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Singaporean company requirements

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Lionsworld
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Singaporean company requirements

Postby Lionsworld » Mon, 05 Mar 2018 5:03 pm

I work for a corporate secretarial firm in Singapore, just wanted to share some requirements that Singapore private limited companies have.

1) Local directorship
Every company must have at least one Singaporean or Singapore PR director on board. Once elected, this director cannot resign unless a replacement Singaporean or Singapore PR director has been found. It can be difficult to get a reliable director you can trust, so unless you have a trusted Singaporean friend who agrees to it, the best way is to engage a professional from a reputable service. Keep in mind though that local directorship services don't come cheap.

2) Officer appointment
There are a few officer types in a company, namely:
a) Shareholders, these people are the ones who actually "own" the company
b) Directors, these people are the ones who manage the company's operations, but not necessarily owning the company
c) Auditors, they are ONLY REQUIRED if your company meets certain conditions, despite what ACRA tells you. Each company can only have 1 appointed at any given time.
d) Secretaries, a secretary MUST be appointed within 6 months of incorporation, whose job is mainly to prepare directors' resolutions and shareholder minutes and such
e) Managing directors, not required for a company's setup, for if you wish to separate the leading director(s) with a title
f) Nominee directors, directors who are appointed to act on the interests of another party.

3) Annual General Meeting (AGM)
Contrary to popular belief, every company is required by ACRA to hold an AGM every year, regardless whether or not you have conducted any business for the financial year. If your company has been dormant, ACRA will want to know that your company was dormant. Companies who do not file their AGMs for too many years will be forcibly struck-off by ACRA.

The above are just some things to keep in mind of when starting a Pte. Ltd. in Singapore. It's not a cheap process, but it is the safest way to safeguard your personal (not your company's) interests when starting a company in Singapore.

I know this sounds like an ad, but if there are any questions about starting a company in Singapore, feel free to direct them to our company email at <solicitation removed>. I'm writing because as ACRA makes it easier and easier to incorporate on your own without the proper supporting documentation, too many people wind up paying penalties and become unable to produce correct documentation when they really needed to. As a corporate secretary for many years, I've seen too many such cases to count.

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Strong Eagle
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Re: Singaporean company requirements

Postby Strong Eagle » Mon, 05 Mar 2018 10:00 pm

I have removed your email address. Solicitation of business is not allowed in the forums. Use the classifieds.

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Lionsworld
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Re: Singaporean company requirements

Postby Lionsworld » Tue, 06 Mar 2018 9:37 am

Noted, sorry about that!

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joop
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Re: Singaporean company requirements

Postby joop » Tue, 06 Mar 2018 9:49 am

Lionsworld wrote:Noted, sorry about that!


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