One person company registration is a relatively straightforward process of opening up an account with the government to say that you are in charge of this specific enterprise. It requires little more than filling out some forms and submitting your paperwork, which leaves plenty of time for other tasks like securing funding and hiring employees. The “one-person” designation allows you to incorporate without incurring a sales tax, paying self-employment taxes or having to go through the hassle of registering a business entity.
Register with the Registrar of Companies
Register with the Registrar of Companies (RC) at the Ministry of Law and Foreign. There are several different ways that you can raise funds for your business. There is loan equity funding where you look for a bank to grant you a loan and take ownership of the business immediately upon payment. Alternatively, there is equity investment where you may have to invest in the company’s future projects or use it as collateral for a bank loan. Also, an option that some entrepreneurs prefer is to seek funding from angel investors or venture capitalists. One person registration is important.
For startup businesses, there are many name generators available online to help in the creation of a company name. However, for ideas you can also conduct research about your industry or ask for suggestions from friends and family members. The name you choose should help differentiate your company from others, be catchy, and also make sense in context. As for a domain name for your business, you have the option of registering it directly with the Government Post Office (GPO) or registering it with a domain name registrar. If you register it with GPO, then the website must feature your company’s logo and a link back to your website.
There are two types of companies that one can choose from: private limited companies and public limited companies.
A private limited company would be the better choice for most people, as it is more flexible than a public limited company and thus more profitable for the shareholders. Many new businesses that start out as a one-person company opt to go with a private limited company, other than those just starting up out of their passion or hobby.
Public limited company
A public limited company (plc) would only be possible if one was incorporated by the Singapore Companies Act, which imposed certain requirements on the type dynamic relevant to public companies. This is no longer the case, as Singapore has changed its incorporation laws in 2015 to allow private limited companies to be established without the need for a “corporate secretary” or chief executive officer. This change made a lot of new businesses opt for this type of business setup.
A plc is more established and formal than a one-person company, but it is not as flexible. A plc cannot issue new shares, or have any derivative rights at all. Another limitation of the plc is that it can only operate its business through a single manager. A one-person company can have multiple managers, a plc cannot. It is important to note that a one-person corporation can be combined with other companies to make up your own network.
You can choose to form your own plc or simply register your business as a private limited company instead. Some of the benefits of registering with a private limited company would be that you can have an unlimited number of shareholders, not just one.