Business Setup in Singapore: Types of Companies Available

admin | July 23, 2020 | 0 | Finance

Before opening a company in Singapore, you should be clear about the types of companies available in the city-state.  Different kinds of businesses have different setup requirements and ways of operations.You can go to one of these company structures if you are thinking of a business set up in Singapore.

Sole Proprietorship

A single person runs the sole proprietorship. It is suitable for a very small venture; for example, a food stall. The business isn’t a different legal entity; rather, taken as something that is the ownership of the person running it. Thus, the owner will be liable for the loss and debt, but will

also have the rights to all the profit the company makes.

Partnership

A partnership is similar to a sole proprietorship, given that the business isn’t a separate entity. However, there are multiple owners. They share both liabilities and profit, and all of them has the right to speak when it comes to important business decisions

Limited Partnership

A limited partnership is a company in which some partners don’t make as many investments as the others, so they don’t have as many rights as general partners. Furthermore, the profit-sharing also depends on the investment everyone has made.

Limited Liability Company

There are two types of LLC in Singapore:

Private Limited Company

According to accountants such as Chai Chung Hoong who provide company registration services in Singapore, people generally mean a private limited company when they say business in Singapore.  Furthermore, foreigners need to open a private limited company if they want to start a business in Singapore.

Company Limited by Shares

In a company limited by shares, there are shareholders instead of owners. Shares need to be bought before running a company, and they can be transferred between the shareowners.

Company Limited By Guarantee

In a company limited by guarantee, there aren’t any shareholders, but guarantors who ensure that they will pay money to bring the company’s operations into normal in case it goes down.

To open a Private Limited Company, you will need at least one resident director, one shareholder, a resident company secretary, and a physical address.

Well, if you want to start a business in Singapore, you can also look for a Singapore Shell Company on Sale.

Before opening a company in Singapore, you should be clear about the types of companies available in the city-state.  Different kinds of businesses have different setup requirements and way of operations.

You can go for one of these company structures if you are thinking of business setup in Singapore.

Sole Proprietorship

A single person runs the sole proprietorship. It is suitable for a very small venture; for example, a food stall. The business isn’t a different legal entity; rather, taken as something that is the ownership of the person running it. Thus, the owner will be liable for the loss and debt, but will also have the rights to all the profit the company makes.

Partnership

A partnership is similar to a sole proprietorship, given that the business isn’t a separate entity. However, there are multiple owners. They share both liabilities and profit, and all of them has the right to speak when it comes to important business decisions

Limited Partnership

A limited partnership is a company in which some partners don’t make as many investments as the others, so they don’t have as many rights as general partners. Furthermore, the profit-sharing also depends on investment everyone has made.

Limited Liability Company

There are two types of LLC in Singapore:

Private Limited Company

According to accountants such as Chai Chung Hoong who provide company registration services in Singapore, people generally mean a private limited company when they say business in Singapore.  Furthermore, foreigners need to open a private limited company if they want to start a business in Singapore.

Company Limited by Shares

In a company limited by shares, there are shareholders instead of owners. Shares need to be bought before running a company, and they can be transferred between the shareowners.

Company Limited By Guarantee

In a company limited by guarantee, there aren’t any shareholders, but guarantors who ensure that they will pay money to bring the company’s operations into normal in case it goes down.

To open a Private Limited Company, you will need at least one resident director, one shareholder, a resident company secretary, and a physical address.

Well, if you want to start a business in Singapore, you can also look for a Singapore Shell Company on Sale.

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