The Republic of Singapore is a highly developed state with one of the highest gross national product in the world. Many businessmen from different countries want to register a company in Singapore, as this country is the largest global financial center. This is an island nation, located in Southeast Asia. Singapore consists of the following international organizations: Commonwealth of Nations, United Nations, ASEAN, APEC.
Benefits of registering a company in Singapore:
- a prestige of the region;
- Singapore is considered the largest trading region;
- a well-developed infrastructure;
- leading positions in the ratings of economic freedom;
- skilled workforce;
- a stable political and financial system;
- a loyal tax system;
- the opportunity to purchase Singapore real estate;
- no currency control;
- Singapore has the largest Asian banks;
- the government has signed double tax treaties with many countries.
The most popular organizational structure of enterprises is a Limited Liability Company.
A basic information for opening a Singapore company:
- Activities of such firms are regulated by special legislation - the Decree on Companies.
- Singapore LLC is an independent legal entity, as a rule, the liability of shareholders is limited to a share contributed.
- A company name must contain the suffix “Pte. Ltd” or “Ltd”. The use of certain words in the name requires an additional license (bank, financial institution, insurance, etc.).
- When opening a business in Singapore, a company MOA and Articles of Association are submitted to the Companies Register. A MOA indicates the type of activity of the company, in the Charter - the internal rules governing the work of the company.
- To set up a company in Singapore, you will need at least 1 shareholder and 1 director (individuals/legal entities of any residency). The information on shareholders appears in publicly available reports.
- Shares of business in Singapore are expressed as a fixed amount. It is forbidden to issue shares to a company in the Republic of Singapore without a face value and bearer.
- There are no requirements for the minimum authorized capital in order to open a company in the Republic of Singapore, the recommended amount of capital is $1000.
- A secretary is obligatory, it may be held by a director. Corporate directors are not allowed.
- All Singaporean firms must have a registered address in Singapore.
- Meetings can be held outside of Singapore. A first general meeting is held during the first 18 months.
- A tax on capital gains and dividends is 0%.
- A company is not subject to taxation, provided that the income was not received in Singapore and was not transferred to a Singapore bank. Only a non-resident company is fully exempt from taxes.
- A corporate tax is 17%.
- Companies with annual turnover of more than $5 000 000 must submit verified accounts to the Singapore Registry (accounts verified by a qualified Singaporean auditor). An annual financial report must be submitted to the competent government authorities.
If you want to buy an existing Singapore company with an open account, ask for professional advice on establishing a company in Singapore from specialists.
The most common areas for registering an enterprise in Singapore are:
- a software development;
- a provision of legal services;
- the provision of audit (banking) services;
- an international trade;
- a distance learning;
- cargo transportation;
- a holding.
Our experts will be able to support you in setting up a company in Singapore and opening an account with Singapore banks.
Details by phones, indicated on the website.