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ENERAL INFORMATION
INTRODUCTION
The Republic of Singapore is a British Commonwealth
country located at the tip of the Malaysian peninsula
and occupying an area of 622 square kilometres. The
People’s Action Party is the single dominant ruling
party since its independence from Britain in 1965. Singapore
has a population of approximately 3 million people.
More than 75% are Chinese with the remaining 25%, mainly
Malays, Indians and others. Communications are excellent
with state of the art telecommunications equipment and
an airport, which serves as a regional hub for over
100 destinations.
LANGUAGE
The most commonly used official languages are English
and to a lesser extent, Mandarin, Malay and Tamil which
are also official languages.
TYPE OF LAW
The legal system of Singapore is English Common Law.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Resident or non-resident company, foreign branch operation
or a representative office.
TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names which suggest any connection to the UK head of
state are generally prohibited and certain words which
suggest specialist activity can only be used when the
appropriate licences have been obtained eg. Bank, insurance
company and other specialist financial enterprises.
CLASSES OF SHARES PERMITTED
Ordinary shares, preference shares and redeemable preference
shares.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
Minimum annual statutory filing fee of S$50.
TAXATION
Singapore sourced income is currently subject to a rate
of taxation of 22 per cent. However, the effective tax
rate can be reduced significantly (to 15%/10% or even
0%) for businesses that qualify for tax incentives.
A Singapore resident company is only taxed on Singapore
sourced income and foreign income, which is remitted
to Singapore. A non-resident Singapore company would
pay tax only on Singapore source income. Please note
that for the company to gain the benefit of the double
taxation treaties signed by Singapore it is likely that
the company would have to be resident. Treaties have
presently been concluded with Australia, Bangladesh,
Belgium, Canada, China, Denmark, Finland, France, Germany,
India, Indonesia, Israel, Italy, Japan, Korea, Malaysia,
The Netherlands, New Zealand, Norway, Philippines, Sri
Lanka, Sweden, Switzerland, Taiwan, Thailand, United
Kingdom.
FINANCIAL STATEMENT REQUIREMENTS
For companies with annual turnover over S$2.5m, annual
audited accounts are required to be filed with the Singapore
Registrar, the accounts must be audited by a qualified
Singapore auditor. For companies with annual turnover
less than S$2.5m, annual accounts are required to be
filed with the Singapore Registrar, but auditing is
not required.
Whilst every effort has been made to ensure that
the details contained herein are correct and up-to-date,
it does not constitute legal or other professional advice.
We do not accept any responsibility, legal or otherwise,
for any error or omission.
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