Singapore Company Formation

Singapore consistently ranks at or near the top of the World Bank’s ‘Ease of Doing Business’ index. Company incorporation is done online and therefore very fast. The maximum corporate tax rate is 17%, but there are various exemptions and allowances. 

Read about Singapore company Contact us for more information

Oct, 2020

WHY CHOOSE SINGAPORE COMPANY?

The maximum corporate tax rate is 17%, but there are various exemptions and allowances e.g. resident companies are entitled to a Zero rate of tax on the first S$ 100,000 of profit and the effective rate of tax of the first S$ 300,000 is 3.4% .

Bank account for Singapore companies.

Opening a bank account in Singapore for a Singapore company is very straightforward. We can assist in opening a Singapore bank account, all Singapore banks 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.

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Singapore

Resident of Singapore Zoo

Singapore quick facts:

  • Low rates of corporate tax (0% to 17%).
  • Singapore is considered a reputable jurisdiction.
  • Very fast incorporation - can be same day.
  • No withholding taxes on dividends.

    • SINGAPORE TAX RATES

    Income tax filings for newly incorporated 
    companies in the first three years.

    In Singapore, companies are given an insentive for the first 3 years, which reduces the tax payable.The table shows the effective tax rates up to $2m. 

    After 3 years the consessions are reduced particularly in the band but not elliminated - taxable income up to 10K is taxed at 4.25%, from 10,001 - 200,000 at 8.5% and from $200,001 up to $2m 17%.



    PROFIT IN SINGAPORE $                                                   TAX RATE  -  %

    0 - 100,000                             

    4.25

    100,001 to 200,000

    8.5

    200,001 to 2,000,000

    17

    SINGAPORE COMPANY FEATURES

         Incorporation Fees for a Singapore company    Info about Singapore company with bank account

    Director & secretary requirements

    A Singapore company may have a sole director and least one director must be resident in Singapore. Our fees include services of a local director.

    Shareholder requirements

    It is also possible to have a single shareholder. The minimum issued capital for a Singapore company can be one share of S$ 1. 

    Secretary and Registered Office

    Every company must appoint a secretary residing in Singapore. Every Singaporean company must have a registered office in Singapore.

    Audit and Accounts 

    All Singapore companies must submit accounts annually to the Singapore Inland Revenue and to the company registry.

    Companies with a substantial turnover (over S$5 million) also require an audit. The submission of accounts to the public registry provides substance and counteracts possible allegations of it being a “brass plate” company.


    Annual Returns / GST

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

    GST. The VAT system in Singapore is known as GST. It however does not apply to transactions conducted outside Singapore.

    Public records 

    Singapore maintains a public registry from which one can obtain details of the company's officers.

    Our Singapore company formation services

    We offer company formation services with a bank account or e-wallet. Please visit our packages page for more information.

    Singapore packages - company with bank account

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