Company Formation in Singapore
Private Limited Company
Corporate features
General Information
- Entity Type: Resident/Non-resident
- Type of Law: Common
- Time to Establish a New Company: 5 days
- Minimum Government Fees (Excluding Taxation): S$365
- Corporate Taxation: Varies
- Double Taxation Treaty Access: Yes
Share Capital or Equivalent
- Standard Currency: SGD$
- Permitted Currencies: Any
- Minimum Paid-Up: S$1
Directors or Managers
- Minimum Number: One
- Local Required: Yes, one
- Publicly Accessible Records: Yes
- Location of Meetings: Anywhere
Members
- Minimum Number: One (Corporation or Individual)
- Publicly Accessible Records: Yes
- Location of Meetings: Anywhere
Company Secretary
- Required: Yes
- Local or Qualified: Yes
Accounts
- Requirement to Prepare: Yes
- Audit Requirements: Yes, but exemptions
- Requirement to File Accounts: Yes, but exemptions
- Publicly Accessible Accounts: Yes, but exemptions
Other
- Requirement to File Annual Return: Yes
- Change in Domicile Permitted: No
General Information
Singapore, located at the southern tip of the Malaysian Peninsula, is a strategic trade and investment hub, known for its advanced economy, infrastructure, and political stability. It serves as a gateway for foreign investments in Asia’s emerging economies.
Population
Singapore is home to a population of roughly 5.92 million as at June 2023. Over 75% of the population is of Chinese descent, while the remaining 25% comprises mainly Malays, Indians, and various other ethnic groups. The diverse races coexist harmoniously, showing mutual respect. The workforce is characterized by its strong educational background, industrious nature, and a substantial pool of managerial and technical talents.
Political Structure
Singapore is governed by the People’s Action Party, ensuring political stability and minimal corruption. It is a politically stable and corruption-free country.
Infrastructure and Economy
Singapore boasts excellent infrastructure, advanced communication facilities, efficient ports, and is a free port with no customs and excise duties on most items. It’s a major international financial center, attracting offshore investors and serving as a hub for banks, financial institutions, and more.
Language
The official languages in Singapore are English, Chinese, Malay, and Tamil.
Currency
The currency used is the Singapore Dollar.
Exchange Control
There are no exchange controls in Singapore.
Type of Law
Singapore follows Common Law.
Principal Corporate Legalization
The Companies Act and the Income Tax Act are the primary corporate legal frameworks.
Company Information
Singapore allows various types of companies for international trade and investment, including resident or non-resident companies, foreign branch operations, or representative offices.
Procedure to Incorporate
Incorporation in Singapore involves submitting name approval, Memorandum and Articles of Association, shareholder details, registered office address, and appointments of directors, company secretary, and statutory auditors.
Restrictions on Trading
In general, there are no significant restrictions on trading, except for financial services, education, media-related, or other politically sensitive businesses.
Powers of the Company
A company incorporated in Singapore has the same powers as a natural person.
Language of Legislation and Corporate Documents
All corporate documents and legislation are in English.
Registered Office Required
Yes, a registered office is required in Singapore.
Time to Incorporate
The incorporation process typically takes around 5 days, subject to name approval.
Name Restrictions
Names that resemble existing companies or are considered undesirable or politically sensitive will not be approved.
Language of Name
Names in Singapore must use the Latin alphabet.
Name Requiring Consent or a License
Names that include terms like “Bank,” “Financial institution,” “Insurance,” “Fund management,” “University,” “Chamber of Commerce,” and others may require consent or a license.
Disclosure of Beneficial Ownership to Authorities
Beneficial ownership disclosure is not required in Singapore.
Compliance
Authorized and Issued Share Capital
The concept of authorized share capital was abolished in January 2006, and the minimum number of issued shares is 1.
Classes of Shares Permitted
Singapore allows ordinary shares, preference shares, and redeemable preference shares.
Double Taxation Agreements
Singapore has an extensive network of double tax treaties, including countries in the Asia-Pacific region, Europe, Africa, and the Middle East.
Company Secretary
Companies must appoint a resident company secretary who must be a natural person.
License Fees
Annual statutory filing fees in Singapore are minimal, approximately S$20.
Financial Statements Required
Annual audited accounts must be filed with the Registrar of Companies. Audit exemptions are available to qualified companies.
Directors
A minimum of one director is required, and they must be a Singapore resident individual. For foreign individuals, obtaining a valid pass from the government is necessary to operate a company in Singapore.
Shareholders
A minimum of one shareholder is required, and shareholders can be corporations or individuals. Singapore allows 100% foreign ownership.
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