The benefit of an Exempt Private Company (EPC) in Singapore, is exemption from having to audit and publicly file its financial statements if its annual revenue is $5 million or less.
Of course, there are criteria to meet. The maximum number of shareholders cannot be more than 20, and no corporations can hold a beneficial interest in its shares.
If you are starting to setup a company in Singapore, considering EPC is a wise choice.
Requirements for an EPC
Here are the requirements for you to setup an EPC:
- At least 1 shareholder (only individuals)
- At least 1 locally resident director who is at least 18 years old
- At least 1 company secretary who must be a licensed individual resident in Singapore
- An initial paid-up share capital of at least $1
- A physical Singapore office address
You can register your EPC via the BizFile website. Total cost includes a $300 registration fee and a $15 fee for a name application.