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SINGAPORE
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Benefits of Incorporating a Company in Singapore
- Singapore, a prominent financial hub in Asia, has consistently attracted international capital due to its liberalized economy and favorable investment environment. The country's tax policies are particularly attractive, as they capture around 16% of foreign investments. This environment not only offers security and stability but also unparalleled opportunities for business growth and expansion in an evolving market. Registering a company in Singapore is not just a strategic decision, but also an investment in a prosperous future.
- In the prestigious Global Innovation Index 2022, a remarkable seventh position has been achieved, reflecting an unwavering commitment to creativity and technological development on the global stage.
- In the IMD World Competitiveness Ranking 2022, a remarkable third place has been achieved, highlighting the robustness and resilience of the local economy in the face of international challenges.
- English, as the official language, acts as a bridge that facilitates communication and commercial transactions, attracting a wide range of international investors seeking opportunities in a friendly environment.
- With an attractive tax rate of 17% on taxable income, both for local and foreign companies, a favorable tax environment is established that stimulates investment and business growth.
- Agreements have been established to avoid double taxation with approximately 90 jurisdictions, allowing companies to operate with the peace of mind that they will not face duplicate tax burdens on the same income.
- The single-tier corporate tax system allows profits generated after taxes to be distributed to shareholders without the additional tax burden, thus maximizing the return on investment.
- Local legislation does not impose the need for a local shareholder, granting investors the freedom to own 100% of their entity, ensuring total control over their operations.
- The absence of minimum share capital requirements allows entrepreneurs to register a company with just 1.00 SGD, eliminating entry barriers and fostering the creation of new businesses.
- This dynamic and accessible business environment is complemented by a regulatory framework that promotes transparency and efficiency, creating an ecosystem conducive to innovation and growth.
- Together, these characteristics make this destination an exceptional place for investment and business development, consolidating its reputation as a center of excellence in the economic and technological fields.
Recommended Business Activities in Singapore
- Offshore savings
- International holding
- Network Security Business
- Financial corporation
- Technology
- Shipping & Brokerage
- Agencies
- Online Services
- E-commerce
- Investment structure to access other developing Asian economies
Legislation in Singapore
- Location: Southeast Asia.
- Total area: 715.8 km²
- Population: 5,686,000 (2020)
- Capital: Singapore
- Currency: Singapore Dollar (SGD)
- Dialing code: +65
- Official language: English, Chinese, Malay, Tami
- Ethnic groups: Chinese 76.8%, Malays 13.9%, Indians 7.9%, the rest are English, Arabs, Jews, Thais, Armenians, Japanese, Eurasians Literacy rate 97.5% (2019).
- Credit rating: AA+ (http://www.sbf.org.sg/)
- Type of government: Parliamentary republic
- Executive branch: President and Cabinet led by the Prime Minister (https://www.gov.sg/).
- Legislative branch: The Parliament is a unicameral legislature, consisting of 99 elected Members of Parliament (MPs) and up to 9 Non-Constituency MPs (NCMPs) and 9 Nominated MPs (NMPs).
- Judicial branch: Supreme Court, composed of the High Court and the Court of Appeal; lower courts.
Tax System:
- Personal tax: 2-24%
- Corporate tax: 17%
- Corporate tax (in detail): The income tax rate is 17%. Partial tax exemptions apply up to certain small amounts and other benefits.
- VAT: 7 % VAT.
- Details: The Goods and Services Tax - GST is an indirect tax similar to VAT. The GST rate is 7%.
- Withholding tax: 0% (dividend), 10% (interest), 15% (royalty)
- Other taxes: Social contributions, Property tax
- Change control: No
- Government rate: N/A
- Stamp duty: 0,2-4%
Types of Company in Singapore:
- Private Limited Company:
Ideal for small and medium-sized enterprises. This type of entity limits the liability of shareholders, protecting their personal assets from the company's debts and obligations, making it an attractive option for entrepreneurs in this dynamic market.
The creation of a company in Singapore:
To establish a company in Singapore, it is essential to follow a meticulous procedure that ensures compliance with all local regulations. This process is essential to ensure a solid and legally valid foundation for your offshore venture:
- 1. Registered Agent
- 2. Submit the documents
- 3. Open a bank account
- 4. GST Registration
- 5. Obtain the License, Comply with current regulations
What is included in our register company:
- Incorporation Filing with the Accounting and Corporate Regulatory Authority (” ACRA”)
- Certificate of Incorporation
- Business Profile
- Company Chop
- Constitution of the Company
- Preparation of pre-incorporation documents
- Preparation of post-incorporation documents
- Appointment of a Local Nominee Director for a duration of one year.
- A Director from Singapore has been appointed to meet regulatory obligations, with a term of one year and subject to annual renewal.
- Provision of Company Secretarial services (1 year)
- Annual submission of returns to ACRA for every calendar year.
- To hold AGM 6 months after the end of each Financial Year End (” FYE”) and to file the Annual Return 1 month after holding the AGM
- Maintenance of the statutory records
- Preparation of Annual General Meeting (” AGM”) documents
- Registered address for one year
- Scanning and forwarding of mail
- Virtual Office (optional, 1 year contract)
- Insurance Commercial (optional)
- Trademark (optional)
- Virtual receptionist (optional)
- Telephone Local (optional)
- Accounting service (optional, referred to a commercial partner)
PACKAGE CONTENT
Private Limited Company
- Incorporation Filing with the Accounting and Corporate Regulatory Authority (”ACRA”)
- Certificate of Incorporation
- Business Profile
- Company Chop
- Constitution of the Company
- Preparation of pre-incorporation documents
- Preparation of post-incorporation documents
- Provision of a Local Nominee Director (1 year)(Obligatory)
- A Singaporean Director appointed to fulfil regulatory requirements (1 year) Annual Renewal
- Provision of Company Secretarial services (1 year)
- Annual Return Filing with ACRA for each calendar year
- To hold AGM 6 months after the end of each Financial Year End (”FYE”) and to file the Annual Return 1 month after holding the AGM
- Maintenance of the statutory records
- Preparation of Annual General Meeting (”AGM”) documents
- Registered address for one year
- Scanning and forwarding of mail
Optional Services:
- Virtual Office (1 year contract)
- Open bank account
- Insurance Commercial
- Trademark
- Virtual receptionist
- Telephone Local
- Web domain (com.sg)
- Accounting service (referred to a commercial partner)
Requirements to register a company in Singapore:
- Shareholder(s) - Name, address, passport number, nationality, and current occupation,
- and the number of shares that will be issued to each shareholder.
- A brief description of the planned activities of the Company and
- the countries of operation.
- The source of the funds that will be invested in the company, for example,
- derived from the savings of the salary earned working as xxxxx for the company yyyy for zz years.
- The shareholders and directors must provide passports and proof of address.
Additional Services in Singapore
Elevate your business with our virtual receptionist services in Singapore. Enjoy seamless communication and exceptional customer support tailored to your needs.
Looking for a Resident Director and Secretary in Singapore ? Our professional services ensure your business meets legal requirements and operates smoothly.
Secure your brand identity in Singapore with our trademark services. We offer expert advice on registration, protection, and enforcement for your business.
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Experience the advantages of a virtual office in Singapore. Gain a professional image, flexible services, and a strategic location to grow your business
Protect your business assets with our specialized commercial insurance in Singapore. Benefit from personalized service and competitive pricing for peace of mind.
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