What we can help?
AsiaBC is Hong Kong corporate service provider, we can incorporate a Singapore offshore company or you can buy a ready-made shelf company. Simply make an inquiry, we can offer a free initial consultation on the matter of Singapre corporate requirements, taxation and bank account opening.
Learn more about Singapore
Singapore is a independent city-state located on the southern tip of the Malaysia peninsula. Singapore is now a major international financial and trading centre, rivalling Hong Kong as the world’s biggest container port. Singapore is a sophisticated international business and financial centre, there are numerous domestic and global banks, stockbrokers and finance houses. Singapore is a signatory to a number of double tax and investment protection treaties, which provide some tax planning and security advantages.
Law & Taxation
The legal system of Singapore is based on British common law basis.
A Singapore company may not be liable for tax on profits generated from activities conducted outside Singapore. Providing that Singapore is a signatory to a number of double tax and investment protection treaties, Singapore companies provide tax planning and security advantages.
A newly incorporated Singapore company (startups) that satisfies the qualifying conditions can claim full tax exemption on the first SGD100,000 of normal chargeable income and a further 50% exemption on the next SGD200,000 for its first three consecutive years. The companies are taxed at a flat rate of 17% on their chargeable income.
Every Singapore company must have a local registered office and at least one local director who must be natural person and non-Singapore resident is permitted. Individual or corporate shareholder is permitted, no restriction of its nationality.
Local company secretary is a required member of the company, who can be a natural person of a corporate entity in Singapore. However, a sole director cannot act as the company secretary.
There is requirement to maintain books of accounts, and annual audited accounts. The companies who meet at least two of the following three criteria in the immediate past 2 financial year will be exempted from audit:
- total annual revenue not exceeding S$10 million
- total assets not exceeding S$10 million
- number of employees not exceeding 50 people
Particular of directors, shareholders, and secretary must be filed at the Registry of Companies and are available on public record. Annual submission of corporate structure and annual audited account (unless exempt) with annual return is required.