Locally Incorporated Private Limited Company Summary
- Every company must have at least one director. Corporate directors are not permitted and at least ONE director must be either a Singaporean citizen, a permanent resident or an employment pass holder.
- The company may have a minimum of one shareholder, This shareholder may be either an individual or a corporation. Bearer shares are not permitted.
- Each company must have a local company secretary and maintain books of account which must be audited by a local auditor.
- Details of the company’s Directors, Shareholders and Secretary must be filed with the Accounting & Corporate Regulatory Authority and are on public record.
- Each year, each company must submit an annual return.
- Every Singapore registered company must have a local registered office which must be a physical address and not just a Post Office box.
- With the exception of certain companies, e.g companies who own residential properties, all shares may be owned by foreigners.
- Small companies which satisfy certain turnover requirements may be entitled to exemption from statutory audit.
Procedures for Registration of a Local Private Limited Company
- Before we can proceed you will need to provide us with the proposed name of the company, activities to be undertaken after incorporation, the proposed paid up capital, personal particulars of the proposed directors and subscribers and address of the registered office of the company.
- The incorporation will take approximately 3 working days depending on how soon the directors are able to come to our office to sign the incorporation documents and the response time of the Accounting and Corporate Regulatory Authority.
- It is a requirement of the Companies Act that the proposed directors and the subscribers of the company sign the Consent to Act as Director (Form 45) and other incorporation documents such as the Memorandum and Articles of Association…etc.
- We will require copies of the NRIC of the proposed director/shareholders if they are Singaporeans/Permanent Residents and Passports/ Employment Pass if they are foreigners.