Scroll
Notification

Will you allow One IBC to send you notifications?

We will only notify the newest and revelant news to you.

How to set up a private limited company in Singapore?

Updated time: 02 Jun, 2022, 15:05 (UTC+08:00)

Singapore is well-known for its pro-business policies and anti-bureaucratic government movement. You can look at Singapore's position in the World Bank's Doing Business Ranking to see how simple it is to start a business there. And out of all business types available in Singapore, private limited companies are the most preferred by foreign investors.

Singapore is a country with a thriving economy, attracting a lot of
 attention from many investors

Singapore is a country with a thriving economy, attracting a lot of attention from many investors

So, what are the advantages of setting up a private limited company in Singapore? Exactly why do both foreign and local investors prefer this type? Most importantly, how to set up a private limited company in Singapore?

In this article, we give you detailed information and tips on how to set up a private limited company in Singapore.

What is a Singapore Private Limited Company?

A private limited company is a separate legal entity from its owners and is restricted by shares. It is recognized as a separate taxable entity. As a result, a Singapore private limited company's stockholders are not accountable for its debts or losses in excess of their share capital.

The following are the main requirements for setting up a private limited company in Singapore:

  • At least 01 shareholder and a maximum of 50 shareholders (individual or corporate entity)
  • 01 local director
  • 01 business secretary
  • A minimum of 1 Singapore dollar in paid-up share capital
  • A physical address in Singapore

Advantages of Setting Up a Private Limited Company in Singapore

Advantages of Setting Up a Private Limited Company in Singapore

Advantages of Setting Up a Private Limited Company in Singapore

The private limited company form would be very beneficial to a business owner wishing to start a holding or an offshore company. Consider the following advantages of setting up a private limited company in Singapore:

  • Have Distinct Legal Identity
  • Reduce Finance Risk Exposure
  • Promote Credibility
  • Raise Capital Easily
  • Enjoy Certain Tax Exemption
  • Transfer Ownership Easily

Documents required to set up a private limited company

The documents required to set up a private limited company in Singapore you will need are:

  • A distinctive and original business name
  • Director’s personal information
  • Each shareholder's personal information
  • The Company Constitution (formerly known as the Memorandum and Articles of Association) laying out all of the management guidelines, as well as the company's activities, membership, and shareholding structure
  • The physical address of the company
  • An explicit shareholders agreement

What Should You Do After Setting Up a Private Limited Company in Singapore?

After setting up a private limited company in Singapore, you will receive a Certificate of Incorporation, a Certificate of Shares, along with the company's business record.

Establishing a company in Singapore opens up many new development
 opportunities

Establishing a company in Singapore opens up many new development opportunities

However, you won't be able to start doing business in Singapore until you comply with the post-registration requirements that come with private limited companies. Following is a list of the steps you should take right after incorporating;

  • Apply for relevant business licenses and permits. One IBC will assist in providing these types of licenses
  • Hold the first Board Resolution in the first month of establishment. This is a special meeting to confirm the directors of the company
  • Open a corporate bank account with one of the many local and international banks based in Singapore
  • Appoint an auditor of the company within 3 months after incorporation
  • Appoint a company secretary within 6 months after incorporation
  • Apply for Goods and Services Tax (GST) if your company's annual taxable income exceeds S$1 million
  • Apply for the Singapore Central Insurance Fund (CPF) pension scheme
  • Hold the General Meeting of Shareholders (AGM) annually
  • Submit your company's annual revenue within 30 days of holding the AGM
  • File your company's corporate income tax annually by November 30
  • Apply for related government programs and incentives. For example, you might consider the Business Grants Program, Startup SG Tech, or Startup SG Accelerator. Singapore has a wide variety of options to choose from.

Start now with One IBC

These guidelines should make setting up a private limited company in Singapore simple for both locals and foreigners. However, working with a specialized business incorporation service provider like One IBC can make the process considerably quicker, faster, and more thorough.

One IBC knows everything there is to know about starting a business in singapore , as well as the processes involved in maintaining corporate compliance over time.

One IBC's diverse service ecosystem supports businesses

One IBC's diverse service ecosystem supports businesses

In addition to setting up a company in Singapore and 27+ jurisdictions, we also have a variety of other services that can support your overseas businesses, including opening a bank account, accounting & auditing, business licensing, trademark registration, virtual office.

Learn more about us at www.oneibc.com or contact our Hotline +65 6591 9991. We are always ready to hear from you.

SUBSCRIBE TO OUR UPDATES SUBSCRIBE TO OUR UPDATES

Latest news & insights from around the world brought to you by One IBC's experts

What the media say about us

About Us

We are always proud of being an experienced Financial and Corporate Services provider in the international market. We provide the best and most competitive value to you as valued customers to transform your goals into a solution with a clear action plan. Our Solution, Your Success.

US