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Types of Singapore company formations:
Private Company Limited With Shares – This type of company has a share capital and all the members are liable only to limited number unpaid share amounts and the shares are not offered to the general public.
Private Company Limited With Guarantee – There is no contribution to the capital by the members of such company. The liability of each member depends on how much that person has agreed to contribute to the assets of the company. Shares are not purchased by the members.
Private Unlimited Company – These companies may or may not have a share capital. There is no specific limit to the liability of the member due to which these companies reveal less information compared to other types.
Public Limited Company – These types of companies have a share capital. Each member is liable only to the unpaid share amount that he has. Shares are offered to the general public and can be quoted on stock exchanges too.
Singapore company incorporation - How to do it?
1. You need to have a company name that has been approved by the governing bodies. This process takes a few hours if the name you choose fulfils all the rules and criteria of the governing body. The name you choose must not interfere with any of the existing brands too closely. An appeal can be for another approval if the chosen name is rejected, this will take about 3-5 days to process.
2. Once you are set with a company name you will have to apply with the right supporting documents. The details of documents to be submitted for Singapore Company formations will be listed on ACRA (Accounting and Corporate Regulatory Authority). You can engage in professional services that offer company incorporation. The documents can be passed through them, but the relevant part still has to sign the documents that are being sent for verification. Once this process is over, it is not necessary for the individual to be in Singapore for incorporation.
3. Finally, you need to open a bank account in the name of your company for conducting transactions. You do not have to be in Singapore to open a bank account – these are one of the perks in Singapore. However, if you are present in Singapore for opening a bank account the process will be comparatively faster.
This is not a complete guide on Singapore Company registration there many more criteria and rules such as shareholders, directors, secretaries and so on to be fulfilled. Singapore has many advantages as express incorporation; foreign companies can have 100% ownership etc. to have a successful Singapore Company Incorporation always engage in a professional service as these services the ease the process for you.
To know more about company incorporation requirements, visit slideshare.net/enrichconsulting