Getting the business registered as a company is the dream of every business owner who is working hard to grow in the sector. It is the best possible way in which a person can make their business to existing on the higher grounds, and they can also turn their business into a legal entity. However, some people even start their business by getting registered as the company only.
No matter how you start your business or how you want your business to grow, if you want to get your business to be registered as a company, then you should probably focus on the fact that you need to full fill the needs of the authorities. The needs of the authority means the rules and regulations by fulfilling which one will get the chance to manage and run a company with a better approach. There are different rules and regulations that are applied by the government of different states and countries, and hence one will have to go by the law if they want to do business in that place.
The company registration
The registration of a company is a big step in the field of doing business, and one will surely get a lot of benefits when they get the business registered as a legal entity. However, the process considering which one can convert their own business into a legal entity is a small one, and it will hardly include three or four steps. But what is more complicated is to fulfill the needs that the authorities are asking for in the process and by which you will be able to get a clean road to reach your path of success to register your business as a company.
Factors to consider
Here are some of the factors that you should surely need to take care of when you want your business to be converted into a company. Do read them carefully and also make them work in the correct direction to gain your company’s identity as soon as possible.
Name is an important factor of the business, and you will have to keep all the points that are important in your mind before selecting the name for your company. As you are aware that when you register your business, it will be a legal entity and the company name will be the legal name for it. Hence, you should focus on all the facts clearly and then make the judgment to register. The name should not be a copy of the name that is previously existing in Singapore and should also not contain any obscene or Vulgar thins in mind. You can click here to get to know about more details about the process and the things you should consider in keeping the name for your business.
Directors of the company
The director of the company is the second most important part of your business and it is also pretty much important by the law that you create a director who is a resident of Singapore and others can be a foreigner. The director can be any person who is a permanent citizen of the country, a permanent resident of the company, or a cardholder of the company. The person you are registering as the director of the company should have passed the legal age of becoming a director, and only then will he or she pass the requirement.
Shareholders of the company
The private company registration asks for almost 50 people as the shareholders of the company, now these shareholders can be real person, or they can also be other companies which are a legal entity to buy shares. However, the private company is also allowed to have a shareholding capacity of upto 100% from the people outside the country without any type of doubt.
Your business turning into a company will also be in need of a person who will be the company Secretary without any type of doubt. The person who will be the company secretary will be the person who can give the legal and written consent of being a part of the company and considering whom a person can build the company without any sort of doubt. There is no minimum paid-up capital required for them to be registered and hence can move their steps to getting it done accordingly.