{"id":72,"date":"2018-08-30T05:22:57","date_gmt":"2018-08-30T05:22:57","guid":{"rendered":"http:\/\/www.boardroomlimited.com\/?post_type=business-types&p=72"},"modified":"2018-10-29T13:27:24","modified_gmt":"2018-10-29T13:27:24","slug":"startup","status":"publish","type":"business-types","link":"https:\/\/www.boardroomlimited.com\/my\/business-types\/startup\/","title":{"rendered":"Startup"},"content":{"rendered":"

[vc_row full_width=”stretch_row” css_animation=”fadeIn” el_class=”common-spacing “][vc_column][vc_row_inner][vc_column_inner][vc_column_text el_class=”subtext m-b-30”]<\/p>\n

STARTUP<\/p>\n

[\/vc_column_text][vc_custom_heading text=”Incorporating Your Startup in Singapore” font_container=”tag:h2|text_align:center” use_theme_fonts=”yes” el_class=”m-b-50″][vc_column_text el_class=”w-70″]<\/p>\n

A startup is a term commonly used to define a young company in its developing phase. Such companies are usually small and initially financed and operated by a single or handful of founders. A startup would offer products or services that are not currently being offered elsewhere within the market or that the founder(s) believes could be offered much better.<\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css_animation=”slideInLeft” el_class=”common-spacing types-milestones” css=”.vc_custom_1539077475441{background-color: #f7f7f7 !important;}”][vc_column][vc_row_inner disable_element=”yes”][vc_column_inner][vc_custom_heading text=”How do you incorporate your startup in Singapore? ” font_container=”tag:h3|text_align:left” use_theme_fonts=”yes” el_class=”m-b-50″][vc_column_text]Before you incorporate your company, you must first have your company\u2019s business name approved.
\nUpon approval of your business name, the company must decide on which type of company to incorporate. It can either be private or public. Most startup would fall within the category of private.<\/p>\n

A private company can have up to 50 shareholders. Should your company have 20 or less shareholders who are not corporations, you may choose to set up an Exempt Private Company. Certain Exempt Private Companies need not lodge their financial accounts with ACRA.<\/p>\n

A company will also require headcount to fill certain positions. A company must have at least one director who meets the mandatory age requirement of 18 years old. Most commonly the director would be a Singapore resident but there are other times, an E-pass holder could also become a director, subjected to the Ministry of Manpower\u2019s Laws.<\/p>\n

Within six months of incorporation, the company is required to appoint a company secretory who is residing in Singapore, not the sole director of the company and meets the minimum qualification according to ACRA.<\/p>\n

Your newly incorporated company is required to appoint an auditor within three months of incorporation unless your company meets the requirements for exemption from statutory audit.<\/p>\n

If you are a foreigner in Singapore, you are required to appoint a local director and also engage the services of a registered filing agent to submit the online application on your behalf.<\/p>\n

All companies in Singapore are required to submit their Company Constitution to ACRA which lists:<\/p>\n