Limited Liability Company LLC Singapore

Singapore is renowned for being a convenient location for conducting business and has consistently earned several honors and prizes for being the most conventional city. It has maintained its distinctive tradition while fervently embracing every technological challenge. 

Therefore, setting up a private limited liability company in Singapore has become the newest trend among modern firms and global corporations. By establishing a firm, one may not only reap a lot of benefits but also gain access to untapped Asian markets.

Each shareholder's responsibility in a limited liability corporation is as much as their stake in the business. If you want to establish a company organization in Singapore that will be successful for a long time, the economic climate appears to be more favorable for an LLC.

So let’s get into the topic in depth in this blog.

Features of Limited Liability Company Singapore

Singapore is considered as one of the lucrative place to do the business. Learn more about the 7 reasons to start business in Singapore and here have a look on the features of LLC:

  • It is a separate legal entity from its members and directors
  • A minimum of one shareholder is required
  • At least one director who is an ordinarily resident of Singapore is mandatory.
  • An LLC must appoint an auditor within three months after incorporation unless the company is exempt from all the audit requirements.
  • Annual returns must be filed.
  • Must select a company secretary within 6 months of incorporation.

Procedure to Setup a Private Limited Company Singapore

If you are interested in forming an offshore company in Singapore, but not sure about the decision, then learn about the 7 benefits of offshore company registration in Singapore and the steps for LLC incorporation in Singapore are as follows:

1. Finalize the Business Name

The first step towards your LLC registration in Singapore is choosing a name for your company. The name must not resemble any existing company name in Singapore. Next, the proposed name must be submitted to the Singapore Accounting and Corporate Regulatory Authority (ACRA). They will cross-check and send you notice of approval/a disapproval.

2. Draft the MOA and AOA

The second step is to draft the company’s Memorandum and Articles of Association (MAA). It must include all the information about the company and its shareholders. Finally, the drafted (MAA) must be signed by the shareholders before the registrar.

3. Submit the Required Documents

The next step is to send the incorporation application along with all the required documents to the ACRA. They will review every document for authenticity, and if everything is according to the law, they will approve your request.

4. Open a Bank Account

After the company is incorporated, you must register for the taxation services, open a bank account, obtain the necessary business license, set up a bookkeeping system, and recruit staff if necessary.

Documents Required for Singapore LLC Formation

The following documents must be provided upon the incorporation of a Singapore Limited Liability Company:

  • The shareholder’s identification papers, which can be the ID in the case of Singapore citizens and the passport in the case of foreign citizens.
  • Information about the company’s director or managers and the company secretary.
  • The company’s Memorandum and Articles of Association must be notarized.
  • The receipt shows the payment of the company registration fee with the Trade Register.
  • An office rental contract can represent proof of the registered address in Singapore.
  • Additional information will be required if one of the shareholders is a company.

Foreign investors prefer the LLC because the company's shareholders will have limited accountability for the obligations and debts. However, if you are still reluctant to complete the procedure on your own, you can always take the help of an agent from Singapore to carry out the registration procedure. 

We at Business Setup Worldwide do just that for you. Our services include company incorporation, registration, visa, taxation, accounting and bookkeeping, IP, and corporate secretarial services. Contact us today – we’d be happy to assist you.

FAQs

What type of business liability does a shareholder enjoy in Singapore in terms of LLC?

Limited liability means each shareholder's maximum liability should not exceed their investment in the Company.

Can one transfer their business ownership to in LLC?

Simple to transfer either full or partial ownership of the business.

What is the main advantage of LLC?

Highest credibility.

Does LLC have a separate legal entity?

Yes.

How many shareholders are needed for a private company?

More than 20 but fewer than 50 shareholders.