Singapore

Singapore is one of the leading international financial centers. Investors are well served by representatives of most major international banks, financial institutions, investment management companies and accounting and legal firms. Apart from that, Singapore is strategically located along the major shipping and air routes of Asia and it is the major nerve centre for trade and investments in the region.

The most used official languages are English and to a lesser extent, Mandarin, Malay and Tamil which are also official languages. The currency is Singapore Dollar. Singapore legislation recognizes various types of companies: private limited company, partnerships or branches. Singapore Private Limited Company is recommended for international transactions.

Legal formPrivate Limited Company (Ltd.)
LegislationBased on English common law
Foundation timeOnce received all required documents from a client, a new Ltd. incorporation takes usually up to 1 week and documents are delivered within 3 weeks.
ShareholdersMinimum required: 1
Form: physical person/corporate body (both possible)
Nationality: Any (Singapore nationality not necessary)
DirectorsMinimum directors required: 1
Minimum secretaries required: 1
Form of director and secretary: physical person (corporate body not permitted)
Nationality of director and secretary: minimum one director must be resident in Singapore
Share capitalMinimum paid-up 1,- S$; usual authorized 100,000,- S$
Bearer sharesNot allowed
TaxesCorporate income tax rate: All companies can enjoy partial tax exemption for profits up the first S$100,000. The tax rate for taxable income up to S$300,000 is 8.5%. For profits after the first S$300,000, the tax rate is 17%, flat.
Goods and Services tax: 7%, tax is not applicable on export of goods and services (zero rated supplies), also known as Value Added Tax in other places.
AccountancyFiling of accounts required
AuditAll Singapore incorporated companies must appoint an auditor within 3 months from the date of incorporation, unless it is exempted from audit requirements. To be exempted from audit requirements, a company must satisfy all of the following: the Company does not have any corporate shareholder; total number of shareholders must be less than 20; annual turnover of the company must be less than S$5 million.
Anonymity and confidentialityCompanies registrar is partly publically accessible
OtherShelf companies availability: YES
Registered office: Must be maintained in Singapore
General meetings: Could be held anywhere in the world

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