BUSINESS
Limited Liability Company
A Limited Liability Company (LLC), also known as a Private Limited Company (PLC) in Singapore, offers limited liability protection to its shareholders. In an LLC, shareholders are only liable up to the amount of their investment. The company is also a separate legal entity and is subject to corporate income tax. Additionally, LLCs need to adhere to corporate governance requirements and file annual returns.
To set up an LLC in Singapore, you must:
Be at least 18 years old.
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Have at least one shareholder: This can be an individual or a corporate entity.
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Appoint at least one director: A director must be a resident of Singapore.
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Have a registered company secretary: The company secretary must be a Singapore resident, or a corporate entity registered in Singapore.
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Registered company address: The company must have a registered address in Singapore.
The process of setting up an LLC involves:
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Choosing a unique company name.
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Preparing incorporation documents: This includes the Memorandum and Articles of Association.
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Appointing directors and shareholders.
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Obtaining necessary licenses and permits: Depending on your business activities.
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Registering with ACRA: Submitting the required documents and paying the registration fee.
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