Singapore Resident Company Formation
Singapore, officially the Republic of Singapore, is a sovereign city-state and island country in Southeast Asia. Geographically, it lies one degree north of the equator, just 137 kilometers (85 miles) south of the southern tip of the Malay Peninsula, with Indonesia’s Riau Islands to the south and Peninsular Malaysia to the north. Singapore’s territory comprises one main island along with 62 smaller islets. It stands as one of the most economically and socially developed countries globally, having achieved independence in 1965.
Often referred to as “The Switzerland of Asia” because of its exceptional quality of life, Singapore has achieved remarkable economic growth thanks to its strategically advantageous maritime location. This position has enabled Singapore to become a prominent financial and trade hub bridging the Pacific and Europe. Key pillars of the Singaporean economy include banking and financial services, the electronics industry, Creative Technology, and the maritime sector. Notably, Singapore boasts one of the world’s premier ports in terms of exports and oil trade.
For those considering international business ventures, setting up a Singapore Resident Company can provide a myriad of benefits. Singapore’s legal system is renowned for its fairness, integrity, and efficiency, making it a top global destination for launching and operating businesses. The influence of English common law, a legacy of Singapore’s history as a British colony, is a significant aspect of its legal framework.
It’s worth emphasizing that Singapore Limited Companies, including Singapore Resident Companies, are not classified as offshore entities because there is no offshore legislation in Singapore. Regardless of whether they conduct business within Singapore or beyond its borders, all companies are formed under the same legislation.
One particularly appealing aspect of Singapore for businesses is its tax regime. Companies that do not derive any income from sources within Singapore are not subject to tax, making it an enticing proposition for enterprises looking to establish a Singapore Resident Company for international ventures. The tax-friendly environment, coupled with Singapore’s business-friendly ecosystem, positions it as a prime choice for companies seeking a strategic foothold in Asia and beyond through a Singapore Resident Company.
If you are interested in a Singapore Bank Account Opening, you can contact us any time.
Advantages of Singapore Resident Company Formation:
If you are interested in Singapore Resident Company Formation, you can contact us any time.
Summary of Singapore Resident Company and main characteristics:
| General Information | |
|---|---|
| Type of company | Private Limited Company (Pte Ltd) |
| Corporate Legislation | Singapore Companies Act 1963 Legal system: Common Law |
| Taxation | 0% Corporation tax on profits earned overseas and 0% tax on dividends for non-residents. Companies are completely exempt from all taxes on all profits earned overseas. On profits earned in the territory in the first 3 years of the company, profits up to SGD 100 000 are exempt from taxes. Then between SGD 100 001 and SGD 300 000, the company will have to pay 8.5%, and 17% above SGD 300 000. |
| Currency | Singapore dollar (SGD) |
| Paid up capital requirement | No paid up capital requirement (1 SGD) |
| Time zone | GMT+8 |
| Directors | |
| Minimum no. required | 1 |
| Local Director required | Yes, one of the directors must be resident in Singapore. (can provided by Consil Formation) |
| Location of Meetings | Anywhere |
| Shareholders | |
| Minimum no. required | 1 |
| Location of Meetings | Anywhere |
| Company Secretary | |
| Required | Yes (can provided by Consil Formation) |
| Local Secretary required | Yes, local licensed secretary required (can provided by Consil Formation) |
| Registered office required | Yes, local (can provided by Consil Formation) |
| Share Capital | |
| Standard Currency | Singapore dollar (SGD) |
| Standard Authorized Capital | 1 SGD |
| Minimum paid up capital | No |
| Accounting Requirements | |
| Preparation of accounts | Required (can be completed by Consil Formation) |
| Requirement for audit | Yes (can be completed by Consil Formation) |
| Accounts public accessible | Yes |
| Requirement to file Annual Return | Yes (can be completed by Consil Formation) |
| Further Information | |
| Bearer shares | No |
| Confidentiality | Yes |
| Nominee services | Available |
| Need to travel | No |
| Apostille | Yes, Hague Convention 1961 |
| Owners | Individuals or Corporate |
Register your Singapore Resident Company
- Document Notarization per document: € 500
- Bundle of documents Notarization;
- Document Apostillation per document;
- Bundle of documents Apostillation.