Fact File Supplied By:
Bird & Bird ATMD LLP.
South East Asia.
Greenwich Mean Time +8.
Changi International Airport.
English, Mandarin, Malay, Tamil.
Based on English Common Law.
Financial services, international banking, holding and operating companies, international HQs, insurance and reinsurance, fund management, trustee services, merchant banking, asset, project and trade finance.
Personal income tax
Corporate income tax
Foreign exchange gains / losses are generally regarded as revenue in nature where they relate to trade transactions. Exchange gains / losses are regarded as capital in nature where related to revaluation of deposit balances, so long as below a certain de-minimis, they will betreated as revenue above the de minimis.
104 (DTAs , Limited Treaties, EOI arrangements and Agreements signed but not yet ratified).
Practically all currencies.
Minimum authorised capital
Minimum share issue
One ordinary share (no par value).
No legislative provision, but companies can be incorporated expediently and there is a private market for shelf companies.
Timescale for new entities
Formation is generally expedient, unless there are issues with the application or the entity to be incorporated operates in a regulated industry.
S$15 for name application fee. S$300 for companies limited by shares, S$300 for companies limited by guarantee. S$8,000 for incorporation of Variable Capital Companies, S$9,000 for transfer of Variable Capital Companies, additional S$400 for registration or transfer of each sub-fund.
Annual return filing fee of S$60, and other filing fees charged on per filing basis.
All companies require at least one resident director, which means a person ordinarily resident in Singapore.
Not permitted. Directors must be individuals, but corporations can act through nominees.
Meetings held in accordance with company constitution. Typically, at least once a year. Virtual meetings are permitted.
Yes, disclosure of large beneficial owners of shares is required but not publicly searchable (No for Variable Capital Companies).
Public share registry
Yes (No for Variable Capital Companies).
Annual, unless applicable requirements for exemption are satisfied.
Yes, unless audit exemption requirements are fulfilled.
Inward re-domiciliation possible in accordance with statutory regime.
Company naming restrictions
Names claiming activities related to banking, trusts and other regulated activities such as names including the word "bank", "hospital" or "institution" require licensing and approval from relevant authorities.