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GLOBAL INFO

Singapore

COUNTRY:

SINGAPORE

QUESTION:

ANSWER:

1.      What are the main types of companies in your country?

Limited liability companies which is often referred to as a Private Limited Company.   

2.      Which is the most preferred type of company by foreign investors?

Private limited company. 

3.      What are the basic capital requirements of this company? (minimum amounts, types of capital, deadline of capital contribution)

The minimum paid-up capital is $1.  

4.      What are the basic rules of shareholders liability for company debts in this company?

Shareholders are only liable to up to the amount of capital they have contributed.

 

5.      What are the basic management requirements for this company? (only natural persons, or nationals can be managers etc.)

There must be at least one director who is ordinarily resident in Singapore, i.e. a Singapore citizen, permanent resident or a foreigner holding a valid employment pass. He or she must be a natural person, have attained the age of 18 and be of full legal capacity. Corporate directors are not allowed.

6.      How long does the registration procedure of this company take?

Within 3 to 5 business unless the application needs to be referred to another government agency for approval or review, for which registration may take between 14 days to 2 months.  

7.      What are the main costs of formation of this company in local currency?

Name approval fee: SGD15

Registration fee: approx. SGD350

8.      What is the average attorney’s fee of the formation of this company in local currency?

SGD1,500 excluding disbursements, filing fees and 7% goods and services tax.  

9.      What are the basic publicity requirements of this company (filing of company changes, financial reports, etc.)

Changes relating to the change of directors, shareholders and registered office of the company have to be filed with the Registrar of Companies. Failure to do so will result in penalties.

The company is also required to file with the Registrar of Companies yearly annual returns which includes its annual financial statements. Failure to do so will result in penalties.

10.   What are the main auditor requirements?

The company must appoint an auditor within 3 months after incorporation unless the company is exempt from audit. The company is exempt from audit if it is a ‘dormant’ company or a ‘small’ company within the definition of the Singapore Companies Act (Cap. 50).