Jurisdiction facts guide

Singapore, in South-east Asia, was founded as a British trading colony in 1819. It became independent in 1965.

Singapore’s per capita GDP is equal to that of the leading nations of Western Europe.  English is one of four official languages in Singapore but it is the language primarily used in commerce.

Singapore is a common law jurisdiction.

Respectable jurisdiction.

Corporation tax is 8.5% to 17% for Singapore source income. Concessions in the first 3 years can reduce the tax rate to Zero.

Public register of officers and shareholders together with filed accounts provides substance to Singapore companies.

Territorial taxation.


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Incorporation of a Singapore company

Formation of a Singapore company is very fast.  We recommend allowing 2 working days for the confirmation of incorporation with the certificate being issued a few days later.

Directors & secretary

Singapore company law requires a local director and local company secretary. Our incorporation service provides for this.  


A Singapore company may have one or more shareholders - corporate or natural persons. However, companies with a corporate shareholder automatically require an audit.  

Share capital

The minimum issued capital for a Singapore company can be one share of S$ 1.

Disclosure of information

The annual return, submitted to the Registrar of Companies, contains details of the shareholders and directors of the company and is available for public inspection.


The full rate of tax chargeable on company profits is 17%.  There however various exemptions and part exemptions which reduce this rate.

For example, in the first three accounting years, the first S$ 100,000 (around US$ 75,000) of profit is not assessable for tax.   

Income generated outside Singapore and not remitted to Singapore can be free of Singapore corporation tax (subject to certain provisos).

Tax treaties

Singapore has a number of double tax treaties in force with major trading partners and therefore Singapore companies can be used as part of a tax efficient international structure.

Account & audit

All Singapore companies are required to submit accounts annually to the Singapore Inland Revenue and to the company registry. We assist our clients with the preparation and filing of accounts.

Companies with corporate shareholders and/or with substantial turnover (over S$5 million –
c. US $4 million) require an audit.

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Formation Time

Singapore corporate tax rates

Directors and Shareholder requirements


Bank account in Singapore


Bank accounts for Singapore companies

Opening a bank account in Singapore is very straightforward provided that a director/signatory can visit the bank. It is possible to open bank accounts remotely either by visiting a bank branch abroad (OCBC) or by a Skype ‘interview’ with the bank (DBS) for which an additional fee is payable to the bank.

We generally recommend OCBC or DBS, both of which offer the full range of bank services including Internet banking, debit cards and accounts in a variety of currencies.

Alternatively, Singapore companies may fairly easily open accounts in other jurisdictions including Mauritius (ABC Banking), Belize (Choice Bank), and Bank of St Lucia International etc.

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Please note that TMS FZE provides an execution only service in respect of the formation of companies, opening bank accounts and related services. Therefore comments or suggestions made by us should not be considered as formal advice. Should you require formal structuring advice, please contact us.