Time of establishment of the company
Forming a company in Singapore
Singapore is a key destination because of its position at the air gates of the Asiatic flow. Benefiting from a reputation thanks to its economic success, Singapore is often cited as a model for its urbanization which is intertwined beautifully with magnificent vegetation.
Singapore is actually the fourth financial center of the world and setting up your company there allows you to benefit from this prestigious showcase, as well as cutting edge infrastructure and technology at the fore.
With its favorable tax system, Singapore offers companies a tax rate below 15%, which can be reduced to 0%.
Singapore is particularly recommended for holding and trading companies.
What to remember…
Singapore may be used for many business activities. This destination offers significant tax breaks as well as an exemplary reputation for your company.
Corporate tax is 17% on net income above 300,000 SGD and 8.5% below in Singapore. It does, however, offer tax incentives to new companies, allowing taxation at 0%.
No tax on profits from dividends received from abroad;
No tax on profits from financial stocks.
The 5% VAT is not applied to exports.
In order to avoid having to charge VAT on the services rendered and goods or products sold, you will have to be able to prove that they were not made in Singapore.
The accounts must be kept monthly by a commissioned accounting firm.
Type of company
The usual type of company is the Limited Liability Company.
The company must have a registered office in Singapore, which will appear on all mail and the company headed note paper. This allows you to receive mail at the address indicated. There is also an optional virtual office service available complete with telephone number and personalized standard.
There is no minimum capital required to start a company in Singapore.
A multi-currency company bank account will be opened with Internet access and a Visa or MasterCard ATM card.
The Director must be European, however a Nominee Director service can be provided offering additional privacy on a case by case basis. It is important to bear in mind that the director’s liability can be enforced in case of poor bookkeeping of the company in Dubai.
The Nominee Shareholder service is possible in Singapore.
The easiest way to have your company set up in 24 hours is to choose a Ready-made companyfrom a list of names of existing companies incorporated in advance to minimize delays. 15 days plus postage are needed to set up a custom company.
Holdings are the most frequently used because Singapore is the ideal place to set them up due to their lack of taxation on profits from the ownership of shares.
The company has to be renewed each year after having paid all taxes and a stamp duty. The domicile of the corporate headquarters and the appointment of the Nominee Director must also be renewed.
Conditions for forming a company
The final condition is that the business activity is legal both in Singapore and in the country in which the business is conducted. Forming an offshore company should not and cannot be used to legitimize an illegal activity.
Financial activities, banking, gaming, online gambling, insurance and other management activities require a license.
Company registration procedure
Taxes and finances
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