Company formation in Singapore
Private Limited Company
Corporate features
General
- Type of entity – Resident/Non-resident
- Type of law – Common
- Our 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
Spanning just over 622 sq km, Singapore though small, is undoubtedly an advanced and bustling economy. It thrives on an excellent infrastructure, highly educated labour force, political stability and an efficient business environment. Singapore is an ideal holding company and headquarters location and a gateway for foreign investments in to the emerging economies of Asia, such as China, India, Vietnam, Indonesia and Thailand.
Population
Singapore has a population of approximately 4.35 million people. More than 75% are Chinese with the remaining 25%, mainly Malays, Indians and others. The different races live together with mutual respect and in racial harmony. The work force is well educated and hardworking and there is a high level of managerial and technical expertise available.
Political structure
The People’s Action Party, its single dominant ruling party since its independence in 1965, rules Singapore. There is no strong opposition party in Singapore. The Singapore Government vigilantly plans, manages and administers the country’s socio-economic development. Singapore is one of the world’s most politically stable and corruption-free countries.
Infrastructure and Economy
Singapore has an excellent infrastructure with state of the art communication facilities and road transport system. It operates busy and efficient air and seaports and is a free port with no customs and excise duties on most items.
Singapore is also one of the leading international financial centres. Offshore investors are well served by representatives of most major international banks, financial institutions, investment management companies and accounting and legal firms.
The Singapore Government actively woos foreign investments with generous tax and financial incentives. This has successfully attracted numerous regional holding companies, corporate headquarters, business and service centres, group finance and treasury centres as well as investments in high tech industries, media and communications, shipping and financial services.
Language
Currency
Exchange control
None.
Type of law
Principal corporate legalisation
- The Companies Act.
- The Income Tax Act.
Company information
- Type of Company for International Trade and Investment.
- Resident or non-resident company, foreign branch operation or a representative office.
Procedure to incorporate
Restrictions on trading
Powers of company
Language of legislation and corporate documents
English.
Registered office required
Yes.
Time to incorporate
Name restrictions
Language of name
Name requiring consent or a license
Bank, Financial institution, insurance, fund management, university, Chamber of Commerce and other similar names.
Suffixes to denote Limited Liability
Disclosure of Beneficial Ownership to Authorities
No.
Compliance
Authorised and issued share capital
Classes of shares permitted
Double taxation agreements
Singapore is also one of the very few countries to have a tax treaty with Taiwan. This explains the popularity of Singapore holding companies for Taiwanese investments in to China and the region.
Company secretary
License fees
Financial statements required
Companies qualifying for audit exemptions are:
Exempt companies:
- Members of the company do not exceed 20.
- Members of the company are individuals and not a corporation.
- Annual turnover does not exceed S$5m.
Dormant companies:
- Company that has no accounting transactions for the financial year in question or has not started business since its incorporation.
Directors
Shareholders
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