Company Formation Singapore

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The island nation of Singapore, member of Association of Southeast Asian Nations (ASEAN), is now one of the most important financial centers around the world and attracts more and more international companies and investors.

 * one time fee ** yearly fee

Incorporation Process

Set up your company in 3 easy steps


    • Provide us with 3 alternative company names. We will check the names for availability for free.
    • Prepare your bank reference letter or 3 month bank statement with a bank stamp.
    • Prepare your proof of residence, like your last phone or electricity bill. Please make sure utility bill is not older than 3 month.
    • Prepare your passport copy. The passport should be valid for at least 6 month.
    • Let us know when documents are ready and send us a scan copy of the documents for a pre check.

    • We will prepare the application for incorporation and the memorandum and articles and send you the documents to your email.
    • Please print them out and follow the instructions for the signatures.
    • Please send us the signed documents plus the orginal bank reference letter(s), utility bill(s) and passport copy(s) and we will register the company within 3 days.

    • Please let us know which bank you will choose for the corporate bank account
    • The Bank will receive the legalized documents of your company to approve them and start the bank account opening process.
    • We advise you the right bank and assist you during the whole process.
    • Our banks in Singapore open your corporate bank account within a few working days. Please note you may have to travel to Singapore to activate your account.
    • E-banking and debit cards as well as wealth management and other services are now ready to use.

    Known as the gateway to Asia, Singapore is a model for the highest standards. A supporting pillar for this development is undoubtedly the very strong and statutory banking secrecy of the island state Singapore, as well as the extremely liberal tax system built according to the Swiss model.

    “The city state of Singapore lures with the most stringent banking secrecy in the world.”

    Singapore is not wrongly called the “New Switzerland” or even “Geneva of the East”Taxes for income from offshore financial transactions are amounted to 10%. The top tax rate for companies in Singapore is 17% income tax (from a profit of SGD 300,000).

    Singapore tax system

    The tax system in Singapore is favorable for legal entities (companies) as well as for individuals. Earnings from abroad are not taxed, which is a particularly interesting aspect for international companies in the tax system of Singapore.

    Income tax is applied to the net income, which is earned in Singapore and on foreign income, if transferred to SingaporeSingapore also has no double taxation on profit distributions (e.g. dividends). These are generally tax-free in Singapore. A capital gains tax in Singapore is also not provided in the tax system.

    Corporate Taxes

    In February 2007, the Government decided to perform further tax cuts that were introduced from 2008 onwards. The uniform maximum income tax rate has now decreased to 17% (previously 20%) and is calculated on the net profit. The tax rate of 17% is applied for an income of SGD 300,000 -. Lower income is taxed according to a lower tax rate (see progressive tax rate chart below).

    Tax advantages for companies

    Singapore provides a tax exemption for the first 3 years of company’s existence.
    The first SGD 100,000 profit is exempt from tax.

    Conditions

    • Registered office (domicile) in Singapore
    • Tax residence in Singapore
    • No more than 20 shareholders and no legal persons (companies) as shareholders.

    Progressive taxation

    rate of taxation profit
    4.5% till SGD 10.000.-
    9.0% till SGD 300.000.-
    17.0% maximum tax rate more than SGD 300.001.-

    Income from abroad

    Income, which is generated outside of Singapore, will be exempt from tax under the following conditions.

      • The foreign income is taxed in the country of performance.
      • The highest taxrate in the foreign country is at least 15%.

    Tax relief for foreign income, which will not be transferred to Singapore, so-called “non-resident” companies are exempt from tax:

      • Revenues, which have not been earned in Singapore.
      • Revenues, which are not transferred to Singapore.

    This is especially interesting for holding and trading companies. In order for this exemption to be accepted, the company has to be “non-resident”.

    “non-resident” means

    No business in Singapore

    The facts on the banking secrecy

    • according to the old model of Liechtenstein and Switzerland
    • no disclosure of client’s information (without the consent of the client)
    • fully valid for everyone (constitutionally protected)
    • disclosure solely for criminal actions – focus on drug trafficking
    • No assistance for suspected tax evasion

    Do you have any questions about taxes in Singapore?
    We are happy to advise you on this topic and its possibilities! » to the contact options

    Our service

    • setting up companies in Singapore
    • tax advisory regarding Singapore company setup
    • establishment of holding structures
    • advice in choosing the appropriate banking institutions
    • account openings without necessarily traveling to Singapore
    • opening of corporate and private accounts with local and international banks in Singapore
    • discrete and confidential service

    Do you have any questions about taxes in Singapore?
    We are happy to advise you on this topic and its possibilities! » to the contact options

    The “Singapore Private Limited Company”

    Company name

    Prior to the formation the future company name must be approved by the Accounting & Corporate Regulatory Authority (ACRA). Sensitive company names or names which are similar to government agencies are not allowed.

    Institutions / administration

    Singapore requires at least 1 person resident in Singapore, who carries the office of the director, in order to comply with the laws and policies. As further persons also foreign citizens can act as directorsSwiss Financial Yard is trustee in Singapore in the form of elected representatives, for the post of directors on-site in Singapore.

    Share capital

    Since 30th of January 2006 there is no share capital for companies in Singapore in the traditional sense anymore. Therefore, no minimum requirements are mandatory. At the founding no capital must be deposited.

    Shareholders

    At least one registered shareholder and one share certificate must be issued. Shares have no par value. Only registered shares are allowed.

    Board of directors

    The law requires that at least one member of board of directors lives in Singapore and holds a valid residence permit. Legal persons are not allowed as director. In addition to the board the law stipulates that a company secretary must be present. The secretary must also live in Singapore and possess a valid residence permit.

    As part of our assistance we offer you the trust services through a nominee director (board), provided by a trustee of Swiss Financial Yard AG.

    Registered office

    registered office must be present in Singapore. All official correspondence will be sent to this address.

    Obligation to keep books

    There is an obligation to keep accounts as well as an annual external audit requirement. The auditor must be domiciled in Singapore and needs to be capable of its business, according to the local law. Companies that fall under the following conditions are exempt from the annual audit requirements: inactive companies, exempt private companies (e.g. if fewer than 20 shareholders and no legal persons as shareholders), which is less than SGD 5.000.000.- revenue per year.

    General Assembly

    An annual general meeting is required by law. If a private company has the consent of all shareholders, an annual meeting is not necessary.

    Non-resident

    The fiscal system knows the status of non-resident, which is exempt from tax earnings from abroad, as long as they are not transferred to Singapore. In order that Singapore recognizes the status of non-resident, only the minimum number of directors should be in Singapore, the remaining directors shall live outside of Singapore. In addition, the business and board meetings are not held in Singapore.

    Are you interested in establishing a company in Singapore?
    We will send you a detailed offer based on your request. If needed, we will discuss your request in advance by telephone +41 41 740 60 20 or by E-mail. » to the contact options

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