Jurisdictions
Regions
Industry Sectors
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.
