Singapore

The Republic of Singapore is a parliamentary republic with a Westminster system of unicameral parliamentary government representing constituencies. On August 31st, 1963 Singapore declared independence from the United Kingdom and joined the Federation of Malaysia. Singapore gained independence as the Republic of Singapore in 1965, population – 5 399 000.

The legal system of Singapore is based on the English Common Law.

 

Exempt Private Company (EPC) and Limited Liability Partnership (LLP), incorporated under the Companies Act, can conduct business in any part of the world including Singapore.

Tax Rate 
Corporate tax17 %*note about taxation
Received dividends0 %**tax exemption for EPC
Paid dividends0 %
Capital gains tax0 %
Interest paid15 %withholding tax
Royalties paid10 %withholding tax
Administrative fees/rentxwithholding tax may apply
Double tax treaties with 75 countries

* Taxation of income in Singapore is assessed on a territorial and remittance basis; only the income accrued in or derived from Singapore, or the income derived overseas, but received in Singapore, is subject to taxation.

** EPC  taxation  income SGD/rate

First three years After
100,001 - 0%300,000 - 8,5%
100,001 - 300,000 - 8,5%300,0001- more - 8,5%
300,001 - more - 17%

 Advantages 

  • High international prestige of Singapore
  • No income tax for income of SGD 100 000
  • EPC can be used for international trade, especially with Asia

Disadvantages

  • Required to have a minimum of one director- resident of Singapore
  • Annually required to file a Financial Statement with the tax authorities
Name Must end with “Private Limited” or “ Pte Ltd”
Share capital The standard authorized share capital is SGD 1 000, not required to be paid before a company formation
Shareholders A maximum of twenty Shareholders, individuals, any nationality
Director A minimum of one, resident, individual
Secretary Required, resident, individual
Registered address Required
Annual reporting A complete set of returns must be filed, including the income tax return (Form C), audited/ unaudited accounts and tax computation

Сompany formation prices 

Services Price, USD
Total price, USD 2971 - 3376
Company formation, preparation of documents, incorporation fee 675
Registered address for one year 473
Resident Secretary fee for one year 473
Director- resident of Singapore for one year
-to be a second director* 1350
-to be only one director** 1755

*Refundable deposit required 1550 USD

**Refundable deposit required 1900 USD

Legalization of documents with Apostille is not possible in Singapore, as Singapore is not a member of the Hague Convention.

In case the documents must be used outside Singapore, these should be legalized or apostilled in another country.

The basic currency for invoice issuance – USD

Legalization of documents

For Kazakhstan, Uzbekistan, Ukraine, Latvia                    USD 570

Bank account opening

  • In Singapore                                      USD 756
  • In Hong Kong                                    USD 891

Timeframe

Incorporation of a new company, document legalization is from 20 working days, depends in which Embassy documents required to be legalized

Annual support (for second year)

Services Price, USD
Total price, USD2296 - 2701
Registered address for one year 473
Resident Secretary fee for one year 473
Director- resident of Singapore for one year
-to be a second director 1350
-to be only one director 1755
The basic currency for invoice issuance – USD

Annual financial statement Required


Audit Required*

* Exempt from auditing financial statements: EPC with annual revenue of less than SGD 5 million, and Dormant companies (i.e. companies having had no accounting transactions throughout the year)


Information that has to be provided by the customer

Incorporation process is possible as soon as the Due Diligence procedure is completed. Please fill in and send us the Order form; immediately afterwards, we are going to send you the information on the document required within the boundaries of the Due Diligence procedure.

1. Consult to determine the order. To choose a jurisdiction for a company we offer a consulting services:

  • via telephone +(371) 67280645
  • via e-mail: consult@bbp-net.com
  • via online question form found in the header Ask an expert
  • Navigation through our web site will help you to determine: benefits, prices and requirements in respective jurisdiction

2. Complete an application form. After you have made your decision, please complete one of the online application forms:

3. Issue of invoice and settlement of order. Within one business day of filling in the online application form, you will receive an invoice via e-mail. You can pay the invoice using money transfer to the BBP bank account provided in the invoice or via Internet, using PayPal. We suggest using PayPal only in case the amount is less than 200 EUR.

ATTENTION! The invoice number should be written in the details of payment!

A payment acknowledgement will be sent to you as soon as we will receive the payment.

4. After we receive the required Due Diligence documents from you, we shall commence the incorporation or the preparation of the documents required in order to carry out the acquirement of a ready-made company.

5. Document delivery to the client. Documents are sent via international courier mail.

6. Further supporting services. We guarantee to inform, assist and provide you with all the necessary services for further support of the company.

Get acquainted with jurisdiction legislation free of charge!

Select one* legislative act that you would like to receive free of charge:




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*Please note that we shall only provide one document for free. If you would like to receive more information please contact us!

Singapore is a state of the republican system located in southeast Asia.

Singapore stands out among other jurisdictions for its status. It is not included in the list of classical offshore zones and has many double taxation avoidance agreements. Companies established on its territory are respected all over the world and enjoy all the privileges that the country’s tax legislation gives.

The main tax principle used in Singapore is the territorial one. If the company operates outside the republic, it is exempted from tax payments. There is no exchange control by the State in Singapore. All these factors allow us to call Singapore an ideal place for company registration and doing business.

Company formation in Singapore will be an excellent solution if you want to optimize your entrepreneurial activity and open up new prospects in your business.

Offshore company formations in Singapore are traditionally used for tax planning and trade transactions for imports or exports. Also, setting up a company in Singapore will be useful if you are looking for a place for custody of your assets and if you would like to be confident in the economic stability of the state. It is advantageous to preposition the assets in Singapore because there is no capital gains tax. These rules apply to all non-residents of this state, that’s why a lot of people sign over property, including intellectual property, to companies opened here. Singapore’s offshores are popular with the global business community. Banks in Switzerland, Belgium and other countries willingly open accounts for companies opened here.

Singapore’s legislation does not assign any specific amount as a minimum authorized capital. Most of the activities are available to companies and do not need to be licensed, except for trusts, banks and insurance organizations. To exclude the formation of one-day companies, the law of Singapore obliges all firms to report annually on their financial activities. Despite these requirements, Singapore is a real “quiet haven” for any foreign business.

Bennet Bernstein & Partners Ltd offer to clients full package services in offshore businesses.