Closing the Business:
- Winding Up – Voluntarily by members or creditors, compulsorily by the High Court
- Striking off
Tags: Private
Private Limited line 8
Private Limited line 7
Private Limited line 7
Continuity in Law:
- A company has perpetual succession until wound up or struck off
Private Limited Line 6
Private Limited Line 6
Taxes:
- Profits taxed at corporate tax rates
Private Limited Line 5
Private Limited Line 5
Formalities and Expenses:
- More costly to set up and maintain
- More formalities and procedures to comply with
- Must appoint a company secretary within six months of incorporation
- Must appoint an auditor within three months after incorporation unless the company is exempt from audit requirements
- Annual Returns must be filed. Statutory requirements for general meetings, directors, company secretary, share allotments, etc. must be complied with.
Private Limited Line 4
Private Limited Line 4
Registration Requirements:
- At least one shareholder
- At least one director ordinarily resident in Singapore, at least 18 years old
- If a foreigner wishes to act as a local director of the company, he can apply for an EntrePass from the Ministry of Manpower
- Undischarged bankrupts cannot be a director and cannot manage a company without approval from the Court or the Official Assignee.
Private Limited Line 3
Private Limited Line 3
Legal Status:
- A separate legal entity from its members and directors
- Members have limited liability
- Can sue or be sued in company’s name
- Can own property in company’s name
- Members not personally liable for debts and losses of company
Private Limited Line 2
Private Limited Line 2
Owned by:
- Exempt Private Company –20 members or less and no corporation holds beneficial interest in the company’s shares
- Private Company – 50 members or less
Private Limited line 1
Private Limited line 1
Definition: A business form which is a legal entity separate and distinct from its shareholders and directors