Company Registration in Singapore
Things To Remember Before Company Registration
Different business entities in Singapore have different setup requirements. The main difference lies on the amount of setup fees, the number of owners or proprietors, and the tax duties that will be imposed on each business entity.
For those who are planning to set up a company as a business entity, the following essential tips would come in handy: first, know which type of company to put up; second, know the specific requirements for your company type; and three, know which government body to apply to.
Company Registration: What Type Of Company To Put Up
There are two main types of companies you can put up in Singapore: the private company limited by shares, and the public company. Under a private company limited by shares are two sub-types: the private company, which is owned by a maximum of 50 shareholders, and must be locally incorporated; and the exempt private company, which is a private company with a maximum of 20 stockholders, none of which is a corporation. An exempt private company can also be one fully owned by the government and is declared by the Minister to as such in the Gazette.
The public company, on the other hand, can be further broken down into two types: the public company limited by shares and the public company limited by guarantee. The public company limited by shares can have more than 50 stockholders. It can also register a prospectus with the Monetary Authority of Singapore to put up common shares for public ownership.
The public company limited by guarantee, meanwhile, is one that performs non-profit-generating operations. These are usually inclined to a national or public interest, such as charity.
Requirements For Company Registration
All entities who want to apply for company registration must do so at the Accounting and Corporate Regulatory Authority (ACRA), the government body of Singapore in charge of regulating businesses. ACRA accepts applications online via BizFile. Applicable registration fees include a S$15 name approval fee, and a registration fee of S$300 for a company limited by shares or S$600 for a company limited by guarantee.