An Exempt Private Company (EPC) is a type of private company in Singapore that is exempt from the requirements to prepare and file audited financial statements with the Accounting and Corporate Regulatory Authority (ACRA). This makes it an attractive option for small businesses that want to avoid the compliance costs associated with being a public company.
It has certain privileges and exemptions under Singapore law. One of the main advantages of setting up an exempt private company is that it’s relatively easy to do and doesn’t require as much paperwork as other types of companies.
Why an Exempt Private Company can be beneficial for Your Business
If you are starting a business in Singapore, you may be wondering if an Exempt Private Company (EPC) is the right choice for your business. Here are some reasons why an EPC might be right for your business:
An EPC is exempt from certain filing requirements, which can save you time and money. For example, an EPC is not required to file its financial statements with the Accounting and Corporate Regulatory Authority (ACRA).
An EPC can have up to 20 shareholders, which gives you more flexibility than other types of companies. For example, a sole proprietorship can have only one owner, and a public company must have at least seven shareholders.
An EPC does not need to hold an annual general meeting (AGM), which means less paperwork and fewer meetings for you to attend. You can apply for an EPC online via Business Registration Online (BizReg) or submit your application and supporting documents to the Accounting and Corporate Regulatory Authority (ACRA).
Ease of registration: is it right for you?
An Exempt Private Company, or EPC, is a business entity type available in Singapore. It is similar to a private limited company but has some key differences that make it more suitable for certain types of businesses. One of the main advantages of an EPC is that it is much easier to register than a private limited company. This makes it an ideal choice for businesses that are just starting out and do not yet have all the required documentation in order. Another advantage of an EPC is that it is exempt from certain filing requirements, such as the requirement to file annual financial statements. This can save time and money for businesses that do not need to publicly disclose their financial information. Whether or not an EPC is right for your business depends on your specific circumstances.
How to qualify for an Exempt Private Company in Singapore?
If you are thinking about starting a business in Singapore, you may want to consider forming an EPC. Here are some things to know about EPCs. To qualify as an EPC, a company must have no more than 20 shareholders and cannot be listed on any stock exchange. An EPC can be 100% foreign-owned, making it a popular choice for foreign entrepreneurs looking to start a business in Singapore.
If you are looking for a business structure that offers flexibility and is easy to set up and maintain, an exempt private company might be the right choice for you. Exempt private companies are not required to hold annual general meetings or prepare audited financial statements, which can save you time and money. These companies also have less stringent rules around directors’ duties and shareholders’ rights, giving you more flexibility in how you run your business.
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