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Related Topics:

Singapore Corporate Income Tax Overview

Singapore Personal Income Tax Overview

How to Register a Singapore Company

Registering a Singapore Subsidiary Company

Registering a Singapore Branch

Registering a Representative Office in Singapore

Corporate Taxes

Our Services

Contact Us for Foreign Company Registration in Singapore

Information Index


Recent News

New Tax Reliefs Announced by Singapore Government in 2008 Budget

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Singapore Company Registration

Singapore Company at a Glance

  • 100% foreign ownership allowed
  • Minimum paid-up capital of $1 only
  • Company incorporation in 1 day
  • Minimum 1 shareholder and 1 director
  • No taxes on first 100K taxable income annually for first three years of a new Singapore company;
  • Only 9% tax rate on taxable income of up-to 300K annually starting YA 2008
  • Low overall flat tax rate of 18% on taxable income above 300K
  • Zero taxes on capital gains and dividends in general
  • Immigration visa (entrepreneur pass) available for company owners wishing to relocate to Singapore to run their new Singapore company
  • No exchange controls or restrictions on repatriation of profits

Procedure and timeline for Singapore Company Registration

The basic steps are as below:

  • Get company name approval
  • Prepare registration documents
  • Client to sign company registration documents
  • Register company
  • Open bank account

We will prepare and submit all the necessary documentation for registering your Singapore company so you don't have to worry. Just for your reference, to register a Singapore company, the following information needs to be submitted to the registrar of companies (ACRA):

  • Memorandum and Articles of Association
  • Statutory Declaration of Compliance
  • Particulars of Shareholders, Directors, Secretaries, etc.
  • Certificate of Identity
  • Situation of Registered Office/Office Hrs at Time of Registration
  • Consent to Act as Director and Statement of Non-disqualification to Act as Director
  • A Consent to Act as Secretary
Recommended Notes

The time taken for company registration depends on two factors: a) the company name approval and b) whether you will be signing the documents in Singapore or overseas.

The company name approval takes only 2-3 hours unless there is some conflict with an existing name or the name has some sensitive words in it. Once the company name is approved and we have received the signed documents from you, we can normally register Singapore company in 1 day.

If you are signing the company registration documents overseas, you will need to factor in the time it takes to courier the documents back to us.

After the company registration, the bank accounts opening can take from few days to few weeks depending upon a) the bank you choose and b) whether you are in Singapore to sign the account opening documents or not. 

To read more details about timeline, procedure, and other frequently asked questions, please refer to our Singapore Company Registration - Frequently Asked Questions page.

If you are a foreign entrepreneur and need to relocate to Singapore to run your company, you will need to apply for EntrePass for foreign entrepreneurs.

Shareholders
A Singapore Company may be registered with only one shareholder who can be an individual or a corporation. There is no requirement for shareholder(s) to be resident in Singapore.

Paid-up Capital
There are no minimum paid-up capital requirements for a Singapore company registration. A Singapore company can be registered with a minimum of S$1.

Company Directors
As per Singapore Companies Act, a Singapore company can have one or more resident or non-resident directors. Minimum requirement is one director.

However as per Singapore Company Registration Laws, at least one of the company directors must be ordinarily resident in Singapore i.e. a Singapore citizen, a Permanent Resident of Singapore or an expatriate holding a valid employment pass may act as the resident director. We can provide Nominee Director service to meet this statutory requirement, if you do not have a local resident director.

Company Secretary
A company must have at least one qualified corporate secretary with a principle place of residence in Singapore. We provide this service to all our clients.

Registered Office
A Company must have a registered office situated within Singapore. We provide this service to all our clients who utilize our Singapore company registration services.

Name Approval
All business entities require approval of proposed name prior to company registration in Singapore. We will do this step as part of our Singapore company registration process.

The general rules for choosing a Singapore company name are:

  • must not be identical or too similar to another business' name
  • must not infringe registered trademarks or patents
  • must not be offensive or vulgar in any way

Company names that contain words like Bank, Finance Company, Insurance, School, University, Travel Agent, Media, etc. must first be approved by the Singapore Company Registration regulatory authority before they can be used.

Related Topic: Review Singapore Company Registration Packages & Fees

Exempt Private Company
A company is called an Exempt Private Company (EPC) if it has less than 20 shareholders, and none of the shareholders is a corporation.

An exempt private company registered in Singapore is relieved from filing copies of its accounts with the Registrar of Companies.

As per Singapore Companies Act, a company must file its audited accounts with ACRA on an annual basis unless it is an exempt private company.

Licenses and Permits
No special approval is required for most of the business activities in Singapore.

Only certain types of business activities are controlled by government agencies and require necessary approvals and license from relevant authorities before commencing business. Government approval is generally not required for companies to do business in Singapore with the exception of the following:

  • Banks and other financial institutions wishing to do business do require approval from the Monetary Authority of Singapore (MAS).
  • Certain activities, such as the production of cigarettes, beer, refrigerators and air-conditioners, operation of restaurants, bars, etc. require a license from the relevant government bodies.

Other Related Info

There are no exchange controls or restrictions on the introduction of capital or the repatriation of capital and profits and there are no currency regulations. Singapore has a minimum of business formalities for establishing a business and favors foreign investment.

Residents and non-residents may hold foreign exchange accounts. There are no controls or requirements on current transfers, payments, or repatriation of profits. The court system is very efficient and strongly protects private property, and there is no threat of expropriation. Singapore is known for its tough laws, strict enforcement and stiff penalties for offenders, and it exercises expedient and efficient procedures.

The corporate tax rates in Singapore are low in comparison with many of the other developed countries. Singapore has double taxation agreements with many other countries.

A company registered in Singapore is required to keep its accounting and other records that will sufficiently explain the transactions and financial position of the company and enable true and fair profit and loss accounts and balance sheets to be prepared. If such records are kept in a place outside Singapore, copies must be kept in Singapore.

It's company's responsibility to update Accounting and Corporate Regulatory Authority (ACRA) of any changes in its registered particulars e.g. change of company name, registered office address, change of directors, other officers, etc.

A company registered in Singapore cannot start to trade until it has been successfully registered with ACRA.

Related Topics:

Singapore Corporate Income Tax Overview

Singapore Personal Income Tax Overview

How to Register a Singapore Company

Registering a Singapore Subsidiary Company

Registering a Singapore Branch

Registering a Representative Office in Singapore

Corporate Taxes

Our Services

Contact Us for Foreign Company Registration in Singapore

Information Index


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