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The electronics industry in Singapore accounted for S$ 90 billion in the GDP in 2017. The industry is made up of over 2,900 companies, with key activities in semiconductor, consumer electronics, and information technology. As a global trading and distribution hub for electronics, Singapore exports more than US$ 80 billion in semiconductors and electronics integrated circuits. This is almost 10% of global electronics and semiconductor exports.
Singapore is thus a good ground to grow and expand electronics expertise, products, and services. Are you planning on opening or expanding an electronics company in Singapore? Here’s how you can incorporate an electronics company in Singapore.
Requirements to Sell Electronics in Singapore
Everything is much easier now in Singapore, and there are no special requirements for dealing with electronics here. As per general company registration rules, the business owner must acquire the approval of all relevant authorities. As for selling electronic products, the applicant must obtain the approval of the Infocommunications Development Authority of Singapore. Singapore.
The type of authority to acquire depends on the line of business the applicant wants to undertake. Further, electronic companies must also register with Singapore customs if they are selling imported products. The company must then abide by the Domestic Sale of Goods Act with Singapore’s commercial law.
How to Register Electronics Company in Singapore
The registration of an electronics company in Singapore is the same as the registration of any other company. The business owner must comply with all the minimum requirements of company incorporation if he wishes to start an electronics company in Singapore.
The minimum requirements include the following:
- At least one shareholder. A company can have at least one and a maximum of 50 shareholders. The shareholding can be composed of natural persons or corporate entities. 100% foreign ownership is allowed in Singapore.
- Minimum paid-up capital of $1;
- The board of directors of the company must have at least one who is a resident, citizen, permanent resident, or an employment pass holder in Singapore.
- The company must have an ACRA-approved company name. You can use the ACRA business search to verify that your business name is unique and is not yet used by another company.
- The corporate secretary must be a natural person and a resident in Singapore, appointed within six months from the incorporation date.
- Each company registering in Singapore must have a local address in Singapore. The company must register this address, which cannot be a P.O box.
Advantage of Incorporating in the Electronics Industry
Singapore envisions to be an electronics centre of gravity in Asia. As such, the state has created strong foundations to make the country a top choice location for companies to manage new markets, products, processes, and technologies. With its pro-business environment, electronics companies in Singapore can establish, protect, and develop intellectual properties, integrity, and productivity.
Moreover, with its increased capabilities and research and development, the state and its stakeholders can rely on well-rounded knowledge, technology, and innovation. With Singapore’s well-developed R&D capabilities, companies can take advantage of competent designs, processes, and systems to push boundaries in technology.
Company Registration Assistance
Incorporate your electronics company in Singapore today with the help of our incorporation consultants in 3E Accounting Singapore. We understand that the process can be too overwhelming for those who are new to the system. We would like to share our Singapore incorporation expertise and help you open your business in Singapore.
Contact us today to avail our business registration in Singapore services and to know more about how we can help you. We offer various incorporation and registration packages suitable for your needs. No need to meet in person! 3E Accounting is 100% online via virtual meeting.
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