subject: Forming A Singapore Private Limited Company Requirements [print this page] The most common type of company to be incorporated in Singapore is the Private Limited Company, a type of private company limited by shares and registered with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act. One of the most important features of a Singapore Private Limited Company is its separate legal entity from its shareholders making them not liable for the debts and losses of the company.
Now, we will be examining information that will give awareness on the basic requirements of forming a Singapore company. This information would be very helpful especially to foreign individuals and companies who are willing to try Singapores business competitive edge.
These are the things you need to before you can form a Singapore company:
Company name: The company name must be unique, desirable and must be approved by Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
Shareholders: You are required to have a minimum of at least one corporate or individual shareholding and a maximum of 50 shareholders. Shareholders can either be 100% foreign or a combination of resident and foreign shareholders. 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 EntrePass/Employment pass holder with a registered address. Directors should be 18 years of age and should not have a history of bankruptcy.
Company Secretary: You are required to appoint a company secretary who should be a resident in Singapore within six months of incorporation.
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 minimum issued capital is one share of par value. "Bearer" shares or "No par value" shares are not permitted. The Share or paid-up capital can be increased anytime after incorporation of the company.
Registered address: The registered address must be a physical address and cannot be a PO Box. Use of residential address is allowed for certain types 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.
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.
