Fact File

Fact File Supplied By:

Bird & Bird ATMD 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, 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

None

Tax Treaties

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

Permitted currencies

All

Minimum authorised capital

No requirement

Minimum share issue

One ordinary share (no par value)

Shelf companies

No, but companies can be incorporated within a day if all requirements are met

Timescale for new entities

One day formation possible, unless approval or review required from authorities

Incorporation fees

S$15 for name application fee. S$300 for companies limited by shares, S$300 for companies limited by guarantee.

Annual fees

No annual fees imposed by the Accounting and Corporate Regulatory Authority of Singapore (ACRA), nominal filing fees

Minimum number

One

Residency Requirements

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

Corporate directors

Not permitted

Meetings/ frequency

None,unless required by the company

Disclosure

Yes (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 permitted since 11th October 2017

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.