At First Trust, we strongly believe we have developed a unique service that delivers not only the best of what fund administration and accounting outsourcing has to offer but also a high quality, all encompassing fund administration and accounting outsourcing solution tailored to the specific and often complex needs of our clients.
A private company limited by shares is a locally incorporated company where the number of shareholders is limited to 50. A private company limited by shares restricts the right to transfer its shares; prohibits any invitation to the public to subscribe for its shares; and prohibits any invitation to the public to deposit money with it.
One of the main characteristics of a company limited by shares is that it is a separate legal entity distinct from the directors and shareholders. The liability of the shareholders of a company limited by shares is limited to the amount, if any, unpaid on the shares held by them respectively.
An approval must be obtained for the company name before a company can be incorporated. An application fee of $15 is payable for each approved company name. An approved company name will be reserved for 60 days.
A licence or approval for certain businesses like banking, insurance, travel agency, etc. is required from the appropriate authorities.
For the purpose of incorporation, there must be at least one subscriber subscribing his name to a memorandum and complying with the requirements as to registration. The shareholder(s) can either be an individual of any nationality or a corporate person. The director and the shareholder can be the same person.
A flat registration fee of S$300/- is payable to ACRA.
Every Company incorporated in Singapore must have at least one director who must be ordinarily resident in Singapore. A valid employment pass holder is considered as resident in Singapore for this purpose. The directors must be natural persons, of at least 21 years of age and not disqualified to act as directors (i.e. not undischarged bankrupt or convicted of offences under the Singapore Companies Act). If the shareholders are individuals, they can be directors as well.
If required, we are able to recommend a nominee director to comply with the requirements of a resident director. We have a panel of nominee directors who are willing to render director services for a fee.
A company must have a registered office in Singapore from the date of incorporation. All the statutory registers with the exception of the Register of Members are required to be kept at the registered office. In the event that we are retained to provide corporate secretarial services, the registered office will have to be located at our office. Private residential address can be used as office address. For HDB premises, approval must be obtained from the HDB branch office.
