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Singapore

SINGAPORE COMPANY

Singapore Companies are suitable for:

  • Businessmen
  • E-commerce
  • Consultants / Counsellors
  • International business
  • Holding intellectual property rights
  • Custody vehicle of movable and immovable property
  • Estate planning
  • Wealth management

Singapore Companies quick facts:

Company type Resident/Non Resident, Private Limited
Governing corporate legislation The Companies Act and the Income Tax Act.
Information relating to company officers Upon registration, names of companies officers will appear in the public registry. We usually provide a nominee director since this is required if you are not resident in Singapore. We can also provide nominee shareholders or alternatively set up an anonymous offshore holding company .
Confidentiality Singapore offers a high level of anonymity and privacy
Accounting requirement Preparation of accounts required. Account
There are exemptions to the account filing requirement, the audit requirement. Accounts are normaly publicly accessible but there are exemptions to this as well.
Taxation Taxation is 17% on income sourced in Singapore based on the assessment year of 2010.

To support entrepreneurship and to help Singapore local enterprises grow, a newly incorporated company that satisfies the qualifying conditions can claim for full tax exemption on the first $100,000 of normal chargeable income* (excluding Singapore franked dividends) for each of its first three consecutive YAs.

A further 50% exemption is given on the next $200,000 of the normal chargeable income* (excluding Singapore franked dividends) for each of the first three consecutive YAs.

First $100,000 @ 100% = $100,000

Next $200,000 @ 50% = $100,000

Total $300,000 $200,000

To qualify for the tax exemption for new start-up companies, your company must:

be incorporated in Singapore (other than a company limited by guarantee**);
be a tax resident* in Singapore for that YA;
have no more than 20 shareholders throughout the basis period for that YA where:
all of the shareholders are individuals beneficially and directly holding the shares in their own names; OR
at least one shareholder is an individual beneficially and directly holding at least 10% of the issued ordinary shares of the company.
* A company is resident in Singapore if the control and management of its business is exercised in Singapore.

Currency SGD$
Capital may be denominated in any currency
Timeframe Company formed in 3-5 days.
Stability Stable jurisdiction with excellent reputation
Time Zone GMT+8
Secretary required Yes
Paid up capital requirement No paid up capital requirement (1 $)
Basis of legal System Common Law
Minimum shareholders / directors Minimum of 1 Director and 1 Shareholder (Corporate shareholders and directors allowed.)
Fees 5,395 USD / ap. 4.570 EUR to incorporate including everything: Registered office, first year's government fees, agent fees, company secretary, *nominee director. Fee from year 2, 4,045 USD / ap. 3.426 EUR

*Refundable security deposit of 3000 SGD (ap. 2255 USD.)

Anonymous holding company is 1,205 USD / ap. 1.021 EUR extra and 665 USD / ap. 563 EUR yearly.

Banking option 1 (in person): 995 USD / ap. 843 EUR. Bank account opening in person in our office in Singapore. Multi-currency account, debit card and internet banking.
Banking option 2 (per correspondence): 995 USD / ap. 843 EUR. Bank account opening through correspondence with a well established bank in the Caribbean. Accounts in all major currencies, no name debit cards in USD/EUR/GBP, payroll cards, corporate credit cards and Internet banking. The bank also offers investments in Gold/Silver, Stocks, Forex, Futures. Min. deposit 500 USD.
Banking option 3 (per correspondence): 995 USD / ap. 843 EUR. Bank account opening through correspondence with a well established bank in Belize. Accounts in all major currencies, corporate credit cards, no name debit cards and internet banking. Min. deposit 5000 USD.
Banking option 4 (per correspondence): 995 USD / ap. 843 EUR. Bank account opening through correspondence with a well established bank in Latvia. Accounts in different currencies, credit card in corporate name only and internet banking. Min. deposit 500 EUR.
*HIGLHY RECOMMENDED* Banking option 5 (per correspondence) 995 USD / ap. 843 EUR. Bank Account opening per correspondence in Switzerland. The bank has multicurrency accounts, credit cards, anonymous debit cards, internet banking, stock trading, forex trading etc. Bank account can be opened through correspondence. Min. deposit 10000 USD/CHF/EUR.
Required documents: Notarized passport copy, utility bill in original. A bank reference letter or other professional reference letter can be required for some bank account openings. Please contact customer service for details. None of the documentation can be older than 3 months.

CAUTION: Many others list low fees that do not include what is necessary, our fees are Complete.

Read more about Singapore below:

About Singapore

Singapore is situated at the southern tip of the Malaysian Peninsula. Strategically located along the major shipping and air routes of Asia, it is the major nerve centre for trade and investments in the region.

Spanning just over 622 sq km, Singapore though small, is undoubtedly an advanced and bustling economy. It thrives on an excellent infrastructure, highly educated labour force, political stability and an efficient business environment. Singapore is an ideal holding company and headquarters location and a gateway for foreign investments in to the emerging economies of Asia, such as China, India, Vietnam, Indonesia and Thailand.

Population

Singapore has a population of approximately 4.35 million people. More than 75% are Chinese with the remaining 25%, mainly Malays, Indians and others. The different races live together with mutual respect and in racial harmony. The work force is well educated and hardworking and there is a high level of managerial and technical expertise available.

Political Structure

The People's Action Party, its single dominant ruling party since its independence in 1965, rules Singapore. There is no strong opposition party in Singapore. The Singapore Government vigilantly plans, manages and administers the country's socio-economic development. Singapore is one of the world's most politically stable and corruption-free countries.

Infrastructure and Economy

Singapore has an excellent infrastructure with state of the art communication facilities and road transport system. It operates busy and efficient air and seaports and is a free port with no customs and excise duties on most items. Singapore is also one of the leading international financial centres. Offshore investors are well served by representatives of most major international banks, financial institutions, investment management companies and accounting and legal firms.

The Singapore Government actively woos foreign investments with generous tax and financial incentives. This has successfully attracted numerous regional holding companies, corporate headquarters, business and service centres, group finance and treasury centres as well as investments in high tech industries, media and communications, shipping and financial services.

Language

The most commonly used official languages are English and to a lesser extent, Chinese, Malay and Tamil which are also official languages.