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Incorporation of Private Limited Company
What is a Company?
A company is an incorporated entity and once registered under the Companies Act, Chapter 50, it has legal personality to sue or be sued in its own name. It is different from a business firm and usually has the words 'Pte Ltd' (Private Limited) or 'Ltd' ( Limited) as part of its name.
A private limited company has a separate legal identity from its shareholders and its directors. Companies have a corporate tax exemption up to $100,000 net profit for its first 3 years of operations. Dividends to shareholders are tax free under the Singapore new one tier tax system.
One of the advantages of a limited company is that...
the shareholders are not liable for the company's debts beyond the amount of share capital they have subscribed.
Under the company's Act, formation of a private limited company in Singapore requires a minimum of 1 director, 1 shareholder (Can the same person) in the company and a Company secretary. Shareholders can be individuals or corporate entities owning 100% of its shares.
Directors have to be a natural person of full capacity & a legal age of 18 years. There must be a minimum of 1 Resident Director in the private limited company made up of either: Singapore Citizen / Singapore Permanent Resident / Entrepreneur Pass holder/ Dependent Pass Holder.
Procedures on Incorporation of Private Limited Company (Pte Ltd)
ACRA Company Name search and Reservation
Upon confirmation of the proposed company name, we will check the company name availability with ACRA. We will process the application, the company name will be referred to other Government authorities for approval and this will take from 2 weeks to 2 months depending on the case issue.
Upon approval, the company name will be reserved for 60 days from the date of application. Rejection of the proposed name may be due to identical name to another local company or an offensive name.
Registration forms preparation
- Type of Company
- Proposed company name
- Principal activities
- Particulars of directors
- Particulars of subscribers
- Share capital
- Registered address
Memorandum and Article of Association
We will prepare Memorandum and Article of Associate which contain the following information:
- Company Name
- The company's business registered address
- Members' liability
- Capital structure of the company
- Name of subscribers and the number of share subscribed by them
- The rules governing the internal management of the company
- Nominee Secretary Agreement
- Other related documents where required
Business Information Profile
Business Information Profile will be purchased from ACRA. Business profile is an electronic extract that provides information such as registration number, entity name, business activities, registration date, owners and charges of an entity. It is required to open a bank account under the entity's name or as a supporting document to licensing authorities.
E-Certificate of Incorporation
This will be issued by ACRA to confirm the registration of your newly established company.
Preparation of Minutes of first board meeting
Preparation of all relevant minutes for directors' and shareholders' meetings, the preparation of forms to be filed with the Accounting & Corporate Regulatory & Authority (ACRA). The first meeting has to be held within 18 months after incorporation.
Resolution to open corporate bank account
Preparing resolution, other related documents and signatory to assist in the opening of corporate bank account.
- ACRA Company Name search and Reservation (Inclusive)
- 3 bound copies of Memorandum and Articles of Association (M & AA)
- Registration forms preparation
- 3 sets of Business Information Profile (Inclusive) Worth
- 3 copies of E-certification of incorporation
- Personalized Compliance Corporate Kit, including common seal, share certificates, company stamp (Free)
- Resolution and all documents pertaining to opening of Corporate bank account
- 1 year Corporate Secretarial Services (filing fees to ACRA will be chargeable upon receipt)
- Provision of a local resident Company Secretary for your Company registered with ACRA for 12 months (Free)
- ACRA Incorporation fee (Inclusive)
- First Board Meeting and Post-Incorporation Documentation
Our Fees: Incorporation of Companies
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SGD $888.00 |