Things You Should Know About Setting Up A Private Limited Company In Singapore
Registering a Singapore private limited company will let your business stand as a separate legal entity. This will bring in a lot of benefits for you as a business owner, and hopefully, you have already realized that so you are looking to open a private limited company in Singapore.
Like any other type of company in Singapore, the first thing you will need to do is register your private limited company, and you do it online with the Accounting and Regulatory Authority.
Requirements for Registering a Private Limited Company in Singapore
Here are the requirements for you to know before approaching the ACRA.
Business Name
- You will need to propose a name for your private limited company. Here are the guidelines for that.
- The name can’t be vulgar.
- The name can’t be as same as an existing company.
- The name can’t be reserved.
Company Director
You will need to have at least one company director above the age of 18. The person can be a Singapore citizen, Permanent Resident Holder, or a foreigner. Anyway, if you are a foreigner, you will need to have an Employment pass or Entrepass if you are running your business in Singapore.
Shareholders
You will need at least one shareholder to register a Singapore private limited company. The maximum number of shareholders is 50, and the shareholding can be individual or corporate. Individuals or companies from all over the world can be registered as shareholders.
Company Secretary
You will need to appoint a Singapore citizen or a permanent resident as a company secretary within six months from the time you register your business. You are recommended to outsource the secretary services in Singapore. Contact us, Anusule can help you with that.
Auditor
You are required to appoint an auditor within three months of your Singapore Private Limited Company incorporation. Contact us again; we can help audit your accounts. Anyway, you can be exempted by this rule if you fulfil the following conditions.
There are less than 20 shareholders in the company, and none of the shareholdings is corporate.
The annual turnover is no more than S$5 million.
Registered Address
You will need to register an address for your business. The address must be an existing physical address and not PO Box address.
Paid Up capital/Corporate Taxes
The minimum paid up capital for a Singapore company is S$1. About taxation, you will need to pay a maximum of 9% for the first S$3,00,000 annual profits and a flat rate of 17% after that.
You approach ACRA with all the documents supporting the requirements pointed above. Also, remember, if you are foreigner opening a company in Singapore, you will need assistance from inside the city-state to register your company. Just call us or send us an e-mail, we will be glad to help you with registering your business in Singapore.
License
After registering your private limited company in Singapore, the next thing you do is gain all the required permits to be able to conduct the business transaction. Remember to get legal advice heading into the matter.
Annual general meeting (AGM)
Your private limited company will need to hold an annual general meeting each year.
Annual returns
You will need to file annual returns within one month if your company is incorporated.
Tax filing
You will need to file your taxes within November 30 each year. You could decide to take our tax filing services to make it easier for you.
Fiscal year determination
You will need to decide on your financial end year (FYE), do it according to what you feel will be convenient.
Opening a private limited company in Singapore? Contact us; we make your job easier with incorporation, tax and auditing services. Here is more about us.
