Singapore appeals to a wide range of entrepreneurs with its robust business environment and strong financial framework. From trading firms to e-commerce companies, industries across the board are increasingly choosing Singapore for sustained business growth.
If you want to initiate your business journey, selecting a private limited company in Singapore is a viable option. The Accounting and Corporate Regulatory Authority (ACRA) is the apex body responsible for registering business entities in Singapore. If you seek to register such a structure, BSW can help navigate all the legalities.
What is a Private Limited Company?
A private limited company is a privately owned business with limited owners' liability to shares. Its shares aren't traded publicly, and it can't invite public subscription. Popular among small and medium enterprises, it offers limited liability and a separate legal identity, enhancing credibility and raising capital.
Perks of Setting up a Private Limited Company in Singapore
These are the benefits of setting up a Private limited company in Singapore:
i) Access to Thriving Markets
Singapore offers a thriving market for a diverse range of businesses, including trading, retail, finance, and others. Additionally, its strategic location and ties with various nations pave the foundation for a seamless international business.
ii) Access to Double Taxation Deduction
Companies involved in global ventures can benefit from a double-taxation scheme for expenses incurred from business-related endeavors, such as participating in overseas trade fairs and leveraging product design for non-resident markets.
iii) Comprehensive Share Ownership
The owner of the company, whether a local or a foreigner, enjoys exclusive ownership of the company’s shares. It ensures amplified stability and zero conflicts with the shareholders.
iv) Limited Liability
All the shareholders within the company enjoy limited liability. It signifies their liability does not exceed the amount they have invested as capital.
v) Minimal Capital Requirements
PLCs in Singapore do not require significant capital. It translates to seamless incorporation and minimal reporting.
Requirements for a Private Limited Company in Singapore
These are the requirements for registering a private limited company in Singapore:
- At least one director must be a Singaporean national.
- At least one shareholder
- Appointing a company secretary is mandatory.
Note: The CS must meet the qualification requirements set out in the governing legislation.
How to Proceed with Private Limited Company Registration in Singapore?
Establishing a Singapore Pvt. Ltd. requires navigating complicated registration requirements. To ease the blow, you can leverage the given steps:
Select a Company Name
Before a company can be incorporated, it must be assigned a name. The name must not match the company name of an existing business. The name must then be submitted to ACRA for review and approval or disapproval. In most cases, the approval process takes 1-2 hours unless the proposed name contains restricted words.
Draft a Memorandum and Articles of Association
The next step in setting up a company in Singapore is drafting an MoA and AoA.
Filing for Incorporation and Approval from ACRA
The next step is to file the incorporation request and obtain approval from ACRA. This can be completed early, assuming all the incorporation documents are ready and have been duly signed by all the persons involved.
Appoint an Auditor
All companies incorporated in Singapore must appoint an auditor within 3 months of incorporation, unless the company is exempt from the auditing requirements. To be exempted, the number of individual shareholders in the company must be less than 20 with no corporate shareholders, and its annual turnover must be less than S$5 million.
Post-Incorporation Processes
Once the registration is completed, you can go forward with completing all the typical post-incorporation tasks:
- Open a corporate bank account
- Obtain the necessary business licenses as may be applicable to your company’s business activities
- Set up a website
- Order business cards and stationery as required
- Set up a bookkeeping system for your company’s financial affairs or engage the services of a professional accounting firm
- Recruit staff as necessary
Documents Required for Setting up a Private Limited Company in Singapore
You need to arrange the paperwork before availing of BSW’s services for PLC formation:
- Memorandum and Articles of Association
- Company Secretary’s particulars
- Proof concerning the registered business place
- Details of directors and shareholders
- Shareholder’s agreement
- ACRA-issued name approval certificate
Services Offered by Business Setup Worldwide
Business Setup Worldwide (BSW) offers the following services to you:
Bank Account Opening Services
Ready to open a bank account? BSW provides simple banking options to help you handle your transactions smoothly and efficiently.
Skip the long wait by using our shelf company services. Get a ready-made business structure quickly and affordably.
Intellectual Property Services
Protect your original work and innovations from misuse. Our intellectual property services secure your creations and trademarks against any infringement.
Planning to move abroad to your dream destination? Our expert residency visa services can assist you.
Notarization and Attestation Services
Ensure the legality and authenticity of your vital documents. BSW's notarization and attestation services certify the validity of official signatures and certificates.
Registered Agent Services
BSW provides registered agent services with secure administrative support, including email reception and call forwarding, for our clients.
Why Choose BSW For PLC Formation?
Business Setup Worldwide (BSW) is a premier partner for a wide range of business needs, including incorporation, tax compliance, accounting, and bookkeeping services. Thousands of companies have leveraged our services to streamline their operations, finances, and IP-related affairs.
Our expertise in global incorporation and local laws makes us a standout service provider. We ensure the expedited delivery of services with no margin for error, ensuring peace of mind for our clients. Contact us today to initiate a hassle-free business journey in Singapore.
