JURISDICTIONS
Singapore
General Information
| Location | Situated at the southern tip of the Malay Peninsula, the smallest country in the Southeast Asia but one of the few remaining city-states in the world. |
| Capital | Singapore City |
| Population | About 4,840,000 |
| Language |
English, Mandarin, Malay and Tamil |
| Legal System | English Common Law |
| Political System | Separated from Malaysia and became an independent republic in 1965; the political system was established as a representative democracy and now is recognised as a parliamentary republic. |
| Currency | Singapore dollar (approx. USD 1 : SGD 1.5) |
| Exchange Control | None |
| Economy | With foreign direct investment, Singapore has created a modern economy based on wide variety of industries. In particular, the territory industry with a well regulated environment has driven the country to be one of the top financial and trade centres in the world. |
| Time Zone | GMT +8 |
| International Banks | Being an international financial centre, wide range of international and local banks are established. |
| Principal Corporate Legislation | Companies Act (Chapter 50) |
| Number of companies incorporated in 2008 | About 24,860 |
| Total number of companies on register | Approximately 329,000 |
Introduction
Being one of the well known developed countries, Singapore continues to have a good international reputation for the ease of doing business and the soundness of its regulatory framework for businesses.
"To provide a responsive and trusted regulatory environment for businesses and public accountants" is the mission of Accounting and Corporate Regulatory Authority (ACRA) of Singapore that shows aggressiveness of Singapore in promoting its business growth and ensuring its good corporate governance and compliance.
Current Features & Benefits
- A well-developed society in political, legal and economic
- Back up by comprehensive and mature professionals, financial institutes, legal services and sophisticated tax planning expertises
- Double Tax Agreements entered into various countries including Mainland China
- Privacy – disclosure of beneficial owner to the authority is not required
- No tax is imposed on offshore profits
- Simple company structure
- User-friendly – timely registration, online filing and searching services, etc
- Singapore has established itself as one of the world’s top trading nation
| General Information | |
|
Stability of Jurisdiction |
Good |
|
Legal System |
Common Law |
|
Type of Company |
Pte Limited |
| Company Information | |
| Bearer Share | No |
|
Standard Authorised Capital / Shares |
N/A |
|
Chinese Name Permitted |
No |
| Official Bilingual M&A | No |
| Local Requirements | |
|
Minimum Number of Shareholders |
1 |
|
Minimum Number of Directors |
1 (b) |
|
Company Secretary |
Yes (c) |
| President & Treasurer | Optional |
| Beneficial Owners | No |
| Public Filings | |
|
Shareholders |
Yes |
|
Directors |
Yes |
|
Company Secretary |
Yes |
| Other | |
|
Registered Agent / Resident Agent |
No |
|
Registered Office |
Yes |
|
Annual Return / Accounts Filing |
Yes |
|
Corporate Tax |
18% (a) |
|
Change of Domicile Permitted |
No |
| Shelf Companies Available | No |
|
Notes: |
|
| (a) |
Only on onshore profits, NO tax on offshore profits |
| (b) |
Must be natural persons; corporate entity not permissible |
| (c) |
Resident company secretary required |