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Singapore company types
In recent years, Singapore has become a high-profile investment market, following Hong Kong. More and more companies and individuals are considering registering a company in Singapore. The benefits of this are manifold: First, Singapore provides preferential tax exemption policies, which greatly reduces the cost of registering a company; second, companies registered in Singapore can radiate their business to the entire Southeast Asia and even the world, using Singapore as a The center of the business.
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Limited Liability Company (PTE LTD)
Limited Liability Company (PTE LTD) Ownership: Directors are responsible for managing the company, shareholders invest, and can appoint directors; Exempt Private Company: less than 20 members; Private Company: less than 50 members; Public Company (Public Company): Can have more than 50 members. Legal identity: independent legal person, all limited liability, can sue or be sued in the name of the company, can own real estate in the name of the company, company members are not personally responsible for corporate liabilities.
2.
sole proprietorship
Sole proprietorship: owned by one person (one person) Legal identity: non-independent legal person; unlimited liability of the owner; all this person needs to be responsible for the liabilities of the business; the object of prosecution can be the individual owner; if the individual has legal capacity, he can own it in the name of the business real estate.
3.
partner
Partnership Ownership: 2-20 partners. More than 20 people need to register a company. (Except Professional Firm). Legal identity: non-independent legal person; partners have unlimited liability; the object of prosecution can be a business; property cannot be owned in the name of the business; partners are personally responsible for the liabilities of the business (including liabilities incurred by other partners).
4.
limited liability partner
Limited Liability Partnership Ownership: 2 or more partners, partners can be businesses or individuals Legal identity: independent legal person, partner with limited liability, can sue or be sued in the name of the business, can own real estate in the name of the business, partnership No one is personally responsible for the debts of the business, and partners are personally responsible for debts caused by their own personal reasons.
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01
Select company type and name
Before registering a company, you need to choose your company type and company name. The company name must comply with the regulations of the Singapore Business Registration Authority and cannot be repeated or similar to an existing company name.
02
Appointed Director and Secretary
A Singapore company requires at least one director and one secretary. The requirement for directors of Singapore companies is that they are over 18 years old, and there are no restrictions on nationality or number of directors. The secretary must be a Singapore Citizen, Permanent Resident or hold an Employment Pass.
03
Preparing Files
Prepare documents required for company registration, including company articles of association, appointment letters of directors and secretaries, company share certificates, identity documents of directors and shareholders, registered address and lease agreement, etc.
04
Submit registration application
Submit the registration application and pay the registration fee. Normally, Singapore company registration takes 1-2 working days to complete.
05
Open a bank account
After successful registration, you need to open a company bank account. You will need to provide company information and documents required by the bank.
06
Start operations
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Responsibilities of shareholders and directors
shareholder
Ownership and Investments: As a shareholder in a company, you own shares of the company and have an interest in its ownership.
Shareholder Rights: As a shareholder, you have the right to participate in the company's decision-making, including voting at shareholder meetings, selecting directors, and reviewing and approving major company matters.
Profit Sharing: As a shareholder, you are entitled to a share of the company's profits, usually through dividends or equity appreciation.
Exposure: As a shareholder, your exposure to the company's debt and risk is limited, usually to the amount of shares you hold.
director
The minimum number of directors of a Singapore company is one, and the maximum number is usually stated in the company's articles of association. A Singapore company with only one director must have at least two public servants of the company, such as a director and a secretary.
At least one director must hold a Singapore residence status, which refers to a Singapore citizen, a Singapore permanent resident (PR), or a Singapore Entrepreneur Pass holder. Executive visa holders (EP) are also regarded as permanent residents of Singapore.
Directors must be at least 18 years old. The maximum age for a private company is unlimited. For a public company, the maximum age is 70. If you want to continue serving, you must be renamed at the company's annual general meeting.
These people are not qualified to be directors, bankrupts, criminals, and people who hold positions that are not suitable for the board of directors
The company's main business scope
A local company in Singapore can register two main business scopes. If the company's main business scope changes in the future, the main business scope must be modified through the legal secretary and submitted to the Accounting and Corporate Regulatory Authority of Singapore (ACRA).
When choosing to register your main business scope, you must choose according to the Singapore Standard Industrial Classification Code (SSIC CODE). The company must also choose at least one main business scope. The second main can be added later and won't be a problem.
The company's financial year
The financial year refers to the year in which the company's financial settlement is performed. Local companies in Singapore are free to choose the end of their financial year. The company's first financial year cannot exceed 18 months, and each subsequent financial year is calculated based on 12 months. If the company determines the end of the first financial year, no changes can be made within the next two financial years.
Address
60 PAYA LEBAR ROAD #12-03 PAYA LEBAR SQUARE SINGAPORE 409051
Phone
Office Phone: +65 62445900