exempt private company (epc) in singapore
Singapore is one powerful country that promises itself as the best place to start or to help you grow your business. However, all the companies in Singapore are said to get registered with the Accounting and Corporate Regulatory Authority (ACRA) and are asked to follow all the rules designed by the Companies Act, Chapter 50.
The five major entities that are involved in the process are-
- Sole proprietorship
- Liability partnership
- Limited partnership
Benefits of setting up a Singapore company
The major benefit of setting up a company in Singapore is that the company will be limited to shares and will have a separate legal entity from its stakeholders. This acts as one big reason why Singapore companies take complete responsibility for their complete debts and losses.
Thus, if you are a person who is dreaming to have a beautiful business start as an entrepreneur, then without a doubt, the idea of registering a Singapore company acts as a great idea. The essential factors that need to be considered in the successful creation of the company involves-
- The company must be having at least one shareholder.
- One resident director that either may be a permanent citizen, permanent resident, EP holder or the dependent pass holder.
- One shareholder and the resident director are the needed choice. However, it is completely the company’s call to either give one person the responsibility of both or can choose two different people who can perform their own respective roles.
- One company secretary.
- Minimum paid-up share capital of a minimum amount of S $1.
- A physical Singapore office address.
Well, if you are a company that can proudly claim that you are able to meet all the above conditions, then the shareholder’s patterns become one important thing that is needed to be taken care of.
If your company has more than 20 shareholders but on the other hand if the number is less than 50, then it would be claimed as a private company. However, on the other hand, if the number exceeds 50, it would be considered then as a public company.
But, now the question arises, what if the number of shareholders remains less than 20?
What is the number of shareholders remain less than 20?
Well, in this scenario, when there are 20 or fewer shareholders, with no interests in corporation holdings, then the company would be known as the exempt private company (EPC).
However, if you successfully set up your company, then you are undoubtedly the correct person who needs to submit the estimated chargeable income i.e. an estimated amount of your taxable profit income.
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