Singapore Private Limited Company
A Singapore Private Limited Company (PLC) is the most commonly found business entity in the country. Contrary to a Partnership or Sole Proprietorship, the legal status of a PLC is separate from its directors and shareholders who bear limited liabilities for company losses and debts. Such a company can own properties and the name of the company name is followed by the words “Ltd” or “Pte Ltd”.
Richmond is the top service provider in Singapore for registration of Singapore Company. Engage the services of Richmond for registering your Private Limited Company with the ACRA.
Characteristics of a Private Limited Company
- It is a business entity that stands as a different entity than its directors and shareholders
- A legal case can be filed against the name of a PLC
- A Singapore subsidiary company having minimum 1 shareholder of minimal 10% shareholding can get incentives for development and local tax.
Registration Requisites for Singapore Private Limited Company
- Minimum of 1 Shareholder, Resident Director and Company Secretary each
- Minimal starting paid-up capital of SGD 1
- An office address registered in Singapore
Tax Exemption for New Business Startups in Singapore
The Singapore tax laws give more emphasis to provide a flexible environment for startups during their initial years. The system provides major exemptions to resident businesses.