The Company Law in Singapore directs that every corporation must nominate a Company Secretary. The corporate secretary is liable for guaranteeing the company’s compliance with the pertinent legislation and laws. The Secretary also maintains the Board Members notified of their legitimate duties towards the firm. The Company Law interprets the legal shelf within which the Secretary and the managers must operate.
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The Ch50 of the Singapore Companies Act is the authorized ordinance of the laws and regulations of a Singapore Pte corporation. Find below the main excerpts from the Singapore Companies Act (Cap. 50)
The Registrar must reject to enroll a corporation under this Act under a name which, in the impression of the Registrar:
- Is unsuitable
- Is similar to a name stocked
- Is a name of a sort that the Minister has supervised the Registrar not to ratify for registration. Is comparable to the name of any other corporation, limited partnership, limited liability partnership, or to the name of any registered business.
The incorporation papers are needed to be delivered and have the terms ‘Pte. Ltd.’ or ‘Ltd.’ as the portion of its name.
A corporation shall work from the date of its incorporation and should have a registered department within Singapore to which all information and heeds may be dealt with. It shall be free and accessible to the population for not less than 3 hours during normal business hours on each business day.
An article of Association is the constitution of the company and includes the following information:
- Name of the corporation
- Locale of the Registered Office
- Penalty for the members
- Capital configuration of the Company
- Principle actions of the corporation (optional)
- The rules regulating the inner administration of the corporation
- Names of the subscribers and the number of shares consented to by them.
Directors & Shareholders
Every business shall retain a minimum of one director who is ordinarily inhabitant in Singapore and, where the corporation only has one fellow, that only director may also be the only partner of the firm.
A private limited company has a mandate to have at least one shareholder. Shareholders can be corporations or natural persons. Also, Singapore allows for 100 percent company possession by foreign shareholders.
The amount of S$1 is stated as the minimum paid-up share capital for registration of a Singapore company and the share capital can be boosted any time after company incorporation.
The certificate of good standing
This certificate ascertains the company is incorporated under the Companies Act, Cap 50. This carries the electronic impression of the Assistant Registrar of ACRA and the name of the corporation, its incorporation status, date, and the company actions are noted on the certificate.
Company Strike Off
The Registrar may work on a petition by a company, strike the company’s name off the register for such purposes and be accountable for such circumstances as may be specified.
An application under subsection shall be formulated on behalf of the company by its directors or by a majority of them.