Private Limited Company in Singapore
The most popular form of business organization in Singapore. Unlike such forms of business organization as private entrepreneurship and partnership, such a company has a legal status separate from its shareholders and directors, whose liability for the company’s obligations is limited to the amount of contribution to the company’s authorized capital.
PLC registration conditions
Singapore Limited Company Licenses and Permits: Certain businesses are licensed by government agencies in Singapore. Once your company is registered, it will not be able to start operations until it receives the necessary permission or license from the responsible government agency. International trade and/or the provision of services do not require licensing.
Singapore Private Limited Liability Company Registered Office Hours: Your company must have a registered office and the office must be open to the public for a minimum of 3 hours per day during daytime hours on weekdays.
Singapore Private Limited Company Registration Number: Unique Entity Number issued by ACRA and must appear on all outgoing documents, invoices, and other documents used for business communications.
Singapore Goods and Services Tax Registration: Goods and Services Tax (GST) is a tax on the consumption of goods and services in Singapore and on the import of goods into Singapore. Goods exported from Singapore and international service that runs from Singapore are exempt from the GST. The GST rate is 7%.
All Singapore companies must register for GST if the revenue from the sale of goods and services eligible for the GST exceeds S $ 1 million per year. Registration of a payer for goods and services tax in Singapore must be completed within 30 days of reaching the threshold.
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Register Limited Liability Company in Singapore jurisdiction with professional assistance. We will help you to open a company & bank account in Singapore successfully.
Timeline
The period of registration of an PLC in Singaporeis approximately 4 weeks. It consists of Engagement planning company incorporation, corporate bank account approval, corporate internet banking approval, engagement completion.
Fees
The state duty for registering a company is 239.5 USD (324.56 SGD). 11.4 USD (15.45 SGD) is charged for name approval. The registration fee itself is 228.1 USD (309 SGD). Tariffs are periodically changed by the state and they vary depending on the rate of the Singapore dollar.
Compulsory regulation
- at least 1 shareholder (natural or legal person);
- at least 1 director (only individuals over 18 years old);
- at least 1 director – a resident of Singapore;
- at least 1 company secretary;
- the minimum initial paid-up authorized capital is S $ 1;
- address of the registered office in Singapore.
EntrePass applicants are required to pay a minimum of S $ 50,000 in registered capital.
Documents
You should provide the list of the following documents:
- Passport
- Proof of address
- Legal address approval
- Name reservation application
- Articles of Organization
- The Singapore Trade and Companies Register registration number
If a legal entity acts as a shareholder, you need a set of constituent documents, from which you can see:
- that the company is duly registered;
- who is the director of the company;
- who are the shareholders of the company;
- who are the beneficiaries of the company.
Consultation about company registration
The specialists of our law company have many years of experience and the necessary knowledge to register a company in Singapore quickly and easily. Our lawyers, accountants, and business consultants will help you with the process of registering a company in Singapore and with the further conduct of your business.
Accountancy
Companies in Singapore are required to maintain accounting records and prepare annual financial statements that include balance, reports about incomes and material losses, explanation of reporting.
Taxes
Singapore has long attracted international business not only by its transparent taxation system, ease of doing business, and a developed banking system but also by such advantages as the absence of capital gains tax, the absence of bureaucracy, as well as the presence of a large number of signed agreements on avoidance of double taxation with various countries.
Bank account
If you decide to open a company in Singapore, you have to open a corporate bank account. This type of account is needed for the main business of the company, for internal expenses, payment for services, and providing net income for private entrepreneurs.
Other types of companies
If you feel like the Private Limited Company does not fit your needs, click the button below and you will see other legal forms like Public Company Limited by Shares, Branch Office or Holding Company.
Register Private Limited Company
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