How to set up a company in singapore
Incorporation Process
Timeline: Incorporating a company in Singapore is relatively fast, taking 4 - 7 working days.
Requirements:
- A passport copy for all directors and shareholders.
- A proof of address (in English) for all directors and shareholders.
Taxation Overview
Corporate Tax Rates:
Singapore’s corporate tax rate is from 4.25% to 17% and is charged as follows:
For newly incorporated companies in the first three years:
- Profit up to S$100,000: taxation of 4.25%
- Thereafter any profit above the S$100,001 up to S$200,000: taxation of 8.5%
- Followed by any profit above S$200,001 taxed at 17%
After the first three years of existence:
- Profit up to S$10,000: taxed at 4.25%
- Thereafter any profit above S$10,001 up to S$200,000: taxed at 8.5%
- Followed by any profit above S$200,001: taxed at 17%
Public Records
Singapore maintains a public register of directors and shareholders. This allows anyone to check company details and, for a small fee, obtain all the relevant information.
Shareholders and Directors
Local Director: Singapore requires a local Singaporean director.
Company Secretary: A local company secretary is also mandatory.
Corporate Directors: Not permitted.
Shareholders: Can be foreign corporations or individuals.
Accounts and Audit
Annual Financial Statements: All Singapore companies must submit financial statements to the Singapore Inland Revenue once a year.
Audit Requirement: Companies with an annual turnover of S$10 million or more are required to undergo an audit.
Share Capital
Minimum Share Capital: A Singapore company can be registered with a minimum paid-up capital of S$1.
Capital Increase: This capital may be increased at a later date if desired.
Banking Options
We assist with opening corporate bank accounts in Singapore through various digital and traditional banks. The easiest options include Fintech banks such as:
- Aspire https://aspireapp.com/
- Airwallex https://www.airwallex.com/app/login?redirect=/app1/dashboard%3F
- Currenxie https://www.currenxie.com/en-hk/
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