Company Set Up FAQs
What is a Company?
What is the minimum and maximum number of directors allowed?
Would there be any residential, nationality and other requirements for directors?
Can directors of a company be a corporate entity?
What is the minimum age of the company directors?
Can I register a company if I do not physical office in Singapore?
Are there any restrictions on choosing of company names?
What are the minimum requirements for incorporation of a local Private Limited Company?
What is the minimum number of shareholders?
What is Memorandum and Articles of Association?
What company names and business activities (SSIC codes) is likely to be referred by ACRA?
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Question. What is a Company?
Answer. A company is an incorporated entity and once registered under the Companies Act, Chapter 50, it has legal personality. It is different from a business firm and usually has the words 'Pte Ltd' (Private Limited) or 'Ltd' (Limited) as part of its name.
The 3 types of company:
* Exempt Private Company – An exempt private company is a private limited company, of which all shares are not held directly or indirectly by any corporation (i.e. another limited company), and which has not more than 20 members.
* Private Company –50 shareholders or less
* Public Company – can have more than 50 shareholders
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Question. What is the minimum and maximum number of directors allowed?
Answer. A minimum of one director is required and you can have unlimited numbers of directors in a company
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Question. Would there be any residential, nationality and other requirements for directors?
Answer. Singapore private limited company must have one director who must be “ordinarily resident in Singapore” i.e. a Singapore Citizen / Singapore Permanent Resident / Entrepreneur Pass holder/ Dependent Pass Holder.
You must not be an undischarged bankrupt or you must have obtained the permission of the High Court or the Official Assignee if you are planning to register a business entity in Singapore
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Question. Can directors of a company be a corporate entity?
Answer. No. Corporate entities as directors are not permitted. Directors have to be a natural person of full capacity & age 18 years or above (with effect from 1 March 2009). There must be a minimum of 1 Resident Director in the private limited company made up of either: Singapore Citizen / Singapore Permanent Resident / Entrepreneur Pass holder/ Dependent Pass Holder
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Question. What is the minimum age of the company directors?
Answer. Directors have to be a natural person of full capacity & age 18 years or above (with effect from 1 March 2009).
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Question. Can I register a company if I do not physical office in Singapore?
Answer. Yes, you can still register a company by using our A.1 Business Pte Ltd’s registered address services at annual fees of SGD$60 per year.
An email notification will be sent to your designated email address should we receive a letter for your company.
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Question. Are there any restrictions on choosing of company names?
Answer. Generally, a company name must be approved before the company can be incorporated with ACRA.
ACRA reserves the right to not approve of company names that is identical to the name of another any other company, corporation or limited liability partnership or to a business name. Undesirable names, names identical to a name being reserved under the Companies Act, Business Registration Act or the Limited Liability Partnerships Act and of a kind that the Minister has directed the Registrar not to accept for registration
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Question. What are the minimum requirements for incorporation of a local Private Limited Company?
Answer. Forming private limited company in Singapore requires a minimum of 1 director & 1 shareholder in the company (can be the same person).
For private limited company, Shareholders can be made up of individuals or corporate entities.
Directors have to be a natural person of full capacity & age 18 years or above, There must be a minimum of 1 Resident Director in the private limited company made up of either: Singapore Citizen / Singapore Permanent Resident / Entrepreneur Pass holder/ Dependent Pass Holder
Do kindly note that sole shareholder and director cannot act as Company Secretary, and the Singapore Private Limited Company must have a local Registered address in Singapore with a minimum initial paid-up share capital of S$ 1.00
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Question. What is the minimum number of shareholders?
Answer. There must be at least 1 shareholder who can either be an individual or a corporate entity.
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Question. What is Memorandum and Articles of Association?
Answer. Memorandum and Articles of Association is generally rules governing internal management which is lodged with ACRA during incorporation of the company.
It is an essential document for the opening of corporate bank accounts, securing corporate loan facilities and government grants.
The information shown on the Memorandum of Association comprises of name of the company, location of the Registered Office, liability of the members, company’s share capital structure, names of the shareholders and the number of shares subscribed by them
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Question. What company names and business activities (SSIC codes) is likely to be referred by ACRA?
Answer. Company names containing the word “Architect” and SSIC Code: 74111 (Architectural services), Proposed activities involving “Real Estate Agent” or "Real Estate Agency", and applications for change of name by entities already carrying on real estate agency activities.
Establishments functioning as a "school" / "learning centre" / "education centre" / "training centre", excluding those offering instruction of a "non-academic" nature, e.g. beauty care, dressmaking, cooking, sports, games, driving, recreation-related, etc.
Names containing "Academy", "College", "Institute", “Institution", "University"; and "National", "Singapore", Merlion", "eMerlion" , "Clinic", "Medical", "Medical Hall" and activities stated below will normally be subjected to approval by the relevant government agencies and takes 14 days to get the company name approved for incorporation.
SSIC Codes:
80102 (primary and secondary schools)
80103 (junior colleges and pre-university centres)
80104 (foreign system schools)
80105 (schools for the handicapped and educationally sub-normal)
80201 (technical and vocational training and education services)
80202 (commercial schools - including correspondence schools)
80406 (tuition schools)
80203 (informational technology education and training institutions)
80204 (specialised trade schools)
80209 (technical, vocational and commercial education not elsewhere classified)
80301 (polytechnics)
80302 (universities)
80303 (teachers' training institutes) 70210 (Real estate agent)
70229 (Real estate activities on a fee or contract basis etc.)
15311 (Rice milling)
15440 (Manufacturer of Bee Hoon, noodles and related products)
27111 (Processing rubber and rubber latex)
27112 (Grading and packing of rubber)
50221 (Wholesale of rubber, including rubber brokers)
65944 (Commodity brokers and dealers)
86011 (Homes for the elderly)
86019 (other social activities with accommodation e.g. Children's Homes)
86023 (Social services for children, youths, e.g. youth outreach services)
86024 (Social services for families, e.g. family services centres)
86025 (Social services for the elderly, e.g. befriender services, meal services, drop-in centres)
86026 (Social services for the disabled, e.g. day care centres for the disabled, rehabilitation services) and other codes
