Company Formation in Singapore
Singapore, officially the Republic of Singapore, is a sovereign city-state and island country in Southeast Asia. It lies one degree (137 kilometers/ 85 miles) north of the equator, at the southern tip of the Malay Peninsula, with Indonesia’s Riau Islands to the south and Peninsular Malaysia to the north. Singapore’s territory consists of one main island along with 62 other islets. It is one of the most economically and socially developed countries in the world, and has been independent since 1965.
Named, “The Switzerland of Asia” because of its high quality of life, Singapore has experienced exceptional growth due to its particularly advantageous maritime position, which has allowed it to become a solid financial and trade hub between the Pacific and Europe. The economy of Singapore is primarily based on banking and financial services, the electronics industry, the Creative Technology, and the maritime sector. Its port is ranked in the premier class in the world in terms of exports and oil.
Singapore’s legal system is recognized for its fairness, integrity, and efficiency – making Singapore one of the best countries globally for starting and running a business. Due to its history as a British colony, English common law is also an important part of Singapore’s legal system.
Singapore Limited Companies are not considered as offshore companies as there is no offshore legislation in Singapore.
All companies are formed under the same legislation, whether they do business in Singapore or outside of the territory.
Companies that do not derive any income from sources in Singapore are not subject to tax.
Advantages of company incorporation in Singapore:
Summary of Singapore Limited Company and main characteristics:
| General Information | |
|---|---|
| Type of company | Private Limited Company (Pte Ltd) |
| Corporate Legislation | Singapore Companies Act 1963 Legal system: Common Law |
| Taxation | 0% Corporation tax on profits earned overseas and 0% tax on dividends for non-residents. Companies are completely exempt from all taxes on all profits earned overseas. On profits earned in the territory in the first 3 years of the company, profits up to SGD 100 000 are exempt from taxes. Then between SGD 100 001 and SGD 300 000, the company will have to pay 8.5%, and 17% above SGD 300 000. |
| Currency | Singapore dollar (SGD) |
| Paid up capital requirement | No paid up capital requirement (1 SGD) |
| Time zone | GMT+8 |
| Directors | |
| Minimum no. required | 1 |
| Local Director required | Yes, one of the directors must be resident in Singapore. (can provided by Consil Formation) |
| Location of Meetings | Anywhere |
| Shareholders | |
| Minimum no. required | 1 |
| Location of Meetings | Anywhere |
| Company Secretary | |
| Required | Yes (can provided by Consil Formation) |
| Local Secretary required | Yes, local licensed secretary required (can provided by Consil Formation) |
| Registered office required | Yes, local (can provided by Consil Formation) |
| Share Capital | |
| Standard Currency | Singapore dollar (SGD) |
| Standard Authorized Capital | 1 SGD |
| Minimum paid up capital | No |
| Accounting Requirements | |
| Preparation of accounts | Required (can be completed by Consil Formation) |
| Requirement for audit | Yes (can be completed by Consil Formation) |
| Accounts public accessible | Yes |
| Requirement to file Annual Return | Yes (can be completed by Consil Formation) |
| Further Information | |
| Bearer shares | No |
| Confidentiality | Yes |
| Nominee services | Available |
| Need to travel | No |
| Apostille | Yes, Hague Convention 1961 |
| Owners | Individuals or Corporate |
Register your Singapore Limited Company
- Document Notarization per document: € 500
- Bundle of documents Notarization;
- Document Apostillation per document;
- Bundle of documents Apostillation.