Incorporation in Singapore. Singapore Limited company advantages
Singapore is the most competitive country in Asia and it is the world's easiest place to do business. It provides favorable conditions for registering a new company or migration an existing company to Singapore. Main tax and assets protection advantages are as follows:
- Zero tax on first S$ 100 000 (approximately US$ 80 000) of taxable income made by newly registered companies during first three tax filing years. This tax benefit is applicable for companies resident in Singapore, having no more than 20 shareholders.
- Zero taxes on capital gains. Dividends paid to shareholders are tax exempt (shareholders receiving dividends are not subject to tax).
- No exchange controls or restrictions on repatriation of profits.
- Business Migration Visa (entrepreneur pass) is available for foreign entrepreneurs who wish to register a company and reside in Singapore to run it.
Incorporation procedure and requirements. What is required to register a company in Singapore
- Minimum 1 individual director is required and at least one director has to be a resident of Singapore, which means he/she should be a Singapore Citizen/Permanent Resident/Employment Pass Holder.
- Minimum 1 shareholder (a person or a corporate body with 100% shareholding) is required. This can be a non-Singapore resident.
- Minimum paid up capital is S$1 and incorporation takes 1-2 days only.
- A registered address in Singapore and a qualified company secretary is required. We will provide the address and a secretary.
Singapore company registration and related fees
- Incorporation fee (includes Certificate of Incorporation, Memorandum and Articles, all Filling fees, Minutes of first meeting, Register of directors and Shareholders, Share certificates, Registered Office and Registered Agent for the first year, a Secretary, 1 resident Director (required), Company Kit) - US$ 2650
- Director's deposit - US$ 700
- Second and subsequent years fees - US$ 2400
This includes Registered Office and Registered Agent, Government fees, Maintenance of Registers, Filling of A/R. Annual Accounting fee not included
Singapore taxation is based on territorial principle. Companies making profit in Singapore, or bringing their profit into Singapore, should pay taxes. Tax rate on corporate profits up to 300,000 SGD is 8.6%. If company profit is above this level the company should pay 17%. All companies should prepare and file Annual Return with Company Registrar and Annual Tax Return with Inland Revenue Authority. We will refer clients to the professional accountants in Singapore to comply with these requirements.
Registering business in Singapore - procedure
If you consider Singapore to be a proper place to set up your business, please send an email firstname.lastname@example.org and be ready to send the beneficiary owners/shareholders/directors passport copies and proof of address (utility bill, bank statement). Once we receive the details we will check the company name availability (it will have the words 'Pte Ltd' or 'Ltd' as part of its name) and draw the incorporation documents, which have to be signed, certified and returned to us. We will register your company within 48 hours and ship the corporate documents within 4-5 business days to you.
We can also provide a number of services your business may need after registration: bank introduction, virtual office facilities, web space on an offshore server, secure and private Internet connection. Please ask for details if interested.