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INCORPORATION OF A PRIVATE LIMITED
COMPANY
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 20% (w.e.f. YA 2005) on its taxable
income.
Our cost and disbursement for the formation of
a new company will be $900/- 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.
For Further enquiries, click
here
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