subject: Forming A Private Limited Company In Singapore [print this page] Private Limited Company is the most basic type of company to be incorporated in Singapore which is also approved by Accounting & Corporate regulatory Authority or ACRA under the Singapore Companies Act.. Singapore Private Limited Company's essential characteristic is that they separate legal entity from its shareholders which makes it less complicated in times of debts and losses.
At the moment, we will be going to discuss some common materials needed in constructing a Singapore company. This information would be very helpful especially to foreign individuals and companies who are willing to try Singapore's business competitive edge.
These are the things you need to know before you can form a Singapore company:
* Company name: A company name that is admirable, uncommon and reliable should be a must in choosing a company name because Accounting and Corporate regulatory Authority (ACRA) of Singapore will be going to evaluate it before approving the name.
* Shareholders: A minimum of at least one individual shareholder and a maximum number of 50 shareholders are required. Any nationality is accepted, whether pure foreign or a mix of resident and foreign shareholder. Remember that details of directors are made publicly available.
* Directors: It is required to have at least a minimum of one director who should be a resident of Singapore, which means a Singapore citizen, Singapore permanent resident or an Entry Pass/Employment pass holder with a registered address. An individual with at least 18 years of age and without any attachment of any form of bankruptcy is qualified to be a director.
* Company Secretary: A resident in Singapore is a main qualification in choosing a secretary.
* Share Capital/Paid-up Capital: The minimum paid-up capital for registration of a Singapore company is S$1 or its equivalent in any currencies. The least dispensed capital is one share of par value. "Bearer shares or "No par value" is blocked and not allowed. Increasing of share or paid up capital is enabled anytime right after incorporation of the company.
* Registered address:Physical address is only accepted to be used as company's registered address. In some instances, residential address may be used but it depends on the type of business.
* Memorandum and Articles of Association: Memorandum and Articles of Association must be lodged with ACRA. {Memorandum specifies the activities in which the company may engage whereas the Articles of Association specifies the rules governing the internal management of the company.|Memorandum specifies the activities in which the company may engage whereas the Articles of Association specifies the rules governing the internal management of the company.
After having basic information on things you should know before you can form a Singapore company and still you need further information.Please do not hesitate to consult an authorized business registration firm in Singapore.
