Foreign enterprisers choosing to open a company in Singapore have the possibility to select from several business structures according to their needs. One of the most sought and advantageous types of companies one can set up in the city-state is the limited liability company. The exempt private company is one of the most advantageous types of companies to be set up in Singapore.
Our company formation agents can provide you with more information about the Singapore exempt private company. You can also watch the video below in order to see what the main steps to open an exempt private company in Singapore are:
The Singapore Company Law makes a clear distinction between the three types of limited liability companies one can incorporate based on the number of shareholders:
Apart from the fact that an exempt private company must have a maximum number of 20 shareholders, they must be natural persons, as no companies are allowed to own shares in this type of entity. The Singapore exempt private company must also have at least one resident director, a secretary and a registered address in the city-state.
The name of exempt private company comes from the fact that this type of business is not required to submit audited accounts if their yearly turnover is less than 5 million SGD. It is only required to file a solvency declaration.
The registration procedure for a Singapore exempt private company is the same as for any other type of structure. The following steps must be followed:
Once these steps have been completed and the company has received its Certificate of Incorporation, it must register for taxation. One must also pay attention to the fact that company registration is done through a local representative.
For assistance with the registration procedure of an exempt private company, do not hesitate to contact our Singapore company formation agents.