SINGAPORE

Singapore is known for its well-developed financial and trade sectors, for its low tax regime and openness towards foreign investment. The city-state’s success is based on a well-developed infrastructure and favourable regulatory and taxation frameworks but also on a skilled workforce.

Singapore has a strong economy and it is a prime location for trade and financial companies in Asia. Moreover, while it is true that the city-state is primarily a location for financial and trade businesses, its diversified economy presents multiple opportunities for investment.

ICS-S provides a full range of professional services of incorporation, corporate secretarial, accounting, tax, immigration and compliance services for start-ups and small-to medium-sized firms which is professional, personalised, friendly and value for money.

Director

A minimum of one (for both individual and corporate directors) is required, who must be a Singapore resident individual, that is, the person should be one of the following: Singapore Citizen, Singapore Permanent Resident or Singapore Employment Pass / EntrePass / Dependant Pass holder.

Shareholder

A minimum of one shareholder is required. Shareholders may be corporations or individuals. 100% foreign ownership is allowed.

Private Limited Company can have from 1 up to a maximum of 50 shareholders.

Secretary

The Company Secretary has to be a Singapore citizen or Permanent Resident with a registered address in Singapore and the sole shareholder and director cannot act as Company Secretary. A minimum of one secretary is required.

Paid-Up Capital

Minimum of S$1 in paid up capital for registering a private limited company in Singapore. It can be Ordinary shares, preference shares or other shares.

Auditor

Must appoint an external Auditor and have the annual financial statements audited, unless it is able to meet certain conditions. Annual returns, AGM documents, annual financial statements and annual tax returns must be prepared and lodged with the Singapore authority.

Tax Incentives

• 8.5% corporate tax rate for annual profits up to S$300,000
• Zero tax for new Singapore companies on the first 100K annual profits for the first 3 years
• Overall company tax rate lowered to flat 17%
• Tax relief for establishing companies regional or international headquarters (0-10%)
• No withholding tax on dividends
• No Capital Gains Tax
• Dividends paid by a Singapore Private Limited Company are tax exempt.
• Singapore has an extensive double taxation avoidance treaty network with more than 40 countries including Australia, Belgium, Canada, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mauritius, New Zealand, Switzerland and the United Kingdom.