The following are the requirements for establishing a Private Limited Company in Singapore:
- NAME CLEARANCE – you have to request for a name of the company you are planning to setup in Singapore. The name clearance is given immediately upon the request. We can also assist you in naming the company based on the activities to be carried out in Singapore.
- BOARD OF DIRECTORS – there are no restriction on the number of foreign directors to be appointed to the board. You need one resident director who is living in Singapore, who is a Singapore citizen or a Singapore permanent residence. We need the passport copies, photograph and other particulars for our records and for incorporation of the company. For resident director we need his identity card details and copy of the same.
- SHAREHOLDERS – 100% of the shareholders of the company can be foreigners or any company incorporated in any part of the world. We need the latest name of the company and the registered office address of the company for the allotment of the share.
- REGISTERED OFFICE – The company needs a registered office address at the time of incorporation and you can use our office address until you take up an administrative office address for the company.
REQUIREMENT FOR PRIVATE LIMITED COMPANY
- Minimum 1 director who has to be local resident (local resident either can be Singapore citizen, Singapore Permanent Resident). No qualification share is to be issued to a person to become a director.
- Minimum one Shareholder- Shareholder can be individual or Corporate*
- Nature of Business
- Registered Office Address – We will be providing the registered office temporarily till you can finalize your own office space.
- If a Resident Indian would like to subscribe for shares in the Singapore Company in his individual name, then he has to send the remittance under the Liberalized Remittance Scheme (LRS) through authorized banks. The Bank will make the necessary application to RBI for their approval. LRS scheme allows you to invest up to USD 2,50,000/- per assessment, per assessee after payment of taxes in India.
- If the Indian Company would like to subscribe for shares in the Singapore Company, then he has to send the remittance under the Overseas Direct Investment (ODI) Scheme through authorized banks. The Bank will make the necessary application to RBI for their approval. ODI Scheme allows you to invest up to 400% of the net worth as per the last audited balance sheet of the Indian entity.
The steps involved in the formation of the company are as follows:
- Application for Name Approval- To reserve the name, we would require the proposed company name, Passport/NRIC particulars of the resident & foreign Directors and Shareholders.
- Once the Name Approval is obtained which take approx one working day, we will then prepare the necessary forms to be signed by the Directors & Shareholders of the company. It is not necessary for the Directors/Shareholders to travel to Singapore. You can sign the documents in presence of a Notary Public and forward the originals to our office.
- On submission of the documents with Registrar of Companies, it takes one – two working days to receive the approval and obtain the Certificate of Incorporation.