Fact File

Fact File Supplied By:

WongPartnership LLP.

Location

South East Asia.

Time Zone

Greenwich Mean Time +8.

Population

5.64 million.

Capital

Singapore.

Airport(s)

Changi International Airport.

Language

English, Mandarin, Malay, Tamil.

Currency

Singapore Dollars.

Political System

Democracy.

Dialing Code

+65.

Legal System

Based on English Common Law.

Centre's expertise

Financial services including international banking, merchant banking, all aspects of financing, insurance, reinsurance and fund management; Manufacturing and R&D of high value-added items in industries including electronics, chemicals, biomedical sciences and automation; Education.

Personal income tax

0 to 22%. From YA 2024 – 0 to 24%.

Corporate income tax

17%.

Exchange restrictions

None.

Tax Treaties

106 Double Tax Agreements, Limited Double Tax Agreements, Exchange of Information Arrangements (including those which are signed but pending ratification).

Permitted currencies

Practically all currencies.

Minimum authorised capital

No requirement.

Minimum share issue

One ordinary share (no par value).

Shelf companies

These are available but of less relevance as companies can be incorporated easily and expediently.

Timescale for new entities

A new entity can generally be set up within one to seven days from the submission of all required documents. For a Variable Capital Company, the set up may take up to 14 days.

Incorporation fees

The filing fees for the set-up of most entities including a company range from S$115 to S$315 onwards. The filing fees for the set-up of a Variable Capital Company is from S$8,015 onwards.

Annual fees

These range from S$30 to S$60. For a Variable Capital Company, this is S$1,600.

Minimum number

One director.

Residency Requirements

All companies require at least one resident director, which means a person ordinarily resident in Singapore.

Corporate directors

Not permitted. Directors must be individuals, but corporations can be represented on the board of directors through the appointment of nominees.

Meetings/ frequency

Based on provisions in the company’s constitution. Typically, these will also provide for virtual meetings and/or circular resolutions.

Disclosure

The shareholders of the companies are a matter of public record. Additionally, companies are required to maintain a Register of Registrable Controllers comprising beneficial ownership information. This register is available only to public agencies and upon their request.

Bearer shares

Not permitted.

Minimum number

One.

Public share registry

Yes.

Meetings/ frequency

Annual, unless applicable requirements for exemption are satisfied.

Annual return

Yes.

Audit requirements

Yes, unless audit exemption requirements are fulfilled.

Registered office

Must be in Singapore.

Domicile issues

Inward re-domiciliation possible in accordance with statutory regime.

Company naming restrictions

The names must not be undesirable (eg of an obscene nature or likely to cause offence to a country, religion, etc), identical to the business name of another entity, or of a kind the Minister of Finance had directed the Registrar of Companies not to accept (eg “Temasek”). Names claiming activities related to banking, trusts, hospitals and other regulated activities require licensing and approval from relevant authorities.