Singapore

Singapore Resident and Non-Resident Private Ltd Company Formation

The Republic of Singapore, is an island country in Southeast Asia, it lies at the southernmost tip of continental Asia.

Singapore is a leading global city-state for commerce and transportation, as well as being a financial hub. The World Bank ranked it as the “Easiest place to do business”, For nine consecutive years. Stated as being the world’s top meeting city by the Union of International Associations and has also been Asia’s top convention city since 2002.

Statistically it has one of the best investment potentials, internationally, as well as being the third largest foreign exchange centers, fourth largest financial center and is one of the top two busiest container ports since the 1990’s.

With favorable taxation laws and business incentives, Singapore is an ideal jurisdiction for world leading services.

Most industries are heavily regulated and require licensing or authorization from the Government. This adds to the security of conducting business in Singapore, as non-compliance is heavily fined, imprisonment imposed or a combination of both.

  • Singapore’s Strategic Location
  • Flexible Immigration Policies
  • Intellectual Property Protection
  • One of the wealthiest Nation in the world
  • 0% Corporate Tax for non-Singapore Profits
  • Corporate Tax from 8.5% to 17%
  • Personal Tax from 0% to 20% Maximum
  • No Dividend or Capital gains taxes
  • No Estate, Death or Inheritance tax
  • Political Stability
  • Ease of Business
  • Shipping Management Companies
  • Intellectual Property Protection
  • Commodity Trading
  • Forex Company
  • E-Commerce or Internet Trading
  • International Trading Company
  • Employment Agency
  • Estate Agency
  • Business Consulting
  • Trust Companies
  • Professional Services

Although licenses are required for many businesses, there are generally no restrictions to conducting business, except in the Financial Services, Educational or Media Related activities.

A company may conduct business within and out of Singapore.

To form a Singapore Private Limited Company, firstly the Company Name must be approved before incorporation of the Singapore company can occur.

The use of a professional licensed agent or company is required to register the company, self-registration for either foreign companies or individuals is not permitted.
All companies require a minimum of one local resident Director; a local nominee Director may be used. A resident Director is defined as a Citizen of Singapore, Permanent Resident, or persons who have an Entrepreneur Pass, Employment Pass or Dependent Pass. If the intention is to relocate to Singapore, an Employment Pass or Entrepreneur Pass is required. With these permits you are permitted to act as the local resident Director.

Directors are not required to be shareholders. There is a minimum of 1 shareholder and a maximum number of 50 shareholders. Shareholders may be either individuals or other legal entities such as another company or trust. Full local or foreign shareholding is permitted. Share are transferable at any time after the company has been incorporated.

The required documents for company incorporations are, The Company name (pre-approved), a Description of the Companies Business Activities, Directors Details, Shareholders Details, Registered company address, The company secretary details. Company Memorandum and Articles of Association, however the Singapore Company Registrar provides a standard MMA, which is suitable for most businesses.

Non-residents, in any company position, are required to submit a copy of their passport, proof of overseas residential address, a bank reference letter, along with a personal and business profile, such as CV for suitability.

Residents require a copy of their Singapore Identity Card

Corporate Bodies or other Entities require the Copy of Certificate of Incorporation and Memorandum and Articles of Association.

All foreign documents need to be translated and certified by either a Notary Public, Bank or by the issuing country’s Embassy.

Overview
Company TypeResident or Non-Resident Private Limited
Country LawCommon
Company Law

The Companies Act

The Income Tax Act

Registered Office RequiredYes
Local Registered Agent RequiredYes
Shelf Companies PermittedNo
Migration Of DomicileYes
Average Time To Form Company3 to 5 Business Working Days
Government Fees
Minimum Government Formation ChargeS$ 365 SGD (Excluding any Required Licensing Fees)
Recurring Minimum Annual Company License FeeS$ 20 (Excluding any Required Licensing Fees)
Annual Return Filing Fee
Corporate Tax
Corporation Tax0% to 17%
Access to Double Taxation TreatiesYes
Directors
Minimum Required Directors1
Local Director RequiredYes
Records PublicYes
Board Meeting LocationAnywhere
Corporate Directors PermittedNo
Privacy - Publicly Available RecordsYes

There is a minimum requirement of one Director – (At least one Director needs to be a resident of Singapore), of which may be the only shareholder. Additional Directors can be individuals of any nationality and resident of any country.

Company Secretary
Secretary RequiredYes
Local or Qualified PositionYes - Natural Person
Share Capital
Standard CurrencySingapore Dollar SG$
Permitted Share CurrencyAny
Minimum Paid Up SharesSG$1
Usual AuthorisedNot Applicable
Bearer Shares PermittedNo
No Par Value Shares PermittedNo
Shareholders
Minimum Number Of Shareholders1 Shareholder
Corporate Shareholdes PermittedYes
Meeting LocationsAnywhere
Privacy - Publicly Available RecordsYes
Company Accounts
Requirements To PrepareYes
Audit RequiredYes
Keep Financial RecordsYes
Requirement To File AccountsYes
Requirement to File Annual ReturnYes
Accounts Publicly AccessibleYes

All resident and non-resident companies are taxed on income accrued in Singapore or remitted to Singapore. Tax residences can switch between resident and non-resident year to year, dependent on the company’s circumstances.

The standard rate of Corporate Tax for Resident companies is 17%, which can be reduced through exemptions and reductions.
There is no Capital Gains Tax.

All Singapore Private Limited Companies have access to Double Taxation Treaties.

Singapore Facts
Location

Southeast Asia

Island city-state with more than 60 islets

SizeApproximate area of 719.1
PopulationApproximately 5,535,000
Languages Spoken

Main and Official Languages are:

English

Malay

Mandarin

Tamil

CurrencySingapore Dollar (SGD)
PoliticsUnitary Parliamentary Constitutional Republic
Economy

Main Industries:

Banking

Biotechnology

Energy and Infrastructure

Business Services

Transport

Air

Road - Driving on the Left

Boat

Train

Time ZoneSST (UTC+8).
International Dialling Code+65
Internet TLD.sg

Contact us today to enquire about the Cost of Formation or if you have further questions regarding the application process.

Singapore Private Ltd Company Formation Enquiry

Full Name (required)

Email (required)

Company Name

Subject (required)

Your Message