Singapore

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

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.

Language

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

Company Information

Type of Company for International Trade and Investment Resident or non-resident company, foreign branch operation or a representative office.

Restrictions on Trading

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

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.

Name Restrictions

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

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.

Classes of Shares Permitted

Ordinary shares, preference shares and redeemable preference shares.

Licence Fees

Minimal annual statutory filing fees of approximately S$20.

Language of Name

Latin Alphabet

Currency

Singapore Dollar

Exchange Control

None

Type of Law

Common Law

Principal Corporate Legalisation

The Companies Act.
The Income Tax Act.

Language of Legislation and Corporate Documents

English

Powers of Company

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

Registered Office Required

Yes

Time to Incorporate

5 days subject to name approval

Compliance

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.

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.

Disclosure of Beneficial Ownership to Authorities

No

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.

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, we 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.

Why Global Premier?

What separates us from our competitors is that our services don’t end with the registration of your company. We offer a wide range of additional services others can’t or just won’t offer, such as lifetime free support.

Whilst most providers either specialise on personalized consultation at relatively high rates or run bulk registration factories without any support, we want to offer the positive aspects of both types.

Therefore Global Premier combines professional advice, worldwide registration services, reasonable fees, customized order processing, lifetime support and fast processing. Where others see company formation services as a bulk registration with no support and no individual assistance, we do care about your business needs.

Should you have any question or matter
You would like to discuss or clarify with us
Or
Should you like to receive further Information
About our services and fees, …

Our multi-lingual team of business advisors is happy to assist you with all upcoming questions and issues in relation to your company.

You may call or email us, and we will be happy to assist you in a fast and efficient manner.

You can also come and visit us at our Limassol offices to discuss issues face to face if you prefer. Just arrange an appointment and we will be happy to meet with you.

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