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Legal Compliances For Private Limited Company In Singapore

Private Limited Companies: The Most Sought After Legal Business Vehicle in Singapore

Singapore private limited companies (Pte Ltd) are separate legal entities and are owned by the shareholders. Companies are governed by the board of directors and managed by top management executives elected by the boards. The separate legal status insulates company individuals e.g. directors and officers from personal liability in the event of financial issues. It is a dynamic and scalable legal structure and is most preferred by entrepreneurs and investors in Singapore. There is slegal requirements for company setup in Singapore  and any non-compliance can attract monetary penalties, and in extreme cases, it may even lead to prosecution and revocation of business license to operate in Singapore.

Why should you start your Company in Singapore as a Pte Ltd?

The reasons for preferring a Pte Ltd structure for Singapore Company Incorporation  is due to the following reasons.

What are the Minimum Registration Requirements for a Pte Ltd?

The key requirements for Singapore Private Limited Company Registration include

What are the Documents Required for Registering a Singapore Pte Ltd?

The documents required for Setting  up a private limited company in Singapore  are as under.

What are the Process Steps for Setting Up a Singapore Pte Ltd?

The Process steps include the following.

What are the Legal Compliance Requirements for a Pte Ltd?

UNDER COMPANY LAW

  • Filing Annual Returns (AR) with ACRA
  • Private limited companies may opt not to hold an AGM. If held, the date of AGM must be mentioned in the AR.
  • The management has to file the company’s financial statements and shareholders’ details to the ACRA within one month of the AGM.
  • Updating Company Particulars with ACRA

UNDER TAX LAW

  • Filing of Corporate Tax
  • A company has to file two income tax returns every year with IRAS, estimated chargeable income (ECI) and form CS/form C-S (lite)/ form C.
  • Mandatory filing of returns is mandatory for GST registered companies.
  • Mandatory adherence to Singapore Financial Reporting System (SFRS)

UNDER THE EMPLOYMENT LAW

  • Singapore statutory requirements  call for mandatory adherence to the regulations of the Singapore Employment Act during employment and termination.
  • Mandatory contributions must be made to the Central Provident Fund (CPF) and the MediSave Fund.
  • Apply and secure necessary Work Passes for Expatriate Employees.

UNDER PERSONAL DATA PROTECTION ACT (PDPA)

Companies must nominate a person as Data Protection Officer and ensure compliance with the PDPA.

Conclusion

Company registration in Singapore is without any red tape and an easy task. Outsourcing services from a local and professional corporate service provider can further simplify your company incorporation process and help ease legal compliances for private limited company in Singapore .

A complete Regulatory Compliance Guide for Singapore Companies  addresses both the legal requirements for company registration and the ongoing compliances of the registered companies.

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