The most usual type of company formed is that of the Private Limited Company (Ltd) which is the most popular corporate entity in Singapore. It has a legal identity distinct from its Shareholder(s) and Director(s) and is thus preferential for Owners, inter alia, due to the fact that it provides protection of personal assets and limits ones personal liabilities. GFA TRUST has an extensive experience with business and services in Singapore.
The incorporation process takes 1 day and the tax on offshore profits and exchange controls are non-existent.
The jurisdiction’s Local Requirements oblige the Singapore Ltd to have a Registered Office/Registered Agent which/who is to be located in Singapore as also the presence of a local Company Secretary and Director. There is no obligation that the Board Meetings take place in Singapore, as they can be placed anywhere in the world. The administration of the company is to take place from Singapore, as inferred, from the requirement for a local individual Company Secretary. The minimum number of Directors and Shareholders is 1.
Public filings are obligatory both for the Director(s) and the Shareholder(s) of the company thus safeguarding the Ultimate Beneficial Owner(s) from publicly disclosing their information. Furthermore the Annual Filing Requirements of submission of the company’s Annual Return and Audited Accounts are obligatory.
The issuance of bearer shares, company re-domiciliation, acquiring of shelf companies and the appointment of Corporate Director(s) is not permissible.
Our group of experts may also assist with the consultation and registration of the below types of legal entities, within the jurisdiction of Singapore, always in accordance to the client’s needs and business goals:
- Sole Proprietorship; This form of Singapore legal entity does not constitute a separate legal entity i.e. it does not differentiate between the Owner and the entity, thus, rendering the proprietor liable on a personal level. Sole proprietorship has a very simplistic structural form and is suitable seldom for a very small single-owner type business which engages in businesse with no essential risks attached to it.
- Limited Liability Partnership (LLP); Through a combination of the attributions of a Partnership and of a Ltd company the LLP maintains the separation of the legal identity between the partners, and simultaneously, offers high levels of flexibility. This legal entity is mostly suitable for professional firms i.e. lawyers, accountants, architects, etc.