Creating a company might seem like a simple task but it is a big decision. Before you create a company in Singapore, it is best to look at all the options and choose the one that is best for your business size. One of the most convenient type of business is a private limited company. There are a number of advantages which make it a preferred choice for many business owners. If you have considered all the options and think that a private limited company is the best for you, here are all the requirements with regard to the incorporation of the same.
Requirements for the incorporation of a business as a private limited company.
The name of the company should be approved by ACRA. The company should have a minimum of one shareholder and a maximum of 50 shareholders. They could be individuals or corporate entities and there is no specific restriction on their residency. Further, the initial paid up capital of the company should be a minimum of S$1 at the time of incorporation. It is mandatory to have a physical address for the office and the financial documents of the business should be maintained at this address. There should be one resident director and he should not be underage. It is also mandatory to appoint a company secretary who would look after all the legal issues of the company. Every business owner will be required to file the constitution document of the company at the time of incorporation. These include the Memorandum of Association and Article of Association. The constitution of the company should be carefully drafted by the business owners.
After the business has been registered, you will receive the certificate of incorporation in the name of the company. After the receipt of the certificate, you can start your business operations. However, there are certain documents you will be required to submit.
Share certificate: The company secretary will be responsible to provide each and every shareholder with a share certification.
Documents for the bank account: The company will require a bank account in its one name and once it is registered, you will have to open a current account for financial transactions.
Seal and stamp: The company should have a seal and stamp in order to be legally recognized. If the documents do not carry the seal, they will not be considered valid.
It might feel like a big task but the documentation process is simple and straightforward. Getting a company registered in Singapore is a quick and simple process. Professional consultants can help you with the registration of your company and will also help you in the entire process of application and documentation. In order to ensure that you are taking the right path, you may hire a consultancy like this. It will help you start your business at the earliest without causing any stress. It is ideal to ensure that everything is in place before you embark on your new business.