Forming a Singapore Company
- Incorporation time: 3 days
- Shelf companies: Yes
- Accounting: Yes
- Secretary: Yes
- Nominee Shareholder: Yes
- Nominee director: Yes
History of Singapore
A city-state in Southeast Asia, Singapore comprises 64 islands, the largest of which is the highly urbanised Pulau Ujong. Singapore is a true economic success story. Since gaining independence in 1965 the country has become one of the most developed nations in the world despite having very few natural resources. Nicknamed ‘the Garden City’, Singapore has a dense vegetation despite the high population density. The country is also called “the Switzerland of Asia” for its high standard of living.
Singapore as an Offshore Centre
Singapore is an offshore destination that enables a large variety of activities, and ensures a good brand image. As a general rule, the preferred type of offshore company is the Private Limited Company, whose registered office must be located in Singapore. No minimum share capital is required, and setting up a company can be simplified by opting for a Ready Made (or Shelf) company. This means that you select from a number of companies that have already been formed in order to decrease waiting time. Holding companies are also often based in Singapore and are easy to establish.
In Singapore nominee Directors may be engaged to protect the privacy of the company’s managers and control structure. Singapore is a popular destination for company formation and offshore banking.
Types of Singapore Companies
Creating a company in Singapore is fast compared to the rest of Asia and takes around three days.
|Types of companies||Minimum Capital||Number of Shareholders, Members or Partners|
|Company limited by guarantee||No minimum capital||At least one guarantee member, liability is limited to the amount guaranteed.|
|Company limited by shares and guarantee||No minimum capital||At least one member, liability limited to the amount of the guarantee.|
|Private Company (Sendirian Berhad)||25,000 SGD minimum||Up to 50 shareholders, limited liability.|
|Public Company||No minimum capital||At least one shareholder, limited liability.|
|General partnership||Not Applicable||Minimum of two partners, maximum of 20. Unlimited liability for debts and obligations, liability is joint and several.|
|Limited partnership||Not Applicable||Minimum of two partners, maximum of 20. One general partner must assume unlimited liability but all limited partners enjoy limited liability.|
|Sole proprietorship||Not Applicable||A sole trader is personally liable for all business debts. Liability extends to private wealth, no limited liability.|
|Unlimited company||No minimum capital||At least two shareholders, unlimited liability.|