Jurisdictions Centre

Singapore Company Information

Key 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 there are exemptions
	Requirement to file accounts:		Yes but there are exemptions
	Publicly accessible accounts:		Yes but there are exemptions
	Other
	Requirement to file annual return:		Yes
	Change in domicile permitted:		No

Singapore is situated at the southern tip of the Malaysian Peninsula. Strategically located along the major shipping and air routes of Asia, it is the major nerve centre for trade and investments in the region.
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

The most commonly used official languages are English and to a lesser extent, Chinese, Malay and Tamil which are also official languages.

» Currency

Singapore Dollar.

» Exchange Control

None.

» Type of Law

Common Law.

» Principal Corporate Legalisation

The Companies Act.
The Income Tax Act.

» Type of Company for International Trade and Investment

Resident or non-resident company, foreign branch operation or a representative office.

» Procedure to Incorporate

Submission of name approval, Memorandum and Articles of Association and details of shareholders & shareholdings, registered office address and appointments of directors, company secretary and statutory auditors.

» Restrictions on Trading

Generally no restrictions except for financial services, education, media related or other politically sensitive businesses.

» Powers of Company

A company incorporated in Singapore has the same powers as a natural person.

» Language of Legislation and Corporate Documents

English

» Registered Office Required

Yes.

» Time to Incorporate

5 days subject to name approval .

» Name Restrictions

Name resembling names of existing companies or which are undesirable or politically sensitive will be rejected.

» Language of Name

Latin Alphabet.

» Name Requiring Consent or a Licence

Bank, Financial institution, insurance, fund management, university, Chamber of Commerce and other similar names.

» Suffixes to Denote Limited Liability

Private Limited or Pte Ltd for privately held companies.

» Disclosure of Beneficial Ownership to Authorities

No.

» Authorised and Issued Share Capital

The concept of authorised share capital has been abolished in Jan 2006 and the minimum number of issued share is 1.

» Classes of Shares Permitted

Ordinary shares, preference shares and redeemable preference shares.

» Taxation

17% on income sourced in Singapore for Year Assessment 2010. However, the effective tax rate can be reduced significantly (to 15%/10% or even 0%) for businesses that qualify for tax incentives. Foreign sourced dividends, foreign branch profits and foreign sourced service income are exempt from tax and with its extensive tax treaties and unilateral tax reliefs, foreign dividends received in Singapore may generally be redistributed out of Singapore tax-free to the foreign investors.

In addition, Singapore's treaties are often negotiated very favourably and offer much reduced or even nil foreign withholding taxes on royalties, interests and dividends.

» Double Taxation Agreements

Singapore has an extensive investment protection agreement and double tax treaty network. This includes most countries in the Asia-Pacific Region and countries in Europe, Africa and the Middle East. These countries include China, Indonesia, Thailand, Malaysia, Philippines, Vietnam, India, Japan, Korea, Australia, New Zealand, South Africa, United Kingdom, Netherlands, Germany, Switzerland, Sweden, France, Belgium, Finland and the United Arab Emirates.
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.

» Licence Fees

Minimal annual statutory filing fees of approximately S$20.

» Financial Statements Required

Annual audited accounts are required to be filed with the Registrar of Companies. The accounts must be audited by a registered certified public accountant in Singapore. However, audit exemption is available to qualified companies.

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

A minimum of one (for both individual and corporate shareholders), who must be a Singapore resident individual. To fulfill this requirement, OCRA could assist you in appointing a Singapore professional director. A foreigner who wants to register a new company in Singapore and act as a resident director of the company or operate the company, a valid pass must be obtained from the government first.

» Company Secretary

Companies are required to appoint a resident company secretary, who must be a natural person.

» Shareholders

A minimum of one shareholder is required. Shareholders may be corporations or individuals. 100% foreign ownership is allowed.

	Word	PDF
Singapore Fact Sheet	77KB	25KB
Enquiry Form		60KB
Order Forms	326KB	165KB
	Excel
Comparison Chart	114KB

Disclaimer

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. OCRA Worldwide does not accept any responsibility, legal or otherwise, for any errors or omission.