Here is our guide on the necessities and practicalities in setting up a Private Limited Company in Singapore. Please feel free to reach out if you have further queries
Key Legal Requirements
A minimum of 1 director is required and you must also have a director who is a permanent resident in Singapore. Directors must not be bankrupt or convicted of any malpractice.
A shareholder can be either a person or a legal entity, and you can have anywhere from 1 to 50 shareholders. There is no requirement to have a resident Shareholder.
You are required to have a Company Secretary who is both a resident in Singapore and suitably experienced with the statutory requirements. If you have only 1 director, they cannot also be the Company Secretary.
There is no minimum paid up share capital requirement. You can also have share capital denominated in currencies alternative to SGD.
Your registered business address must be a physical address and not a P.O. Box. In most cases it should also not be a residential address.
Registration steps and timeline
Company registration is done online via ACRA (Singapore Company Register). You will also require a CorpPass, and you must be a Singapore resident to hold this.
Key Compliance Headlines
- The company must hold its first AGM within 18 months of incorporation, and file its annual return within one month thereafter
- Following that, each AGM must be held within 6 months of the financial year end
- Tax returns are to be filed by November 30 of the year following the financial year end
- Estimated chargeable income is to be filed with the tax office within 3 months of the financial year end
- Financial statements are required to be audited if 2 of the following 3 conditions are met:
a) More than SGD 10M in revenue;
b) More than SGD 10M in assets;
c) More than 50 employees
Still a bit unsure about the process?
Please feel free to send us a message, and one of our team from our office nearest to you will get in touch to help you build your successful new business
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