The most common type of business organisation in Singapore is a private limited company. It has a different legal position from its owners and directors, who have limited responsibility for the loans and expenses of the company, unlike commercial organisations like a partnership and sole proprietorships.
It is entitled to its property. Its name often includes “Pte Ltd” or “Ltd.” It is generally referred to as a company in the US or several European nations. Singapore’s top expert in Singapore business registration is IMC. You may use IMC to help with Singapore Private Limited Partnership registration with ACRA.
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Features of a Private Limited Company
- A governing body distinct from its directors and shareholders
- It may file a lawsuit or be sued under its name
- Stockholders, with a baseline of 1 and a total of 50
- A subsidiary company is eligible for local tax exemptions if it has not more than 20 shareholders and at least one shareholder is an individual with at least 10% of the total shares
Singapore Private Limited Company Prerequisites for Company Registration
- At least one shareholder
- A Singapore-registered office location
- A specified minimum paid-up capital of s$1
- One resident director
- One company secretary
For eligible new start-up businesses, there is a tax exemption.
The Singaporean tax system gives help in the form of sizable exemptions to resident firms because it understands the value of easing cash flow for new businesses during their early years.
Documents
Information and documentation needed
- Name of Corporation
- Short Description of Commercial Activities
- Particulars of Shareholders
- Directors’ Personal Information
- Registered Address
Procedure
Step 1: Submit Your Application and Include Information Regarding the Incorporation
Once we get your company’s incorporation information, we will:
- Check for the preferred name availability of your prospective firm
- Share an update with you to address any questions (if any) and provide pertinent advice
- Ensure a timely bill for our services is to be sent to you
Step 2: Send Money
When the invoiced amount for the services is received, we shall start drafting the paperwork necessary for incorporation.
The incorporation paperwork must be signed in front of us in Singapore or by a Notary General if you are outside Singapore.
Step 3: Form a Company
We shall establish the Singapore Business with the Accounting and Corporate Regulatory Authority of Singapore (ACRA) when the incorporation paperwork is signed. You can open a business bank account after the firm has been incorporated.
Business Registration in Singapore
Establish a Singapore Private Limited Company
Our general Singapore company incorporation service comprises the following:
- Identification and reservation
- Development of the company’s memorandum and agreements
- Creating registration documents
- Government costs are included in our professional fees
- E-Incorporation Certificate
- Assembling a corporate compliance package with the corporation seal, common shares, register
- Minutes record the first executive meeting’s minutes
- The decision to establish a bank account
- Business’s common seal
Business secretarial
According to the Singapore Companies Act, each Singapore company must choose a company secretary to oversee ongoing statutory compliance issues. As your corporate secretary, we will provide the following services:
- Compliance Notification & Reminders for ACRA
- Named Business Secretary; twelve-month ACRA registration
- Maintaining the legal books and creating the necessary minutes for meetings of shareholders and board members
Optional
Address for Registered Office
All Singapore-incorporated entities are required by the Companies Act to have a registered address in Singapore.
- All Singaporean corporations are required to have a local postal address for business correspondence
- If you do not have a sophisticated address, IMC can give you one
- Any unused portion is returned on a prorated basis if this service is discontinued early
Notes
If you live in Singapore and wish to start a business, you must complete the following:
- Engage IMC to help you incorporate your business with ACRA
- You can also stop by our office, where we will assist you with ACRA registration in less than one hour
Company Formation in Singapore - FAQ
Does a foreigner need to visit Singapore to establish a company?
No, you do not have to be physically present in Singapore to set up a company.
What are the key requirements for setting up a Singapore company?
- A company needs to have at least one shareholder who can be a local or foreign individual or company
- At least one of the directors must be a natural person, above the age of eighteen years old, and a resident of Singapore
- A shareholder who is a natural person can also be a director of the company
- A qualified company secretary has to be appointed. The secretary must be a resident of Singapore
- Company must have a physical, local address in Singapore
- The company must have a paid up capital of at least $1
What are the minimum and maximum number of shareholders a company can have?
A Singapore Private Limited Company (LLC) registration requires at least 1 shareholder. A Private Limited Company can have a maximum of 50 shareholders.
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