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Singapore uses Pte. Ltd., meaning “private limited”. A private limited is the most common type of company to be incorporated in Singapore. It is a type of private company limited by shares and registered with Accounting & Corporate Regulatory Authority (ACRA) under the Singapore Companies Act. A Singapore Private Limited Company has a separate legal entity from its shareholders, and therefore they are not liable for the debts and losses of the company.
These are the basic requirements for local and foreign entrepreneurs planning to form a Singapore company:
- Minimum of $1 for the paid up capital
- Minimum of 1 local resident director (i.e. Singapore citizen, Singapore Permanent Resident or Singapore work pass holder) that is a natural person and above 18 years.
- Minimum of one local or foreign shareholder.
- Appointment of 1 local company secretary.
- Accessibility to an organization registered address.
In addition, here are the necessary documents needed for Singapore company registration. Note that all documents should be in English or officially translated in the English language.
- The approved name of your Singapore corporation;
- A quick about the proposed business activities that your Singapore corporation will participate in;
- Particulars with the Singapore corporation’s directors, shareholders and company secretary (for instance name, address, citizenship, etc.);
- The corporation’s Memorandum and Articles of Association (MAA);
- Passport copies or Singapore Identity card (IC) copies of proposed shareholders and directors;
- Residential address proof of proposed non-resident shareholders and directors; and
- Details from the parent company if the shareholder is really a corporate body.
The application can be made online and can be setup in a day’s time. There are only two steps needed to register and form a Singapore company. This includes securing name approval by filing an online application with the Companies Registrar and submitting the incorporation documents once the name is approved. Incorporation of a Singapore company can be very easy and quick as long as all the documents and requirements are available. There would be absolutely minimal formalities in the process.
Note also that for foreigners to register a Singapore company, a service from an authorized business registration firm is required. This is because Singapore does not allow foreign individuals or entities to self-incorporate a Singapore corporation.
On the other hand if you are a local resident, you are given a choice to self-register a Singapore corporation. Keep in mind that in case you are self-registering a Singapore corporation, all the directors, the organization secretary and shareholders must either be Singapore citizens, Singapore PRs or Singapore work pass holders.
Rikvin provides assistance to form a Singapore company, a complete corporate solution under one roof for Singapore company registration of private limited companies, formation of offshore companies with opening of corporate accounts, business registration including accounting, tax, immigration related to work passes visa and compliance services in Singapore.
Article Source: sooperarticles.com/business-articles/what-pte-ltd-singapore-company-means-236857.html
Author: Shayne Hughes