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Singapore Singapore Company Registration private limited company Guide to Singapore Company Registration
KNOWLEDGE|
(1) |
Low Tax Rates and International Tax Treaties
Singapore implements a territorial taxation system, where only profits derived from Singapore are taxed. Overseas profits can enjoy tax exemption or preferential treatment if they meet the relevant criteria. The corporate income tax rate is only 17%, and Singapore has signed double taxation avoidance agreements with more than 80 countries worldwide, effectively reducing the cross-border tax costs for enterprises.
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(2) |
100% Foreign Ownership Freedom
Singapore allows foreign investors to hold 100% of the shares of a company, with no requirement for local shareholders' participation. In addition, there are no foreign exchange control restrictions on profit repatriation, enabling enterprises to freely conduct international fund dispatches, which greatly facilitates the fund management of multinational corporations.
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(3) |
Tax and Investment Incentive Policies
The Singapore government provides partial tax exemption benefits for the first three years to start-up enterprises. It also establishes a variety of government-supported innovation and technology development funds (such as EDB, Enterprise SG, etc.) to support the growth and technological innovation of enterprises.
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(1) |
Company Name
The company name must be in English and end with "PTE. LTD.". It also needs to pass the name verification conducted by the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
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(2) |
Registered Address
A valid local physical address in Singapore must be provided; a post office box cannot be used.
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(3) |
Director Requirements
The company must have at least 1 local director, who can be a Singapore citizen, permanent resident, or a person holding an Employment Pass.
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(4) |
Shareholder Requirements
The company must have at least 1 shareholder, with no nationality restrictions. Shareholders can be either natural persons or corporate entities.
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(5) |
Company Secretary
Within 6 months of the company's establishment, a Singapore resident must be appointed as the company secretary.
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(6) |
Paid-Up Capital
The minimum paid-up capital is SGD 1, with no requirement for actual contribution. However, if the capital exceeds SGD 1,000, actual contribution is required during the transfer process.
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(1) |
Company Name Pre-Verification
Apply for the English company name to ACRA for review. The result is usually available within 1 working day. Once the name is approved, it remains valid for 120 days.
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(2) |
Preparation of Registration Documents The following documents need to be prepared: (a) Memorandum and Articles of Association (M&A) (b) Identity documents of directors and shareholders (c) Proof of registered address |
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(3) |
Formal Submission of Registration Application
Submit the registration application to ACRA through a licensed corporate secretarial firm. The registration process is usually completed within 1-3 working days, and the Company Registration Certificate will be issued upon completion.
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(4) |
Bank Account Opening
After the registration is completed, the enterprise can choose to open a corporate account with local banks in Singapore (such as DBS, OCBC, UOB) or international banks (such as HSBC, Standard Chartered). Some banks support remote account opening, providing convenience for overseas investors.
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(5) |
Tax Registration and Compliance
Companies are required to submit financial statements and corporate income tax returns annually. If the annual turnover of an enterprise exceeds SGD 1 million, it is required to register for Goods and Services Tax (GST).
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Disclaimer All information in this article is only for the purpose of information sharing, instead of professional suggestion. Kaizen will not assume any responsibility for loss or damage. |
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