INCORPORATE YOUR BUSINESS TO BETTER PROTECT YOUR ASSETS
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Stable and prosperous economy, considered to be one of the best economies in the world to do business in.
The highly efficient corporate environment and political stability makes it an optimal location for venture.
Attractive Tax Rates
The simple and lucid taxing system attracts investors and entrepreneurs to put their capital in Singapore and maximise returns.
Singapore is one of the highest educated countries in the world. Our skilled and diligent workforce is experienced in working global firms, and are familiar with international standards.
Advantages of incorporation in Singapore
Under the scheme, qualifying new companies are given the following tax exemption for the first three consecutive YAs where the YA falls in:
YA 2020 onwards
- 75% exemption on the first $100,000 of normal chargeable income; and
- A further 50% exemption on the next $100,000 of normal chargeable income.
Qualifying Conditions for Start-Up Companies please refer to
A DTA is an agreement concluded between Singapore and another jurisdiction (a treaty partner) which serves to relieve double taxation of income that is earned in one jurisdiction by a resident of the other jurisdiction.
For the Details on DTAs, Please refer to Avoidance of Double Taxation Agreements (DTAs)
Other than tax exemption scheme for new start-up companies, an Incorporated Company is entitled to other tax exemption such as a Partial Tax Exemption for all companies.
Companies can enjoy the partial tax exemption, as provided in the tables of Partial tax exemption for companies (from YA 2020)
Procedures of a Company Registration
Every company require at least 1 director, he/she must be ordinarily resident in Singapore.
He/she must be qualified to the following basic requirements:
- At least 18 years old
- Of full legal capacity
- A Singapore Citizen, Singapore Permanent Resident or EntrePass holder.
- A director may also be an Employment Pass (EP) holder. However, a EP holder wishing to become the director of a local company must first get a Letter of Consent (LOC) from the Ministry of Manpower.
- Cannot be disqualified from acting as a director of a company e.g. an undischarged bankrupt.
A Singapore private limited company can have a minimum of one and a maximum of 50 shareholders. A shareholder can either be a natural person or a legal entity such as another company or a trust.
Singapore companies are allowed to have 100% local or foreign ownership. New shares can be issued or existing shares can be transferred to another person after the company has gone through the incorporation process.
Under the Singapore Companies Act, every Company must appoint a qualified company secretary within 6 months from its incorporation date.
A qualified company secretary must be:
- a natural person
- Locally resident in Singapore.
In addition to the above, some rules are restricted by the Singapore Companies Act. For example, the sole director of the company and the company secretary cannot be the same person, and the position of the company secretary cannot be vacant for more than six months at any time.
We provide services to appoint a suitable secretary for your company.
The minimum paid-up capital for registration of Singapore company is S$1. Paid-up capital (or share capital) can be increased anytime after the incorporation of the company.
In order to register a Singapore company, a local Singapore address must be provided as the registered address of the company. The registered address must be a physical address (can be either a commercial or residential address) and must not be a P.O. box.
For Singapore companies, the registered office in Singapore must be both operational and accessible to the public during normal office hours.
We will help you register your office address at a prime office estate.
The corporate tax rate in Singapore is 17%. Singapore registered companies enjoy very attractive tax exemptions and incentives. For instance, a new start-up company can claim tax exemptions on the first $200,000 of its normal chargeable income.
Notably, there are no capital gains or dividend taxes on Singapore companies. For more information, refer to our guide to corporate tax in Singapore.
For the purpose of company incorporation in Singapore, the following information is required by ACRA:
- Company name
- Brief description of business activities
- Shareholders’ particulars
- Directors’ particulars
- Registered address (if applicable)
- Company secretary’s particulars (if applicable)
- Company constitution (if applicable)
- The last day of the company’s proposed financial year end