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.