Singapore Company

Singapore Company

You can now register your company online. To setup your company in Singapore Company kindly Click On

SYNOPSIS

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.

A Singapore Company has the following characteristics:

    1. Shareholders:
      A minimum of one shareholder is required for a Singapore Company whose details are filed on the public register. Corporate shareholders are permitted and anonymity can be achieved by the use of nominee shareholders.
    2. Directors:
      A minimum of one director is required for a Singapore Company and full details must be filed with the Public Registry. Corporate directors are not permitted. Also one Director MUST be a Singapore resident.
    3. Officers/Secretary:
      Singapore Companies are required to appoint a resident company secretary, who must be a natural person.
    4. Restriction on name and activity of a Singapore Company:
      Names which suggest any connection to the existing companies or trade mark / patents are generally prohibited in setting up a Singapore Company and certain words which suggest specialist activity can only be used when the appropriate licences have been obtained e.g. bank, insurance company and other specialist financial enterprises.
    5. Local Requirements of a Singapore Company:
      As a matter of local company law the Singapore Company MUST maintain a registered office address within the jurisdiction of incorporation and must also appoint a local resident company secretary. The secretary cannot be the sole director of the Singapore Company. We would generally provide these services as part of the domiciliary service fee.
    6. Timescale of Singapore Company Set Up:
      Incorporation of a Singapore company takes around 10 days.
    7. Annual Reporting:
      No accounts need to be filed but annual returns are required to be filed for a Seychelles International Business Company. It should be noted that penalty fees will be incurred if the license fee is not paid when due.
    8. Annual Reporting:
      1. Annual Meetings
        Each Singapore company must hold an Annual General Meeting (AGM) once in every calendar year and not more than 15 months after the holding of last preceding AGM. The first AGM must be held not later than 18 months from the date of incorporation.
      2. Accounts
        Singapore Companies are required to file an annual return together with their statutory financial statements (if applicable) within one month from the AGM date with ACRA via bizfile. The companies Act allows Singapore companies to be exempted from audit requirement if the following criteria are met:
      • No corporate shareholder
      • Less than 20 individual shareholders
      • Less than SGD 5 million annual revenue

Financial statements of a Singapore company must be audited except for dormant companies and private exempt companies that meet the conditions set out above.

Singapore Companies which are either limited by shares or unlimited are required to file their financial statements in XBRL format.

9. Singapore Company Taxation

    1. Singapore resident companies can benefit from a broad treaty network of double taxation agreements and many government corporate tax incentive schemes and grants.
    2. Singapore resident companies are generally entitled to income tax exemptions on foreign sourced dividends, foreign branch profits, and foreign-sourced service income subject to meeting certain criteria.
    3. Singapore Companies has no capital gains tax
    4. Corporate tax rate of a Singapore Company is a flat 17% with a lower effective tax rate due to available applicable tax exemptions and incentives.
    5. Taxation of income in Singapore is assessed on a territorial and remittance basis; only income accrued in or derived from Singapore, or income derived overseas but received in Singapore, is subject to tax.
    6. All foreign source income received by individuals in Singapore is tax exempt.
    7. Singapore Company has no estate duty

10. Required Documents in Setting Up a Singapore Company:

KYC Documents for individual Director/Shareholder:

  1. Passport – original to be verified personally in our office, otherwise client can provide an original notarized copy of the passport
  2. Proof of address (in the form of utility bill, dated less than 3 months)
  3. Bank reference (dated less than 3 months with satisfactory record clearly mentioned and also the time period the client has been dealing with the bank: minimum of 2 yrs)
  4. Detailed CV
  5. Professional reference letter (can be issued by Lawyer or Certified Public Accountant)
  6. Dully filled FATCA Form
  7. Notarized US Declaration (if a US Person)

KYC for Corporate Director/Shareholder:

  1. Certificate of Incorporation
  2. Registered address and place of business
  3. Certificate of Current Standing if incorporated more than 1 year
  4. Register of Directors
  5. Register of Shareholders
  6. Memorandum & Articles of Association
  7. All documents of the corporate entity must be certified by a Lawyer or Certified Public Accountant

Incorporation of a Singapore Company begins from USD 3,300/-

Global Business Services DMCC has helped many individuals and corporate entities to set up a Singapore Company. Our Company acts as a one stop solution for Singapore Company incorporation services.

If you are looking for Singapore Company set up, please get in touch with us for professional assistance.

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

GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
GBSOur Office
Organically grow the holistic world view of disruptive innovation via empowerment.
+971 4 4471803
OUR LOCATIONWhere to find us?
For company formation and company incorporation services please contact us at our mailing address:

Office No.12A-06,
13th floor HDS Tower,
Plot No. F2,
Jumeirah Lakes Towers,
Post Box 309074,
Dubai (U.A.E)

QUICK LINKSOur Services
GET IN TOUCHGBS Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.

Copyright © 2020 Global Business Services.

Copyright © 2020 Global Business Services.

Contact Us
close slider