open an exempt private company in singapore
TRANSCRIPT
Open an Exempt Private Company in SingaporeA presentation brought to you by CompanyFormationSingapore.com
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Why Open a Company in Singapore?
• Foreign enterprisers choosing to open a company in Singapore have the possibility to select from several business structures according to their needs.
• One of the most sought and advantageous types of companies one can set up in the city-state is the limited liability company.
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Types of Limited Liability Companies in Singapore
• The Singapore Company Law makes a clear distinction between the three types of limited liability companies one can incorporate based on the number of shareholders:
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the private company which can have a maximum number of 50 shareholders;
the public company which can have more than 50 shareholders;
the exempt private company which can have a maximum number of 20 shareholders.
The Exempt Private Company in Singapore
• The exempt private company is one of the most advantageous types of companies to be set up in Singapore.
• Our company formation agents can provide you with more information about the Singapore exempt private company.
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Name of the Singapore Exempt Private Company
• The name of exempt private company comes from the fact that this type of business is not required to submit audited accounts if their yearly turnover is less than 5 million SGD.
• It is only required to file a solvency declaration.
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Features of the Singapore Exempt Private Company
• Apart from the fact that an exempt private company must have a maximum number of 20 shareholders, they must be natural persons.
• The Singapore exempt private company must also have at least one resident director, a secretary and a registered address in the city-state.
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Register an Exempt Private Company in Singapore
• The registration procedure for a Singapore exempt private company is the same as for any other type of structure.
• The following steps must be followed:
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selecting a company name;
preparing the incorporation documents;
submitting the incorporation documents together with an application form with ACRA;
filing for any additional or special licenses.
Finishing Registering the Singapore Exempt Private Company
• Once the company is registered with ACRA, there are a few more steps to be taken:
registration for the Singapore Goods and Services Tax (GST);
apply for the required business license; opening a corporate bank account,
registration for the Central Provident Fund (CPF);
registration for the Skills Development Levy (SDL).
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Licenses for Exempt Private Companies in Singapore
• Certain types of companies will require special business licenses before starting operating.
• Our Singapore company formation representatives can assist you in applying for special permits in the city-state.
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Company Formation Services in Singapore
• Our local representatives specialize in company formation and tax consultancy.
• For assistance with the registration procedure of an exempt private company, do not hesitate to contact our Singapore company formation agents.
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Thank you for your attention!
For more information, please contact us at:
+ 852 8191 3385
www.opencompanysingapore.com11