Investment capital
1 unit of any currency denomination
Number of owners
Minimum 1 shareholder
Accounts
Must prepare annual accounts (Companies Act (Cap 50), S201(1))
Keep business and transaction documents for 5 years (Companies Act (Cap 50), S199(1))
Financial Report
Director(s) to present financial report at AGM
Tax
Company profits taxed at corporate tax rates
Annual general meeting (AGM)
Hold AGM within 18 months from incorporation date
Hold AGM within 15 months from prior AGM and once every calendar year (Companies Act (Cap 50), S175(1))
Secretary
Appoint at least one secretary with requisite knowledge and experience to discharge the functions of secretary (Companies Act (Cap 50), S171(1) and S171(1A))
Advantages
Shareholders have limited liability
Shareholders cannot be sued personally for liabilities of the Company
Disadvantages
High regulatory maintenance cost
Closure methods
Winding up by members
Winding up by creditors
Winding up by High Court
Striking off
Download the Comparison Table below
[wpdm_package id=’4992′]
