Statutory Compliance Requirements For Singapore Companies

September 17th, 2015 by James

Statutory Compliance Requirements For Singapore Companies

With every passing month, more and more entrepreneurs are launching a new business or relocating their existing business to Singapore because of the pro-business and pro-tax policies of the country.

If you want to join the list of these profit-oriented entrepreneurs, it is important for you to have a clear and complete understanding about the different pre-incorporation and post-incorporation statutory compliance requirements that are mandated by the Accounting and Corporate Regulatory Authority (ACRA). If you want professional assistance, it is best to contact a reputed provider that offers services related to company incorporation.

It is also important for you to note that a company to be incorporated in Singapore must have at least a minimum of one shareholder and a maximum of 50 shareholders. The company must have at least one director who should be “ordinarily” resident in Singapore i.e. a Singapore permanent resident, a Singapore citizen, or a person who holds an Employment Pass/Entrepreneur Pass/Dependant’s Pass. The director should be above the age of 18 years and should not be bankrupt and must not be convicted of any malpractice in the past. The director and shareholder of a company can be the same or different person.

If you are planning to open or become travel agencies, liquor distributors, moneylenders, banks, private schools, childcare centers, importers/exporters, wholesalers and retailers of liquors, it is important for you to first obtain licenses or permits to operate.

Furthermore, you must be aware of the fact that a private company in Singapore has more than 20 but less than 50 shareholders while a public company in the country has the number of shareholders exceeding 50. A company is termed as an Exempt private company if the number of shareholders is 20 or less and there is no corporation holding any beneficial interest in the company’s shares.

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