Singapore
Singapore is situated just off the southern tip of the Malay Peninsular between the South China Sea and the Indian Ocean.
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Private Limited Company.
PROCEDURE TO INCORPORATE
Registered Agent delivers the Memorandum of Association and Articles of Association to the Registry together with the appropriate fee. The incorporation will usually take seven working days.
POWERS OF COMPANY
A Company incorporated in Singapore has the same powers as a natural person.
LANGUAGE OF LEGISLATION AND CORPORATE DOCUMENTS
English.
NAME RESTRICTIONS
Any name that has already been incorporated or it is so similar as to cause confusion. Any name which in the opinion of the Registrar is considered undesirable, obscene or offensive. Names are subject to the approval by the Registrar of Companies.
LANGUAGE OF NAME
English.
REGISTERED OFFICE REQUIRED
Yes, must have a local registered office address.
AUTHORISED SHARE CAPITAL
The normal authorised share capital is S$100,000 divided into shares with par value. The share capital is expressed in Singapore currency.
BEARER SHARES PERMITTED
No.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No. Disclosure of the beneficial owner(s) is not required.
FILING REQUIREMENTS
Every Singapore company is required to file annual return with Companies Registrar and annual tax return with the Inland Revenue Authority of Singapore (IRAS). Records of Directors and Shareholders will be on public filings.
TAXATION
- A Singapore non-resident company offshore profits are legally tax exempt;
- A resident Singapore company suffers corporate tax of 17% on annual profits. However, the first S$200,000 of corporate profits earned in Singapore is legally tax-exempt for the first three years after starting a business in Singapore;
- A Singapore resident company is only obliged to register for goods & services tax (GST) if annual sales exceed S$1 million;
- There is no capital gains tax in Singapore.
DOUBLE TAXATION AGREEMENTS
Yes, please note that for the company to gain the benefit of the double taxation treaties signed by Singapore, it is likely that the company would have to be resident. Treaties have presently been concluded with Australia, Bangladesh, Belgium, Canada, China, Denmark, Finland, France, Germany, India, Indonesia, Israel, Italy, Japan, Korea, Malaysia, The Netherlands, New Zealand, Norway, Philippines, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand and United Kingdom.
FINANCIAL STATEMENT REQUIREMENTS
Each Singapore company must keep such accounting and other records as are necessary to explain the transactions and financial position of the company. Allow a profit and loss account and a balance sheet to be prepared. Singapore company must conduct an independent annual audit only if :
– corporate turnover/sales is more than S$5 million or
– the Singapore company has a corporate shareholder.
MEETINGS
Annual meeting is required and all meetings may be held anywhere.
DIRECTORS
At least one director who has to be a local resident in Singapore of which a Singapore Citizen, a Singapore permanent resident (PR), or a person who has been issued an entrepreneur pass, employment pass or dependent pass and must be above the age of 18 years. Corporate Director is not permitted.
COMPANY SECRETARY
Appoint a company secretary is a requirement under the Singapore Companies Act, the secretary must be a Singapore resident.
SHAREHOLDERS
The minimum number of shareholders is one. Shareholders may be natural persons or bodies corporate and of any nationality.
CAPITAL
The minimum paid up capital is S$1.
OUR SERVICES
We have some stock of “Ready-made” companies that are immediately available for purchase and are pleased also to incorporate a company with client’s proposed name. All companies are provided with our comprehensive company kit, include the following:
* Certificate of Incorporation
* Subscriber Appointment of First Director(s)
* 1 Statutory Book
* Original & copies of Memorandum & Articles of Association
* A Corporate Seal
* A Pre-ink Stamp
* Share Certificates
FEES
Panocean Secretarial Group will be happy to provide you with a schedule of our current fees for the company set up and provision of company secretary/correspondence address/nominee services upon request.
These are only the general guidelines and they do not constitute any legal liability for inaccurate information mentioned above.
Panocean Secretarial Services Limited ©2004 Copyright. All rights reserved. It is not allowed to reproduce, transmit or re-keying the above information.