singapore

KEY CORPORATE FEATURES
Approximate time to incorporate 4-6  days
Minimum number of Directors 1
Local Director required Yes
Local Secretary required Yes
Shareholder required 1
Disclosure of Beneficial Owner requirement No
Audit Requirement No*
Accounts Filing Requirement Yes
Taxation Varies

* Once the financial accounts are ready, a Singapore company may be required to have its accounts audited if the company falls under one of the following:

  • Entity is a Singapore company with corporate shareholding; or
  • Entity is a Singapore company with annual revenue exceeding S$5 million.

Singapore

Singapore flagThe Republic of Singapore is a city state located at the southern tip of the Malaysian Peninsula and has a population of approximately 4.8 million.

Singapore is an International Financial Center through which major banks and hundreds of foreign companies operate. It is one of the biggest foreign exchange trading centers globally and has the world's busiest port.

Singapore offshore companies have an excellent reputation and are considered as one of the best corporate structures that can be incorporated.

For a quotation to incorporate in Singapore or for more information about offshore company formation in Singapore, click here

TAXES

  • The Singapore tax system is characterized by its low personal and corporate tax rates.
  • The Corporate Tax rate for a Singapore private limited company with profits up to SG$ 300,000 is 8.5% and 17% for profits above SG$ 300,000.
  • A new company enjoys zero tax on the first S$100,000 of taxable income for each of the first 3 tax years, for private limited companies with less than 20 shareholders.
  • IT and Financial companies enjoy a preferential corporate rate of 10%.
  • A non-Singapore company which has remitted income which is not of Singapore source, that income is tax exempt.
  • Singapore has signed more than 60 Double Taxation Agreements.

The favorable corporate tax rules, together with the extensive network of double tax treaties, provide an ideal holding company example.

LANGUAGE BARRIERS

The official languages of Singapore are English, Mandarin, Malay and Tamili. English is the administrative language and is widely spoken making business dealing much easier than some countries popular for Offshore Company Formation.

ECONOMY

The major contributors to the Singapore economy are tourism, international financial services and manufacturing (electronics, ship-building, pharmaceuticals and chemicals).

Singapore has an excellent infrastructure with up-to-date telecommunication and road transport systems. It has a well educated workforce and there is a high level of managerial and technical expertise.

It is one of the largest international financial centers in the world with major international banks, financial institutions, investment management companies and accounting and legal firms present.

RULES AND REGULATIONS

  • A company in Singapore is required to have a registered general office where a register of directors, shareholders, secretary and minutes of general and director meetings are kept.
  • A minimum of one shareholder is required. Shareholders may be corporate or individuals and can be of any nationality. 
  • A minimum of one director is required. At least one of the directors must be a Singapore resident individual. 
  • The company must have a secretary who must be a natural person and is a resident of Singapore.
  • Details of the directors, shareholders and company secretary are placed on public record. However it is permitted to use nominees to maintain confidentiality.
  •  All private limited companies must comply with the statutory regulations set out by ACRA (Accounting and Corporate Regulatory Authority) and the IRAS (Inland Revenue Authority of Singapore) 
  • An annual statutory financial audit is not required if corporate turnover/sales is less than S$5 million (US$3.95 million)
  • It takes approximately 5 working days to complete the registration process for a Singapore offshore company.