Company Formation in Singapore

Roadmap

How long does it take to register a Company in Singapore?

It would be not fair to set your expectations in a way to assume for the incorporation to be finished within a day. In some jurisdictions it is extraordinary fast (for example in Estonia) in some slower. It all boils down to one thing: 'When are the necessary (basic) documents ready?' The process is counted from the moment on we have all the needed documents. Please consult with our consultants to understand what documents you need to kick-start the process.

• 1-2 working days if done locally provided all requirements are complete
• 3-5 days if done remotely

What are the steps to register a company in Singapore?

The registration process of a company in Company Formation in Singapore with LegalBison is very simple: Contact us for more details

Taxes

How high are the corporate income tax in Singapore?

Corporate income tax is at a flat rate of 17%. Singapore also has a tax exemption for qualifying companies from 2020 onwards where:

• 75% exemption on the first $10,000 of normal chargeable income
• A further 50% exemption on the next $190,000 of normal chargeable income

What Double-tax treaties has Singapore?

Aimed to identify taxing rights and avoid double taxation, Singapore entered into various Double Taxation Agreements with the ensuing countries: Albania, Australia, Austria, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Brunei, Bulgaria, Bermuda, Brazil, Cambodia, Canada, China, Cyprus, Czech Republic, Chile, Ecuador, Egypt, Estonia, Ethiopia, Fiji, Finland, France, Georgia, Germany. Ghana, Guernsey, Gabon, Germany, Greece, Hungary, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Indonesia, Japan, Jersey, Kazakhstan, Korea, Kuwait, Kenya, Laos, Latvia, Libya, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Mauritius, Mexico, Mongolia, Morocco, Myanmar, Netherlands, New Zealand, Nigeria, Norway, Oman, Pakistan, Panama, Papua New Guinea, Philippines, Poland, Portugal, Qatar, Romania, Russian Federation, Rwanda, San Marino, Saudi Arabia, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Tunisia, Turkey, Turkmenistan, Ukraine, United Arab Emirates, United Kingdom, Uruguay, Uzbekistan, and Vietnam Note: the DTA with Armenia, although signed, is not yet ratified.

VAT number

Without VAT number

• Only companies that are GST-registered may impose GST and naturally can claim input tax
• Although voluntary registration for GST is allowed in Singapore, approval is not automatic as IRAS will still have to evaluat

With VAT number

• VAT or Goods and Services Tax (GST) as more popularly known in Singapore is imposed on almost all goods and services except those that are expressly excluded under the law. GST is at a standard rate of 7%
• Any business or company with a taxable turnover that exceeds $1 million is required to register for GST. For those who do not exceed this taxable turnover, voluntary registration may be had after due and careful consideration by IRAS

Decide first

1. Decide what structure do you intend to register
2. Do you want to register your own or buy shares from already existing companies?
3. Would you like a ready-made company?

Note: Some of the shelf companies we can offer you already have existing bank accounts

Documents to provide for company registration in Singapore

• Passport copies (a scan) of all individuals above, also beneficiary owner if applicable
• A Power of Attorney (POA) from (all) partners/shareholders is needed (in case of a remote company registration)
• Certified company documents (in case at least one of the shareholders is going to be a foreign company)

Information needed to get company registration in Singapore

• 3 options of your desired name for the company and a company contact email address
• Names, addresses and emails of all shareholders and board members
• Short description of your companies’ activity

Remote incorporation

• Remote registration is possible since Singapore recognizes electronic and digital signature and registration is also done online. There may be some activities which may require your physical presence post registration

Accounting and auditing

Every company is required to keep certain records such as, but not limited to, accounting records, registers, ledgers and the like and file its annual Income Tax Return with the IRAS. The Singapore Companies Act provided that all businesses or companies must have their respective financial statements and accounting records audited annually by an auditor unless it is among those exempted from audit. Filing of annual accounts must be made with to the ACRA.For a business or company to be exempt, it must comply at least two of the following conditions:

1. The consolidated revenue must not exceed S$ 10 million
2. The consolidated total assets must not exceed S$ 10 million
3. The total number of employees of the group must not exceed 50

Residential requirements

What are the residential requirements in Singapore?

• A company in Singapore may be owned 100% by a foreigner
• There is not much restriction that is why it is among the top countries with high percentage of ease of doing business
• The residency requirement mostly applies to the director and the corporate secretary

LegalBison offers help with all of the above requirements. We assist and are local on ground. Speak now for free with one of our consultants to get your business started.