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A company is an entity which is recognized legally as separate from the persons who formed it or who are shareholders in the company.
A business can be run by one person (a sole proprietorship) or by two or more people together (a partnership) or through a limited liability partnership (LLP).
A business is not distinct and separate from the people who run it.
A private limited company is a separate legal entity in its own right. Therefore the directors and shareholders have limited liability as long as the business is operated legally and within the terms of the Singapore Companies Act.
If you own a business or are part of a partnership, you are personally responsible for the debts and liabilities and your personal assets can be taken by creditors towards payment of these debts.
You register the company with the Accounting & Corporate Regulatory Authority ("ACRA") to incorporate a company under the Singapore Companies Act.
A registration fee is payable for the incorporation of a new company limited by shares.
Firstly, you choose the name of the proposed company and search the availability of that name with ACRA. Assuming the name is available, it is then reserved for 60 days online through ACRA. After the name has been approved, you will have to inform your company secretary to incorporate the company online. Details of the Director(s), issued/paid-up share capital, shareholder(s) and primary business activities are submitted. The time frame for incorporation (for local directors) is within 1 day. With foreign Directors on board, the incorporation process can take a little longer.
Incorporation forms such as Form 45 and Form 49 are also completed for the secretarial records to show that all the company's officers agree to their responsibilities and terms of appointment. This paperwork is not required by ACRA, but most companies prefer to have hard copies of agreements for the purpose of transparency.
A hard copy of the Certificate of Incorporation, notarized by an ACRA officer, can be ordered from ACRA, if required.
For a business, you are required to register with ACRA under the Business Registration Act. You must choose your business name and submit an Application for Approval for a Business Name and Application to Register a Business Firm. A registration fee of $65.00 is payable.
Upon registration an email notification will be issued to you which is valid for one year and renewable annually at S$ 20.00.
Yes, certain names including references to Government bodies and professional bodies will need justification. A name cannot be registered if it is the same (or sometimes, very similar) as an existing company - unless a successful appeal is made to ACRA.
At Money Matters for Expats, we can incorporate your company within a day, once we receive all signed documents.
Yes, for certain specified groups; for example banking, insurance, financial services, consumer credit-related services, education, and employment and maid agencies.
A private exempt company is one that has less than 20 shareholders, all of whom are individuals, and the company must be solvent at all times. Once there is a corporate shareholder, the company will no longer be classified as a private exempt company.
A foreign company or branch is a company that is registered in Singapore with its head office outside Singapore.
Yes. Such a branch is also registered under the Singapore Companies Act. The following documents will be required together with the application fee:
• a certified copy of the foreign company's Certificate of Incorporation or registration document;
• a certified copy of the foreign company's charter, statue, constitution or memorandum or articles of association;
• a memorandum of appointment or power of attorney appointing 2 or more locally resident persons;
• a form by the foreign company giving the particulars of the directors at the time of registration;
• Notice of Situation of Registered Office and of Office Hours at time of Incorporation;
• Statutory Declaration by Agent of Foreign Company.
1. A company must have a minimum of one director and if there is only one director, he must be a local Resident Director (i.e., he must either be a Singapore Citizen, Permanent Resident, or a person holding an Employment Pass).
2. Money Matters for Expats can make arrangements for a nominee resident director, if you require this service. A deposit and letter of indemnity are required. There is no limitation on the number of Directors on board.
No, there are no general requirements of residence or qualification (although one of the Directors must be a local resident Director.) Undischarged bankrupts or persons subject to disqualification under the Companies Act Cap 50 cannot act as Director.
$1.00 per shareholder (congruent with currency of paid up capital).
The indicated issued share capital must be paid up immediately upon commencement of business transactions.
Any currency is permitted, although the Singapore Dollar is the preferred currency of choice and convenience.
Private Limited companies can only have registered shares. Bearer shares are not allowed.
One. The shareholder(s) can be a corporate body or an individual.