INFO – SINGAPORE
Singapore is recognised as one of the best countries to do business in Asia, but also worldwide. Type of company which we assist with formation is Private Limited Company (Pte Ltd)
The main characteristics of companies incorporated in Singapore:
- Foreigners can own 100% of the total company shares.
- Only one director is required to manage the company. However, there must be at least one resident (local) director.
- A minimum of 1 and a maximum of 50 shareholders.
- The current tax corporate rate is 17% on annual profits.
- Tax relief for start-up companies. Start-up can receive a 75% tax exemption on the first $100,000 of normal chargeable income, with a further 50% exemption on the next $100,000 of normal chargeable income.
- The company’s business profile is not publicly available. However, anyone can purchase company’s business profile online using the government portal.
- There is no minimum authorized share capital. However, the initial paid up share capital must be at least $1 SGD.
- Audits are not required for small companies, but it is possible to have audit if required.
- Shareholders’ liabilities are limited to their share capital contributions.
In order to start the company opening procedure, please submit the following:
- Name of the company (2-3 names)
- Passport copy of director and shareholder
- Utility bill (not older than 3 months)
- Bank reference letter
- Business activity descriptions
- Contact details (email, contact phone)
- Payment to the EURO COMMERCE LLC bank account
All companies established in Singapore have an accounting obligation, regardless of their place of business operations. Accounting commences 18 months after company incorporation. Accounting fee depends on several facts: nature of business, number of transactions and company’s annual turnover.