EPC And its Works You Need to Know About

An EPC may have a maximum of 20 shareholders. Due to the fact that their shares do not benefit other corporations, private firms are excluded from this exemption.Exempt Private Limited Liability Company Incorporation in Singapore is a simple process that only requires a few steps to complete.

Choosing a company name is the first step. You should choose a name that is unique from the names of other legal entities. The abbreviations “Pte Ltd” and “Ltd.” are often used to identify a typical private corporation, respectively. EPC and EPC, on the other hand, are reserved for exempt private companies.

After that, you’ll need to file articles of incorporation and a memorandum of association with the Registrar of Companies in your jurisdiction. You will get an email from the Registrar stating that your papers have been accepted. As a further security measure, the Registrar issues your business with a unique identifying number, known as the Unique Entity Number (UEN). To Exempt Private Company this is important.

Your company’s Certificate of Incorporation will be issued by the registrar when your company’s registration has been successfully completed

Share certificates are then sent to shareholders through the secretary of the company. The number of shares a shareholder owns is displayed on the certificate of ownership for that shareholder. Additional tasks include delivering a Resolution for Account Opening and a copy of this resolution to the board of directors, in accordance with this plan (s).

entrepreneur pass singapore

In order to set up a business in Singapore, you must meet these five conditions:

A corporate organization must have at least one shareholder, one resident director, and one company secretary in order to be formed. For the sake of the business, the company secretary is responsible for ensuring that the company adheres to all relevant rules and regulations. Within six months of forming your company, you must appoint a secretary.

One of the company’s directors must live in the neighborhood

Directors should be able to oversee and make decisions on the most important topics. Singapore citizens, holders of an Employment Pass, holders of a Dependent Pass, or Singapore residents are all needed by Singaporean law to fulfill the residence requirements. It is possible that some of the other directors are from outside the United States.

Both the single shareholder and the resident director positions may be held by the same person. Most financial institutions, including banks, need at least two signatures in order to do business with your company.

Having a physical presence in Singapore is a requirement under Singaporean law

Finally, you must contribute to the company’s share capital. One Singapore dollar is required as a share capital contribution.

How to Benefit from Creating an Exempt PLC in Singapore

Due to its widespread use in Singapore, the Exempt Private Company (EPC) is the most common kind of corporate organization.

A few of its numerous benefits include the following:

To the Minimally Involved Compliance Requirements

Singapore’s Registrar of Companies mandates that all firms file annual filings with them. Within one month of the company’s Annual General Meeting, you must submit these returns. It is mandatory for Singaporeans to file their annual tax returns by the end of November of the previous year, according to the country’s law.

If an EPC has a high turnover, it may or may not be obliged to provide financial statements and pass annual audits. Singapore law exempts EPCs with annual revenues under S$10 million from filing financial statements and undergoing annual audits.