Well, you have five different options for creating a company in Singapore. A private limited company is the most flexible type of business incorporation among them all. The long list of advantages makes the private limited company a preferable option among those willing to incorporate a business in Singapore. Here, we are providing a brief about requirements for registering a private limited company in Singapore.
Minimum Setup Requirements for Singapore Private Limited Company :
The Singapore law gives a few minimum requirements for incorporating a business in Singapore.
- Company Name: The company name registration Singapore must be approved by Accounting and Corporate Regulatory Authority (ACRA), the government agency responsible for the registration and regulation of business entities in Singapore.
- Shareholders: Minimum 1 and maximum 50 shareholders can form a private limited company in Singapore. The shareholders can be individuals or corporate entity. There’s no restriction on resident and foreign shareholding too.
- Initial Paid-up capital: A minimum of S$ 1 or its equivalent in other currencies is required at the time of incorporation. This amount can be changed at any time after the incorporation.
- Registered address: A physical address for the office is mandatory. All notice and legal documents will be sent to this registered office address only. All the financial registers and documents of the company must be maintained at this address.
- A resident director: A minimum of 1 ordinarily resident of Singapore must be appointed as a director. The person must not be underage and must not have any criminal record in the past.
- Company Secretary: It is mandatory to appoint a competent company secretary who can take care of all the legal affairs of the company. This will be one of the most important appointments so be sure to get a company secretary from the trusted source like Sandhurst Consultancy.
- The constitution document: You will need to file your company’s constitution document, commonly known as Memorandum and Article of Association, at the time of incorporation. Each of the company’s affairs will be governed by this constitution so devote your time and take help from experts to draft the constitution for your company.
Important proofs and documents required after incorporation of the company :
Once your business gets registered as a private limited company in Singapore, you’ll get your certificate of incorporation. This certificate gives you the right to start your business operations. But, there are still some documents you need.
- Share Certificate: It will be the responsibility of your company secretary to provide each shareholder with their respective share certificate.
- Bank Account Documents: Being a separate legal entity, a private limited company needs a bank account in its own name for doing any financial transactions. So, as soon as the company gets registered, you’ll need to open a current bank account in its own name.
- Company Seal and Stamp: It is legally required for every Singapore Company to have its company seal and stamp. Any documents of the company will not be valid unless it bears company’s seal and stamp.
It may seem daunting, but, in reality, documentation and paperwork is not a complex task in Singapore. If you get the help of the right consultancy from the very beginning, you can start your business full-fledged in just one week.
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