The process to register private limited company in Singapore is the most common form of company formation Singapore processdone by Entrepreneurs. The process of company formation Singapore can be complicated. Unless you have attended an entrepreneur course catered especially to local Singaporean citizens and PRs, it can be confusing to find reliable information about the process of company registration Singapore.
To register private limited company in Singapore, there must be one or more individuals and up to a maximum of 20 members for Exempt Private Company, 50 members or less for a Private Company and more than 50 members for a Public Company.
In addition, after going through the process to register private limited company in Singapore, your new business will have a separate legal entity from its members and shareholders and can also be sued in its own name. All members have limited liability and are not personally liable for debts and losses incurred in the course of business by the Company.
Taxes vary depending your private limited company’s corporate tax brackets and profits. For more information, contact a firm that provides company formation Singapore services.
It is required for at least one Shareholder and one Director who are at least 18 years of age and a Singapore ordinary resident. To register private limited company in Singapore, there will also have to be an appointed Corporate Secretary who will act as the nature person within 6 months of incorporation. The Secretary has to be also at last 18 years of age and a local Singaporeresident. Undischarged bankrupts are not qualified to manage or permitted to go through the process of company registration Singapore unless they have the approval from the Court or the Official Assignee. Foreigners are not allowed to go through the process of company registration Singapore and strictly only Singapore Citizen, Singapore PRs, and EntrePass holder are eligible to even apply for company registration Singapore.
The private limited company exists until itsthe application for cessation is successful and struck off. In event of the death of a member, the Company will still continue provided that it fulfills the requirements. After the process to register private limited company in Singapore, you are required to file its annual returns and have to comply with statutory requirements for general meetings, directorships, company secretary, shares allotments etc.
More Information on Company Formation Singapore
In this article, we have just covered one (of many) entity types that you can select while going through the process of company registration Singapore. When taking into account sole proprietorship and partnership entity types, it may be difficult to weigh the advantages and disadvantages, and more importantly finding the entity type most suitable for your company registration Singapore process.
Making a wrong choice could lead to severe consequences in the future such as being personally liable for all your company’s debts. For more information regarding the process of company formation Singapore, contact one of our consultants at WLP Group.