FACTUAL INFORMATION
A company is a legal entity separate and distinct from its shareholders and directors
There are 3 types of companies:
- Exempt Private Company
-
- 20 shareholders or less and no corporate holds beneficial interest in the company’s shares
- Private Company – 50 shareholders or less
- Public Company – can have more than 50 shareholders
A company is a separate legal entity and can sue or be sued in its own name. A company can own property and shareholders
not personally liable for debts and losses of the company. Profits of the company are taxed according to corporate tax rates.
To form a company it must have :
- At least one shareholder
- Any person above the age of 18 years
- At least one director “ordinarily resident” in Singapore
- If a foreigner wishes to act as a local director of the company, he can apply for an Employment Pass
under the Entrepreneur Pass Scheme.
Formalities and expenses of incorporating a company :
- More costly to set up and maintain
- More formalities and procedures to comply with
- Must appoint a Company Secretary within 6 months of incorporation
- Must appoint an auditor within three months after incorporation unless the company is exempt from audit requirements
- Annual Returns must be filed
- Statutory requirements for general meetings, directors, company secretary, share allotments, etc.
The continuity and transferability of the company are as follows:
- The company, as a separate legal entity, does not cease to exist if one or more its shareholders die
- Its corporate existence lasts as long as its shareholders decide it should. A company’s life is usually perpetual
- Ownership of a company can be transferred and additional shareholders can be appointed
SCOPE OF SERVICE AND PRICING
Here at SG Asia, we understand that too many different fees/packages are confusing for new entrepreneurs or current business owners. Hence, we only have one incorporation package to cater to all needs, add on other services only when it’s needed.
Incorporate your company at $388
Formation of company (excluding government fees):
– 12 months Company Secretary
– 12 months Company Registered Address [ Add $120 only ] usual fee: $180
- Company Startup Kit
▶ Constitution of the Company
▶ ACRA Company Business Profile
▶ E-Notice of Incorporation
▶ First Director’s Resolutions
▶ Share Certificates
▶ Self-Inking Rubber Stamp
Enhanced add-on:
$100 – annual returns filing for 1st year. Usual fee : $180
$120 – 12 months Company registered Address. usual fee: $180
$200 – 10 directors’ resolution during the 1st financial year. usual fee: $300 – $500
$200 – 2nd year retainer fees for secretarial services. usual fee: $300
$600 – Unaudited financial statements, corporate tax computation and submission for 1st year.