Fact File

Fact File Supplied By:

Bird & Bird ATMD LLP.

Location

South East Asia.

Time Zone

Greenwich Mean Time +8.

Population

5.69 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, 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

0-22%.

Corporate income tax

17%.

Exchange restrictions

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.

Tax Treaties

104 (DTAs , Limited Treaties, EOI arrangements and Agreements signed but not yet ratified).

Permitted currencies

Practically all currencies.

Minimum authorised capital

No requirement.

Minimum share issue

One ordinary share (no par value).

Shelf companies

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.

Incorporation fees

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 fees

Annual return filing fee of S$60, and other filing fees charged on per filing basis.

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 act through nominees.

Meetings/ frequency

Meetings held in accordance with company constitution. Typically, at least once a year. Virtual meetings are permitted.

Disclosure

Yes, disclosure of large beneficial owners of shares is required but not publicly searchable (No for Variable Capital Companies).

Bearer shares

Not permitted.

Minimum number

One.

Public share registry

Yes (No for Variable Capital Companies).

Meetings/ frequency

Annual, unless applicable requirements for exemption are satisfied.

Annual return

Yes.

Audit requirements

Yes, unless audit exemption requirements are fulfilled.

Registered office

Singapore.

Domicile issues

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.