Everything You Need to Know About Investing in Shell Company in Singapore
You can either register a firm or buy a shell company if you want to do business in Singapore. In this article, we look at what shell companies are and if they are suitable for you.
First: What are Shell Companies?
Shell companies are ‘empty’ companies. The legal paperwork exists, but the company isn’t in operation. It doesn’t have employees or an office. A shell company is sold to those who want to start their business, but don’t want to go through the registration process.
Thus, if you are not so well-versed with the business incorporation and want your own company in Singapore, you can look for a shell company for sale.
What do You Need to Open a Company in Singapore?
There aren’t special requirements for opening a sole proprietorship, which is a one-person company and partnership. These companies are ownerships of someone else and not separate legal entities. All you need to do is register them and acquire the necessary licenses.
Remember, while registering a company, you will need to think of a name which is not vulgar and not too similar to other company names. The name can’t be misleading.
When it comes to a Limited Company, you need to ensure you have at least these things:
- A registered address. It should be a physical address and not just a PO Box Number.
- A resident director.
- At least one shareholder.
- A resident secretary.
- There isn’t a minimum paid-up capital.
For foreigners to open a company in Singapore, they have to show that their business will have a substantial contribution to the Singapore economy and create job opportunities. That is generally not possible with Sole Proprietorship and Partnership, which usually are very small ventures so they will need to go with LLC.
The Benefit of Shell Company
As the company has already been registered, you can start operations right away. Furthermore, as the firms which offer shell company also provide services such as nominee director, outsourced secretarial and virtual office address, you don’t have to worry about any of that. However, make sure you buy a shell company from only trusted and good sources. One reliable way to buy a shell company in Singapore is from the team of Chai Chung Hoong.