Register company in Singapore

Registration of companies in Singapore

Before registration of company in Singapore, you should study general information about this state — find out the current languages and study the legal system. Please note that the local currency is the Singapore dollar, but there is no currency control.

If you plan to register a company in Singapore, you must, first of all, choose the right form of business. If you define the structure correctly, the organization can operate offshore or onshore, as well as fall under low rates of taxation.

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What you need to know before incorporating company in Singapore

Company registration Singapore starts with determining the organizational and legal form, with the most common being:

  • Private Limited
  • Limited Liability
  • Unlimited Company. Can be registered with or without share capital.

The estimated time of company registration in Singapore is 5-7 days. The structure of the company, type of business, and, accordingly, requirements for corporate and financial documents may significantly affect the taxation and the duration of the company registration Singapore. Moreover, keep in mind the following:

  • When incorporating company Singapore, you need to appoint one director who is a permanent resident of Singapore.
  • There can be several directors, but one of them must be a resident of the city-state.
  • The state has been participating in the automatic tax information exchange program since September 2018.
  • No regulated share capital has been introduced; an amount starting from S$1 can be contributed.
  • The appointment of a nominee director of the firm requires opening a security deposit for the period of his/her employment.
  • No apostille. In the territory of the state, company registration Singapore will be done without the possibility of affixing an apostille on the documents. To legalize the documents, you must apply to the consulate of the state that recognizes the apostille for subsequent use in its territory.
  • There are no requirements for the place of meeting of shareholders and storage of constituent documents.

A significant advantage of starting a business in Singapore is the active technical support of companies — the possibility to remotely resolve any organizational issues with the state authorities.

Company registration Singapore: Nuances and taxation

There is a territorial tax regime in the state. After a company incorporation Singapore, the income tax is charged, but only on profits derived from local sources or transferred to the territory of the state (for example, to an account in a local bank). Other tax burdens can be divided into non-resident and resident.

  • A resident company is a firm with 51% of its directors being residents.
  • A non-resident company must have a structure that is not subject to taxation in Singapore, which is a determining factor for offshore status.

Companies of any status are entitled to protection by government authorities. Residents and non-residents have not only the same rights but also obligations in terms of taxation and business activities.

Actual rates of taxation after incorporation of company Singapore

In practice, registration of company Singapore and the beginning of its activities may result in the payment of taxes at the following rates:

  • Corporate tax — 17%
  • Royalty is subject to withholding tax at the rate of 10%
  • VAT — 7%

There are no taxes on gains, dividend payments, and real estate. That is, profits that remain after paying the corporate tax can be distributed among shareholders and non-resident shareholders. However, a number of firms are exempt from paying the 17% corporate tax if the income was received outside of Singapore and was not transferred to a local bank account or otherwise used in the country.

You must file an annual income tax return, with a deadline in April. If Singapore company incorporation was successful, the first report is filed in 18 months, even if the organization does not conduct any actual business. It is also required to appoint an auditor who will work with the legal entity. The specialist must be a certified public accountant in Singapore.

Audit reports are not required when:

  • The organization's turnover does not exceed S$5 million.
  • When registering business in Singapore, you choose the form of LTD.

Resident or non-resident: how to set up company in Singapore

Non-resident companies operating in the state cannot use the benefits of double taxation treaties. It is a nuance to be considered before deciding how to register a new company in Singapore — in the resident or non-resident status.

  • If during tax calculation, you plan to receive dividends in the country of registration and take advantage of the Treaty on Avoidance of Double Taxation, it is more advantageous for the company to be a resident.
  • If you plan to make profits from activities and accumulate income in accounts to invest outside Singapore, it is more advantageous to set up a non-resident firm.

Why register a company in Singapore

Singapore offers many opportunities for an already operating business:

  • No corporate tax for the first three years of operation if the company's income does not exceed S$100,000.
  • No capital gains encumbrance.
  • Developed infrastructure is a guarantee of wide opportunities for business development in Singapore.
  • Stable political situation.
  • Several official languages — Tamil, Chinese, Malay, English.

Incorporation of companies in Singapore: The cost of service

Extensive experience allows our specialists to organize Singapore company formation in a short time, taking into account:

  • Type of activity
  • Client's requirements
  • Timeframe

If you plan to register Singapore business, the state is the optimal solution for successful development, and our company is ready to assist you. We will organize company incorporation in Singapore in accordance with the current taxation, competently structure the staff, and support the client in the preparation of reports and solving any problems with the current legislation. The cost of our services corresponds to the efficiency and high quality of our work.

To discuss a project with our experts, please fill out the appropriate form.

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