A Singapore citizen, Singapore Permanent Resident or EP holder who is residing in Singapore.
Typically the following documentation will be required:
* Any documents that are not in English must be officially translated into English.
Yes, there are no restrictions prohibiting an individual assuming both roles.
A company is a business entity registered under the Companies Act, Chapter 50. Most companies in Singapore are private companies limited by shares and are recognized by the suffix “Pte Ltd”.
Shareholders
own the company and are entitled to the profits of the company.
Directors
Manage and oversee the company’s operations, and deal with everyday responsibilities.
A director can hold the position of company secretary only if he or she is qualified to do so, and the company has more than two directors and the director is qualified to do so.
Maximum number of shareholders is limited to 50 and the constitution restricts the right of its members to transfer their shares in the company.
A private company limited by shares can be classified as a exempt private company.
The key characteristics of an exempt private company is:
It is also exempted from prohibitions against loans to its directors or to companies related to its directors.
A private company limited by shares must have at least one shareholder and no more than 50 shareholders.
Yes, all Singapore companies and subsidiaries need to have a registered address in Singapore.
The full corporate tax rate is 4.25% for normal chargeable income up to S$100,000.
8.5% on normal chargeable income up to S$200,000 for the first three consecutive tax filing years.
This is only granted to start-ups that meet the following criteria:
In Singapore, the tax residence status of a company depends on where the control and management of its business is exercised. A company is a tax resident in Singapore if the control and management of its business is exercised in Singapore.
The basis of taxation for a resident company and non-resident company is generally the same. However, there are some benefits that a resident company can enjoy that a non-resident would not. For example, a resident company may benefit from any applicable avoidance of double taxation agreements and various tax exemptions.
The corporate tax rate is 17%
<Tax exemption>
Newly incorporated companies will be exempted from 75% corporate income tax rate on the first S$100,000 taxable income for each of the first three tax filing years if they meet the following conditions:
Income tax filings for newly incorporated companies in the first 3 years:
4.25% on the first S$100,000 on taxable income
8.50% on the next S$100,000
Income tax filings after the first 3 years:
4.25% on the first S$10,000 taxable income
8.5% on the next S$190,000
The minimum amount of paid-up capital in Singapore is $1.
No, a Singapore branch is not eligible for start-up exemption. It may however still enjoy a partial tax exemption on its chargeable income.
No, funds can be moved freely for legitimate business purposes and there are no exchange controls in Singapore
