From The Beginning.

Mistake #4. Incorporating The Wrong Type Of Business.

Mistake #5. Not Knowing That Certain Businesses Could Be Tax-Exempt.

Mistake #6. Starting Big with Costs.

Mistake #7. Not Giving Importance to Compliance.

Mistake #8. Thinking About Profit and Profit only.

Source: 8 Painful Mistakes People Make When Starting a Business

Singapore Business: Requisite Company Incorporation Documents

What are the things do you need to successfully incorporate a company in Singapore?

Requisite Company Incorporation Documents

1. First, you will need a Constitution (commonly known as Memorandum & Articles & Association, M&A). A Constitution of the company is a document that generally states the specific rules governing the company’s activities, the relationships of the shareholders and directors, the roles and responsibilities of each, among others. 
2. Second, you will also need NRIC or Passport copies of proposed shareholders and directors of your company. The passport has to bear proof that at least one director permanently resides in Singapore.
3. Third, if your company has a parent company, you will also need to submit a document describing details of the parent company. 
4. You will need to apply for and register a company name. The company name must be approved by ACRA prior to your company incorporation.
5. You must also submit the names of your directors, one of whom must be a local director.
   • A local director could be a Singapore citizen, a permanent resident, or a person with valid pass to stay in Singapore either as an entrepreneur or a dependent.
   • In the absence of a local director, you can refer to a company incorporation services firm for an arrangement to have a nominee.
   • A nominee is a director employed only for compliance to the incorporation requirements. He or she will not have any shares in the company nor an active role in the company’s activities.
6. You also need to have a minimum of one and a maximum of 50 shareholders, and of course, you will need to have a corporate secretary.

Source: Getting Familiar with your Company Incorporation Documents

Company Incorporation: Learn the Main Advantages

Company Incorporation in Singapore

Company Incorporation Benefits:

1. A Perpetual Existence.

A corporation can exist as a legal body in perpetuity – which means that it has a limitless lifetime.

2. Easy Transferability or Sale of Shares.

In a corporation, shareholders are able to sell or transfer their shares to another individual, when they are no longer interested in their shares in the business.

3. Investor Friendly.

A corporation is the right business structure for businesses who desire to attract investors.

Source: Is Company Incorporation Right For your Business?

Corporate Secretary Role in Company Registration: Before, During, And After

 

Involving a corporate secretary is crucial before registering a business

Before:
 
1. Choosing a Good Company Name.
2. Deciding on a Company Structure.
3. Gathering Details Needed to Register a Company.
4. Preparing and Keeping Company’s Documentation and Records.

During:
 
5. File your Company Registration.

After:
 
6. Organise the Company’s First Board Meeting
7. Maintain the Company’s registers, Books, and Minutes and File these with the Relevant Government Agencies for Compliance.


Read Full Details Here: 7 Ways A Corporate Secretary Can Help Before, During, And After Company Registration