The formation of a private limited company will require certain compliances with the legal requirements in accordance with the Singapore Companies Act. A private limited company as distinguished from a partnership or a sole trader, is an incorporated company which enjoys certain advantages such as separate legal entity ie. the company is itself a separate person from its shareholders; limited in the sense that the liability of the company does not extend to its shareholders and perpetual succession in that the death of a member will not affect the continuance of the company. It is on the other hand not allowed to make any public offer of its shares and has restricted rights of transferring of it shares by the shareholders.
In order to form a private limited company, the following requirements must be adhered to:-
- The minimum number of member is ONE with a maximum of FIFTY for a private company.
- The minimum issued share capital is ONE (usually $1 each) .
- The company so formed must have at least ONE Director, whom must be an ordinary resident in Singapore.
- There must be at least ONE Company Secretary. The company must appoint an auditor within 3 months from the date of incorporation.
- The company will be subject to Income Tax at a flat rate of 17% (w.e.f. YA 2010) on its taxable income.
Our cost and disbursement for the formation of a new company will be $1200/- including disbursements.
With regards to the entering of foreigners to take up or continuation of employment, persons whom are neither citizens nor permanent residents will require an employment pass or a professional visit pass; and non-citizens who are not permanent residents earning not more that $2,000.00 per month will require a work permit under the Regulation of Employment Act.
STANDARD INCORPORATION COSTS ANALYSIS
| $ 600.00 | for our professional services rendered in connection with the formation of a Pte Ltd Company |
|
| Add Disbursements: | ||
| $ 300.00 | for incorporation of a local company with share capital | |
| $ 15.00 per name |
Application for Name Search | |
| $ 200.00 | for statutory records and common seal required under the Companies Act |
|
| $ 50.00 | for cost of printing and binding for 5 copies of M&A | |
| $ 10.00 | for the registrar of companies instant company profile | |
| $ 25.00 | for despatch, photostating and other incidentals | |
| $1200.00 | Total payable upon receipt of invoice | |
NON-STANDARD INCORPORATION COSTS ANALYSIS
For non-standard incorporation (e.g. conversion of sole-proprietor or partnership firm to a private limited company), fees would be higher based on additional secretarial time incurred.
| $ 700.00 | for our professional services rendered in connection with the formation of a Pte Ltd Company |
|
| Add Disbursements: | ||
| $ 300.00 | for incorporation of a local company with share capital | |
| $ 15.00 per name |
for application for Name Search | |
| $ 200.00 | for statutory records and common seal required under the Companies Act |
|
| $ 50.00 | for cost of printing and binding for 5 copies of M&A | |
| $ 10.00 | for the registrar of companies instant company profile | |
| $ 25.00 | for despatch, photostating and other incidentals | |
| $1300.00 | for total payable upon receipt of invoice | |
|
P/S: |
1. Normal secretarial services - $720 per annum payable half yearly in advance |
| 2. Audit and tax fees is based on the volume of transactions and time spent or agreed sum whichever is feasible. |
If you have further questions, please do not hesitate to call Ms Peggy @ 6533 7393 Ext. 115 or email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .