If you are considering the thought of relocation of your existing company or the registration of a new company in Singapore, this guide for company registration in Singapore would help you in limitless ways.
One of the first things that you need to remember while opting for company registration in Singapore is that a big majority of companies in the Asia’s financial capital are registered as private limited liability companies (also called private limited companies). This company is a different legal entity and shareholders of the company are not liable for debts of the company beyond the amount of share capital contributed by them. The second thing that you should know is that any person (local or foreign) above the age of 18 can register a company in Singapore.
Here are some important facts about company formation:
- The name of the company must be approved before incorporation of the company in Singapore can happen.
- A minimum of one resident director (a permanent resident, a Singapore Citizen, or a person who has been issued an Employment Pass, Dependent Pass, or Entrepass) is mandatory. There is however no limit on the number of additional foreign or local directors. The directors must not be bankrupt and should not be convicted of any malpractice and they must be at least 18 years of age.
- A private limited company in Singapore can have a minimum of 1 and a maximum of 50 shareholders. Hundred percent of local or foreign shareholding is permitted and a director and shareholder can be the same or a different individual.
- Within 6 months of its incorporation, every company must appoint a qualified company secretary as per Section 171 of the Singapore Companies Act. The CS must be a natural person who is an ordinarily resident of Singapore. If the company has a single director/shareholder, he or she cannot act as the Company Secretary.
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