Republic of Singapore is consistently ranked as one of the best places in the world for doing business. The city-state is home to 5.6 million residents, 39% of whom are foreign nationals, including permanent residents.
Benefits of company registration in Singapore:
- Singapore is not an offshore jurisdiction;
- It is the most politically stable state in Southeast Asia;
- First 100 000 are exempt from tax, next 200 000 of income are taxable under 8,5% rate, all the rest net income taxed under flat rate of 17%;
- There is no capital gains tax in Singapore;
- Dividends paid to shareholders are not taxed;
Reliable banking system and the Singapore dollar is requested currency for long-term savings;
- There is no foreign exchange control for the transactions in Singapore and there are no restrictions on profit shifting from the country to another bank account.
Features of Singapore company:
- Company type. The most common type is Exempt Private Company Limited by Shares.
Time frames. Company can be registered in 1 day.
- Company Name. The name of the company must be approved before proceeding with the registration of the company.
- Registered Address. Each company is required to have a local registered address in Singapore where the company will keep all its statutory documents. The address cannot be a PO box.
- Shareholding. A company must have a minimum of 1 and a maximum of 50 shareholders who can be local or foreign persons. Shareholders can be natural persons or corporate entities.
- Share Capital. The minimum paid-up capital to set up a company is USD 1. A company can increase its share capital at any time by injection of additional capital.
- Directors. Both Singapore-resident and foreign-resident persons can be directors of a Singapore company. Corporate directors are not permitted. A company must have at least one Singapore-resident director. Singapore-resident is defined as someone who is a Singapore citizen, a Singapore permanent resident or an Employment Pass holder.
- Company Secretary. A company must appoint a qualified company secretary within 6 months of incorporation. The company secretary must also be a natural person and a resident of Singapore.
- Accounting. Every company must file Annual Return. Most of the companies are exempt from Audit.
Our company offers registration of the company in Singapore with the opening of a bank account.