A Private Limited Company is a type of company limited by shares and registered with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act. A Singapore Private Limited Company has a separate legal entity from its shareholders, and therefore they are not liable for the debts and losses of the company.
Since a private limited company is the most common type of company registered in Singapore, we are giving you basic information on how to form a Singapore company, particularly a private limited company.
The following are the basic requirements for local and foreign entrepreneurs planning to register a Singapore company.
Minimum of $1 for the paid up capital
Minimum of 1 local resident director (i.e. Singapore citizen, Singapore Permanent Resident or Singapore work pass holder) that is a natural person and above 18 years.
Minimum of one local or foreign shareholder.
Appointment of 1 local company secretary.
Accessibility to an organization registered address.
Here are the necessary documents needed for incorporation:
The approved name of your Singapore corporation;
A brief description of the proposed business activities that your Singapore corporation will engage in;
Particulars of the Singapore corporation's directors, shareholders and company
The corporation's Memorandum and Articles of Association (MAA);
Passport copies or Singapore Identity card (IC) copies of proposed shareholders and directors;
Residential address proof of proposed non-resident shareholders and directors; and
Details of the parent company if the shareholder is a corporate body.
Another concern to note in forming a Singapore company is work visa. The following are two of the most common work visas used by foreign companies.
Employment Pass work visa for foreign professional working in Singapore. Foreign individuals who incorporate a Singapore company and wish to run its operations in the country must also apply for an EP. Non-Singaporean shareholders or managing directors of a Singapore company are also eligible to apply.
EntrePass work visa that caters to foreign entrepreneurs who lack the appropriate tertiary education or specialist skills qualification, but have proven records of successful accomplishment in business ventures.
Author Description :
Rikvin has been assisting clients from all over the globe in their Singapore immigration and company incorporation matters. We assist local and foreign entrepreneurs who wish to form a Singapore company. Our success rate is phenomenal, and all most all of our enterprise clients have entrusted us, with the routine management tasks such as book keeping and secretarial services and we continue to impress them beyond our promise.