Singapore company

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Singapore Company Formation

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 Hong Kong or outside of the territory.

Companies that do not derive any income from sources in Singapore are not subject to tax.

Singapore Company Formation

Singapore Offshore Company Formation Advantages

  • Double-tax agreements with almost 100 countries, Singapore has territorial-based tax system. Income earned outside of Singapore is not taxed;
  • The new formed companies in Singapore qualify for tax exemption. For the first three consecutive Years of Assessments (YA), their chargeable income of up to $100,000 is tax-free;
  • Exempt private companies are exempted from the audit compliance if their business income is less than $5 million;
  • 0% income 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 100 000 and SGD 300 000, the company will have to pay 8.5%, and 17% above SGD 300 000.
  • Minimum one director and one shareholder are required. One of the directors must be resident in Singapore. Local licensed secretary is also required.
  • Interim dividends distribution is allowed. Distribution to foreign entities or individuals are not taxed in Singapore;
  • Nominee services are available;
  • Singapore’s ability to provide politically stable government and pro-business bureaucracy plays a very positive role in building up Singapore’s image as the place to do business in.

Singapore Company Formation Summary and Main Characteristics:

General Information 
Type of companyPrivate Limited Company (Pte Ltd)
Corporate LegislationSingapore Companies Act 1963 Legal system: Common Law
Taxation0% 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.
CurrencySingapore dollar (SGD)
Paid up capital requirementNo paid up capital requirement (1 SGD)
Time zoneGMT+8
Directors
Minimum no. required1
Local Director requiredYes, one of the directors must be resident in Singapore. (can provided by Consil Formation)
Location of MeetingsAnywhere
Shareholders
Minimum no. required1
Location of MeetingsAnywhere
Company Secretary
RequiredYes (can provided by Consil Formation)
Local Secretary requiredYes, local licensed secretary required (can provided by Consil Formation)
Registered office requiredYes, local (can provided by Consil Formation)
Share Capital
Standard CurrencySingapore dollar (SGD)
Standard Authorized Capital1 SGD
Minimum paid up capitalNo
Accounting Requirements
Preparation of accountsRequired (can be completed by Consil Formation)
Requirement for auditYes (can be completed by Consil Formation)
Accounts public accessibleYes (can be completed by Consil Formation)
Requirement to file Annual ReturnYes (can be completed by Consil Formation)
Further Information
Bearer sharesNo
ConfidentialityYes
Nominee servicesAvailable
Need to travelNo
ApostilleYes, Hague Convention 1961
OwnersIndividuals or Corporate

Company Formation Fee

  • Company Formation – with all services included for the first year: €2.400:
  • Certificate of Incorporation;
  • Memorandum and Articles of Association;
  • Appointment of Director(s), Distribution of Shares, Minutes, Resolutions in accordance with banks requirements;
  • Share Certificate(s);
  • Authorized Share Capital of 1 SGD;
  • Local Registered Office Address;
  • Personal manager assistance for the entire period.
  • Registered Agent;
  • Preparation & Filing of Annual Return;

Renewal Fee after one year – with all services included for the next year: €1.900

  • Local Registered Office Address;
  • Registered Agent;
  • Preparation & Filing of Annual Return;
  • Personal manager assistance for the entire period;

Further Optional Services:

  • Accounting & Bookkeeping – Quotation based on each particular case.
  • Nominee Director – Local Individual – Mandatory – €1.900;
  • Refundable 100% security deposit for Nominee Local Director – €1.500;
  • Local Licensed Secretary Services – €900;
  • Nominee Director – Individual or Corporate as per client’s request – €600;
  • Nominee Shareholder – Individual or Corporate as per client’s request – €400;
  • Power of Attorney – General / Special PoA Notary Legalized with Apostille, in accordance official institutions and with banks requirements – €350;
  • Certificate of Registration with current dates, in accordance with official institutions and banks requirements – €300;
  • Company Extract with current dates, in accordance with official institutions and banks requirements – €300;
  • Certificate of Incumbency with Apostille,in accordance with official institutions and banks requirements – €330;
  • Apostilled & notarized set of company documents – €310;
  • Apostille per document – €180;
  • Notarization per set of documents – €200;
  • Notarization per document – €120;
  • Company Seal – €65;
  • Company Seal – €65;
  • Company Rubber Stamp – €45;
  • Courier – €80;
  • Bank Account opening service – Quotation based on each particular case;
  • Compliance Service – After Company Incorporation Services – new persons, legal entities, annual compliance review – €75/hour;

If you are looking to open a bank account in the particular country or bank, please contact as by e-mail office@consilformation.com
or call our Banking Department at +34 685 28 86 93

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