A private limited company in Singapore is a type of business in Singapore. The shares in a private limited company are held by no more than 50 people and are not available to the public. Furthermore, it is one of the most popular forms of company in the city-state. These companies in Singapore usually have names that ends with “Private Limited” or “Pte Ltd”.
One of the most important issues you will need to deal with when setting up a company in Singapore is how to register new company. There are three basic options available to start a business entity in Singapore – the formation of a Limited Liability Company (LLC), the establishment of a Public Company or a Partnership. Each of these options has their own advantages and disadvantages. If you choose the option of forming a private limited company, you should be very careful about the law and regulations associated with it. You should get expert help from a corporate service provider if you are not familiar with the intricate details.
If you have decided on the second option of establishing a Public Company in Singapore, you will need to comply with many rules and regulations, including the payment of taxes and paying the annual tax as set out by the government. This is a safe option only for those who have successfully managed a private limited company, as managing a public limited company takes a lot of skills and experience.
When you are ready to proceed with company incorporation in Singapore, you will need to register the Memorandum and Articles of Association of the company. It is mandatory to file the Memorandum and Articles of Association when you open a company in Singapore. The Memorandum and Articles of Association serve as contracts between the company and its members, and also among the members themselves. All members have the rights to have the Memorandum and Articles of Association observed.
After submitting your Memorandum and Articles of Association, all the other relevant paperwork required to register your company in Singapore is sent to the Accounting and Corporate Regulatory Authority (ACRA) for further processing. The register of companies is the last document that you need to submit before the process of incorporating your business starts. In order to register the company, the names of the company founders are required to be entered in the register. The next step is then to submit an application for a business license. And finally, you will need to get a certificate of registration.
There is a lot more to company incorporation in Singapore than just filing all the necessary documents. You will need to consider your legal and ethical responsibilities towards the company and fellow investors. In addition, you will also have to deal with a lot of unfamiliar business terms. Fortunately, there are several experienced and qualified professionals who can help you get started with incorporating your business in Singapore.