Starting your business can be the most pleasing experience of your life if you sculpt the way delicately. One of the most crucial decisions to be taken in the care of company registration Singapore is to select the business unit type. Out of many establishments, the private limited company has been proven to be the most renowned and victorious business model in Singapore. Businessmen and Entrepreneurs from all across the world choose to venture out their business in the form of a private limited company in Singapore.
As you know, a private limited company in Singapore is a form of limited liability company whose number of shareholders is limited. It is the most famous and common type of business establishment in Singapore.
How can you set up a private limited company in Singapore with ease?
Below are a few requirements which must be met to get the company registered with the jurisdiction.
- If you and your partner are living in Singapore and want to incorporate a private company. Then make sure that one of you is a Singapore citizen, permanent resident, or bearer of employment pass.
- There is a limited range of shareholders and that is 1 to 50. The shareholder doesn’t need to be resident in Singapore. Foreign shareholding is accessed.
- You also need to mention the local office address and that has to be a physical one and not a P.O. box.
- There’s a need for the appointment of a company secretary within six months from the date of company incorporation is a necessity.
Registration of private limited company Singapore
- Company name reservation
- Company registration and papers
These steps could be done online. The use of modern electronics makes the process quick, easy, and simple.
Top Benefits of Private Limited Company Singapore
There’s limited liability for shareholders when it comes to private limited company Singapore. This form of business establishment is considered to be a dependent legal entity. Thus, the individual is liable for any loss or debt interrupted by business, and the liability of the shareholders is limited to the number of shares. Their personal assets remain secured. Shareholders have limited personal liability, thus liable only to the extent of their contribution. Personal assets are absolutely safe and fine.
Personal & Legal Identity
A private limited company has its unique legal identity, and this it can enter into legal paper works or agreements. It can own property and sue on the name. A Singapore private limited company has access, and it will continue to endure the structure even if its owner/shareholders resign, retire or die. Hence, you no longer have to worry about any kind of loss during such time.
Expand business easily
Capital indeed plays a major role when a company intends to expand its business. In a private limited company in Singapore, one can raise the collection easily by adding business partners, financing, and venture funds. The image of a private limited company is a good and renowned one. Securing a loan from the bank is easy for a Singapore-based private limited company. Investors are most likely investing money in a company.
Companies are entitled to tax incentives
A private limited company in Singapore is entitled to tax incentives and advantages, it is taxed at corporate tax rates. Under the rules of full tax exemption, a newly incorporated company can enjoy no tax benefits for the first three years on its revenue of $100,000 every year. With that in mind, the jurisdiction follows a tax system where these shareholders are not taxable.
Easy to Transfer Ownership
Ownership of a private limited company in Singapore can be transferred, either wholly or partially without having to disrupt the need to undergo any legal paper works. Transfer of ownership can be done by selling or part of its actual shares. Meanwhile, a private limited company in Singapore holds a powerful insight that can change the decision of your business. It brings credibility and seriousness among the business owners, partners, customers, and employees. It makes sense to register your company as a private limited company so as to avail yourself of the maximum advantages.
Get in touch with us!!
Bestar, a company in Singapore, deals in company incorporation services including private limited, LLP, and sole proprietorship. Apart from registration, it also specialized in allied services such as audit & assurance, corporate support, HR & Payroll Services, Tax advisory & compliance, and business advisory. Give us a call on +65 62994730