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Private Limited Company in Singapore

Private-Limited-Company-Singapore

The Singapore private limited company registration guide given in the excerpt is a great help to the local entrepreneurs who wish to setup a company here. According to the Singapore Companies Act, every private limited company should engage at least one local company secretary.

A private limited company is a business entity registered under the Companies Act, Chapter 50. It has a legal personality i.e. it has rights to own properties, has perpetual succession and can sue or be sued in its own name.

It usually has the words ‘Pte Ltd’ as part of its name. This type of company is very popular in Singapore and the majority of companies that are incorporated in Singapore belongs to this type.

Private Limited Company

This legal entity is:

  • A locally incorporated company where the maximum number of shareholders is limited to 50.
  • Where liability of the shareholders is limited to the capital amount they have used to buy shares.
  • Has perpetual existence and does not depend on the membership of any of its shareholders.
  • When the shares are sold, the owner loses the ownership of his share in the company.
  • Shares are sold to acquire new capital for expansion of the company.

Exempt Private Limited Company

This is also a private limited company.

  • The number of its shareholders is not more than 20 and none of its members can be a corporation.
  • Which is completely owned by the Government and which the Minister, in the interest of the nation, declares to be an exempt private limited company by issuing a notification in the Gazette.

Company Directors, Secretaries and Auditors

Directors – A newly registered company must have at least one nominee director who is an “ordinarily resident” in Singapore. Failing that, a director must have one of the following documents issued by the Government of Singapore.

  •  EntrePass
  •  Employment Pass
  •  Dependent Pass

Company Director

Since 1st of March 2009, a person who is 18 years old or above may be appointed as the director of a company. There is restriction about not appointing persons who are bankrupts, convicted of dishonesty and frauds as the director of any company.

Secretary

A newly registered company must appoint at least one a company secretary within 6 months of its registration. Such an individual must be permanent resident of the Singapore. Legally, such an individual cannot be company’s sole director. It is mandatory for the secretaries of the public companies to uphold the section 171(1AA) of the Companies Act of Singapore.

It is binding requirement that a company secretary must have at least one of the qualifications mentioned below:

  • Company secretary of a business organization for at least 3 of the 5 years immediately before his engagement as the company secretary of the public company.
  • Qualified professional under the Legal Profession Act (Cap. 161).
  • Public accountant registered under the Accountants Act (Cap. 2).
  • Registered member of the Singapore’s Institute of Certified Public Accountants.
  • Registered member of the Singapore Association of the Institute of Chartered Secretaries and Administrators.
  • Registered member of the Association of International Accountants (Singapore Branch).
  • Registered member of the Institute of Company Accountants, Singapore.

Auditor

A new company must appoint a qualified auditor within the 3 months from its registration, unless it is exempted by law from audit requirements under Section 205B, or 205C, of the Companies Act.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@accountingservice.com.sg

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