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Details of Singapore
Company Registration
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Singapore Company at a Glance
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100% foreign ownership allowed
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Minimum paid-up capital of $1
only
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Company incorporation in 1 day
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Minimum 1 shareholder and 1 director
- No taxes on first 100K taxable income annually for first
three years of a new Singapore company;
- Only 9% tax rate on taxable income of up-to 300K
annually starting YA 2008
- Low overall flat tax rate of 18% on taxable income
above 300K
- Zero taxes on capital gains
and dividends in general
- Immigration visa (entrepreneur pass) available for
company owners wishing to relocate to Singapore to run
their new Singapore company
- No exchange controls or restrictions on repatriation
of profits
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Procedure and timeline for Singapore Company
Registration The basic steps are as below:
- Get company name approval
- Prepare registration documents
- Client to sign company registration documents
- Register company
- Open bank account
We will prepare and submit all the necessary
documentation for registering your Singapore company so
you don't have to worry. Just for your reference, to
register a Singapore company, the following information
needs to be submitted to the registrar of companies (ACRA):
- Memorandum and Articles of Association
- Statutory Declaration of Compliance
- Particulars of Shareholders, Directors, Secretaries, etc.
- Certificate of Identity
- Situation of Registered Office/Office Hrs at Time of
Registration
- Consent to Act as Director and Statement of Non-disqualification
to Act as Director
- A Consent to Act as Secretary
The time taken for company registration depends on
two factors: a) the company name approval and b) whether
you will be signing the documents in Singapore or
overseas. The company name approval takes only 2-3
hours unless there is some conflict with an existing
name or the name has some sensitive words in it. Once
the company name is approved and we have received the
signed documents from you, we can normally register
Singapore company in 1 day.
If you are signing the company registration documents
overseas, you will need to factor in the time it takes
to courier the documents back to us.
After the company registration, the bank accounts
opening can take from few days to few weeks depending
upon a) the bank you choose and b) whether you are in
Singapore to sign the account opening documents or not.
To read more details about timeline, procedure, and
other frequently asked questions, please refer to our
Singapore
Company Registration - Frequently
Asked Questions page. If you are a foreign
entrepreneur and need to relocate to Singapore to run
your company, you will need to apply for
EntrePass for foreign
entrepreneurs.
Shareholders
A Singapore Company may be
registered with only one shareholder who can be an
individual or a corporation. There is no requirement for shareholder(s)
to be resident in Singapore.
Paid-up Capital
There are no minimum paid-up capital requirements for a Singapore
company registration. A Singapore company can be registered with a
minimum of S$1.
Company Directors
As per Singapore Companies Act, a Singapore company can have one or more
resident or non-resident directors. Minimum requirement is one director.
However
as per Singapore Company Registration Laws, at least one of the
company directors must be ordinarily resident in
Singapore i.e. a Singapore citizen, a Permanent Resident of Singapore or
an expatriate holding a valid employment pass may act as the resident
director. We can provide Nominee Director service to meet this
statutory requirement, if you do not have a local
resident director.
Company Secretary
A company must have at least one qualified corporate secretary with a
principle place of residence in Singapore. We provide this service to
all our clients.
Registered Office
A Company must have a registered office situated within Singapore. We
provide this service to all our clients who utilize our Singapore
company registration services.
Name Approval
All business entities require approval of proposed name prior to
company registration in Singapore. We will do this step as part of
our Singapore company registration process. The general rules for choosing a
Singapore company name are:
- must not be identical or too similar to another business' name
- must not infringe registered trademarks or patents
- must not be offensive or vulgar in any way
Company names that contain words like Bank, Finance Company,
Insurance, School, University, Travel Agent, Media, etc. must first be
approved by the Singapore Company Registration regulatory authority before they can be used.
Related Topic:
Review Singapore
Company Registration Packages & Fees
Exempt Private Company
A company is called an Exempt Private Company (EPC) if it has less than
20 shareholders, and none of the shareholders is a corporation.
An exempt private
company registered in Singapore is relieved from filing copies of its accounts
with the Registrar of Companies.
As per Singapore Companies
Act, a company must file its audited accounts with ACRA on an annual basis
unless it is an exempt private company.
Licenses and Permits
No special approval is required for most of the business activities in
Singapore.
Only certain types of business activities are controlled by government
agencies and require necessary approvals and license from relevant
authorities before commencing business. Government approval is generally
not required for companies to do business in Singapore with the
exception of the following:
- Banks and other financial institutions wishing to do business do
require approval from the Monetary Authority of Singapore (MAS).
- Certain activities, such as the production of cigarettes, beer,
refrigerators and air-conditioners, operation of restaurants, bars,
etc. require a license from the relevant government bodies.
Other Related Info
There are no exchange controls or restrictions on the
introduction of capital or the repatriation of capital and profits
and there are no currency regulations. Singapore has a minimum of business formalities
for establishing a business and favors foreign investment.
Residents and non-residents may hold foreign exchange accounts. There
are no controls or requirements on current transfers, payments, or
repatriation of profits. The court system is very efficient and strongly
protects private property, and there is no threat of expropriation.
Singapore is known for its tough laws, strict enforcement and stiff
penalties for offenders, and it exercises expedient and efficient
procedures. The corporate tax rates in Singapore are low in comparison with many
of the other developed countries. Singapore has double taxation
agreements with many other countries.
A company registered in Singapore is required to keep its
accounting and other records that will sufficiently explain the
transactions and financial position of the company and enable true
and fair profit and loss accounts and balance sheets to be prepared.
If such records are kept in a place outside Singapore, copies must
be kept in Singapore. It's company's responsibility to update
Accounting and Corporate Regulatory Authority (ACRA) of any changes
in its registered particulars e.g. change of company name,
registered office address, change of directors, other officers, etc.
A company registered in Singapore cannot start to trade until it has been successfully
registered with ACRA.
Related Topics
Review Packages & Submit
Singapore Company Registration Order
Foreign Company Registration
Options
Immigration Visa for Foreign
Entrepreneurs
Corporate Taxes
Our Services
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Related Terms
Limited liability
company Singapore
Private limited company Singapore
Registrar company Singapore |
Options for Foreign Individuals
Options for Foreign Companies
Options for Singapore Residents