Singapore Private Limited Company Incorporation
Starting and setting up a business is a big deal – something you might only do once in your life. Don’t risk getting it wrong elsewhere.
What are the benefits of incorporating a Singapore Private Limited Company?
In a nutshell
What is a Private Limited Company?
A Private Limited Company is a legal entity that is separate and distinct from its shareholders and directors. Private companies are not listed on the Singapore Stock Exchange (SGX) and have a maximum limit of 50 members.
Owners of the companies are known as shareholders. The shareholders then appoint directors to manage the company. According to the Singapore Companies Act, any person (foreign or local) above the age of 18 can register a Singapore Private Limited Company.
Who can start and incorporate a Singapore Private Limited Company?
Any person can incorporate and register a Singapore Private Limited Company, so long as the following requirements are met:
- Your company name needs to be approved before incorporation.
- You need to appoint a minimum of one resident director. An unlimited number of additional resident or non-resident directors can be appointed as well. Both resident and non-resident directors need to be at least 18 years old, not bankrupt, and free of any malpractice charges in the past.
- You can have anywhere between 1-50 shareholders, which may or may not be directors. Shareholders can consist of both local and non-local individuals or companies, and 100% non-local shareholding is allowed. After a Singapore company is incorporated, shares can be freely issued or transferred at any time.
- You need to appoint a qualified resident* company secretary within 6 months of your Singapore company’s incorporation. Sole directors and/or shareholders cannot act as the company secretary.
- You need to possess a minimum of S$1 worth of paid-up capital (also known as share capital) to register your Singapore company. This amount can be increased any time after your company is incorporated.
- You need to provide a local, physical Singapore address as the registered address of the company. The registered address can be either a residential or commercial address, but not a P.O. Box.
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Other Entity Types
Other Entity Types
A Sole Proprietorship is the simplest form of business structure in Singapore. It is mostly only suitable for very small single-owner type business that does not carry any risks.
A LLP is primarily meant for carrying a profession (e.g. accountants, law firms, architects, etc.) where two or more professionals would like to build a joint practice in a common field, and is not suited for businesses that carry a trade.
Frequently Asked Questions
Before setting up and registering your new company, you would need the following:
- You must have thought of your company name, and it has to be approved before incorporation.
- You need to appoint a qualified resident company secretary within 6 months from setting up your company. By incorporating you new company with Leftright Corporate, we provide complimentary 18 months registered company secretary services. Otherwise, you can view our registered secretary service HERE as well.
- Your company must have a minimum paid up capital of $1. You may increase this amount at any time after incorporation.
- The company must register a local Singapore address. The address can be either a residential or commercial address –– just not a P.O box.
In most cases, even if you are unsure or confused, please do not worry. Our business setup experts will be there to guide or complete the full process for you, according to your specification and requirements.
In order to register and incorporate your Private Limited Company, you would need the following documentations ready:
- A brief description of your business activities
- Director(s) particulars such as NRIC, address, name etc
- Shareholder(s) particulars such as NRIC, address, name etc
- The registered address of the company
- Particulars of the company secretary
Depending on the nature of your business, you may require a business license from the relevant regulatory authority. You may view a summary and example of requirements form our guide HERE.
For example, a restaurant as well as a financial services firm will need a license from their respective regulatory authorities.
Fortunately, bureaucratic hurdles are kept to a minimum in Singapore and most types of businesses do not require a license. Even if a license is required, you can be assured of a quick, efficient and straightforward approval process for your license application.
Upon receipt of all your documentations, and fully understanding your requirement, our incorporation expert would begin the registration process almost immediately.
Usually, it would take no more than 2 hours for your company to be incorporated, and you can begin operations.
For local residents, you can set up your Private Limited Company with a minimum paid up capital of $1. Aside from the paid up capital, you would also need to pay the fees associated with incorporating a company, such as name registration, and the incorporation fee itself.
By engaging Leftright Corporate as your service provider, we’d be able to register your business at a cost beginning from $350 upwards to $850 –– depending on your entity preference.
- All Singapore incorporated Private Limited Companies must appoint a Registered Company Secretary within 6 months from incorporation.
- Set up your business bank account, so you can begin operations and make transactions with stakeholders such as your customers and suppliers.
- Your new company would also be annual compliance matters such as annual returns filing, IRAS tax filings, preparation of financial statements and more.
If you are unsure, or need assistance, you may engage Leftright Corporate SME Business Services, we’d be happy to help.
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