A company may be formed by filing prescribed documents, including the memorandum and articles of association, with ACRA (Singapore’s Accounting and Corporate Regulatory Authority) and paying a fee. The memorandum must set out basic details about the company: its name, the amount of its share capital and whether the liability of its members is to be limited or unlimited. A company can be private, meaning that it may not offer shares to the public, or public, meaning that it can.
The basic features of the private company are as follows.
It can be formed with a single member.
It has legal personality and can sue and be sued in its own name.
It has perpetual succession.
It must appoint directors to manage its affairs, at least one of whom must be ordinarily resident in Singapore.
Its members and directors are not, generally, personally liable for the debts of their company.
Its directors are subject to a duty to act honestly and to use reasonable diligence in the discharge of their duties.
It may grant charges over its assets as collateral for credit; where it does it must inform ACRA and keep an internal register of all charges granted.
It is taxed on the profits it makes as a corporate body.These features apply to all private companies, whether or not they are EPCs.
A company may be formed by filing prescribed documents, including the memorandum and articles of association, with ACRA (Singapore’s Accounting and Corporate Regulatory Authority) and paying a fee. The memorandum must set out basic details about the company: its name, the amount of its share capital and whether the liability of its members is to be limited or unlimited. A company can be private, meaning that it may not offer shares to the public, or public, meaning that it can.
The basic features of the private company are as follows.