The Singapore government has taken many measures to ensure that it offers complete support to the industries that are able to offer the necessary resources and employment opportunities to the country’s residents. As a result, Singapore is able to stay competitive in the 21st century. T21 or Technopreneurship 21 is an initiative between the private sector and the Singapore government, and the initiative helps to build a foundation for the development of technopreneurship in Singapore. It also offers complete assistance to various businesses through schemes that are monitored by several institutions.
To start a business in Singapore, one has to complete the business registration processes with the Accounting and Corporate Regulatory Authority of the country. A person or a company can choose any of the following ways to register a sole proprietorship or partnership.
The processing time depends upon the needs of the application as it is referred to different authorities for approval. Typically, the application is registered within 15 minutes after the necessary registration fee has been paid. For example, if the intention of the individual who is filing a company registration in Singapore is to set up a school, the application form will be forwarded to the Ministry of education.
Enterprise promotion Center
It is the first business Center that offers enterprise development. The services the center provides vary from general promotions to facilitation and hands-on assistance.
Standards, productivity and innovation board
Officers on this board offer complete assistance for development of products and processes, testing and evaluation.
Economic development board
The board provides assistance for research in developmental activities and grants incentives.
Company incorporation can be performed in Singapore by following the guidelines set by the government. In Singapore, companies are typically registered as Private Limited liability companies so that shareholders or other legal entities cannot be held liable for company debts. Moreover, the name of the company must be approved the company is officially incorporated. Besides the aforementioned steps, it is also important to have a citizen of Singapore as a nominee director. The requirements of this director is as follows: he or she has to be at least 18 years old, and this same person has not been bankrupt or convicted for malpractice in the past. Also, it is possible to appoint a non-shareholder of the company as a director. In most cases, a maximum of 50 shareholders are allowed in a limited company. After the incorporation of the company is completed, new or existing shares can be issued or transferred to another person at any time. Last but not least, minimum paid-up capital for registration in Singapore is S$1. It is also referred to as share capital, and it can be increased after the company registration process has been completed.