
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.