GENERAL INFORMATION
The country of Singapore consists of Singapore Island and some 50 other small islands. It is located in South-East Asia, at the tip of the Malaysian Peninsula.
Singapore has established a thriving financial centre of international repute, serving not only its domestic economy, but also the wider Asia Pacific region. Singapore's financial centre offers a broad range of financial services including banking, insurance, investment banking and treasury services. It boasts a pro-business environment, excellent infrastructure and a highly skilled workforce.
The combination of an efficient and business-friendly government, a robust common law legal system and a well-organised, comprehensive transport system forms part of Singapore’s success. Singapore continues to be well-regarded as a triple-A rated economy with strong growth potential, a sound and stable location for business expansion as well as for investments.
Other basic facts: | Time zone | 8 hours ahead of Greenwich Mean Time (+0800 GMT) |
Language | English, Chinese, Malay and Tamil | |
National currency | Singapore Dollar (SGD) |
KEY CORPORATE FEATURES OF SINGAPORE PTE LTD COMPANIES
Under the Personal Data Protection Act (PDPA), organisations are required to designate at least one individual as the data protection officer (DPO) tp oversee data protection responsibilities and ensure compliance with the PDPA. The DPO can be either an employee or a third-party
| SHARE CAPITAL | |
| Permitted currencies | Any currencies |
| Standard currency | S$ |
| Minimum issued capital | One (1) in any denomination in foreign currency |
| Authorised capital | N/A |
| Par / nominal value | N/A |
| DIRECTORS | |
| Minimum | One (1) |
| Corporate director | Not allowed |
| Local director requirements | Minimum one (1) director who must be “ordinarily resident in Singapore” i.e. a Singapore citizen or a Singapore permanent resident |
| Location of meeting | Anywhere |
| Minimum number of meetings | Per Constitution |
| Publicly accessible records | Yes |
| SHAREHOLDERS | |
| Minimum | One (1) |
| Bearer shares | No |
| Corporate shareholders | Allowed |
| Local shareholder requirements | No |
| Location of meeting | Anywhere |
| Minimum number of meetings | One (1) annually |
| Publicly accessible records | Yes |
| COMPANY SECRETARY | |
| Minimum | One (1) |
| Requirements | A local resident secretary who must be a natural person and has their principal or only place of residence in Singapore |
| REGISTERED OFFICE | |
| Requirements | Local registered office in Singapore |
| ACCOUNTS | |
| Records | Kept in Singapore |
| Preparation of accounts | Yes |
| Audit requirements and filing | A small company is exempted from having its financial statements audited and may file unaudited financial statements. A company qualifies as a small company if: If the company is part of a group, the above test must be met on a group (consolidated) basis as well. For the purposes of determining whether the group to which a company belongs is a small group, all entities within that group are taken into account, including foreign entities, in determining whether the consolidated total revenue and consolidated total assets of the group meet the thresholds. Other companies would require filing of audited financial statements. |
| Publicly accessible records | Yes |
| TAXATION | |
| Corporate tax | 17% |
| Goods and Services Tax (GST) | 9% |
| Capital Gains Tax | None |
| DATA PROTECTION OFFICER | |
| Under the Personal Data Protection (PDPA), organisations are required to designate at least one individual as the data protection officer (DPO) to oversee data protection responsibilities and ensure compliance with the PDPA. The DPO can be either an employee or a third-party | |
| ANNUAL REQUIREMENTS | |
| Annual return |
- Within thirty (30) days after Annual General Meeting
- Within seven (7) months after the end of the company’s financial year |
| Tax filing | 30 November |
| GENERAL | |
| Legal system | Common Law |
| Corporate re-domiciliation | No |
| Double taxation treaty access | Yes |
| Exchange control | No |
The information in this document is not advice of any kind but general information only and should not be relied on as legal advice. Kensington Trust Group recommends seeking professional advice on legal or tax issues affecting you before relying on it. While Kensington Trust Group tries to ensure that the content of this document is accurate, adequate or complete, it does not represent or warrant, express or implied, its accuracy, correctness, completeness or use of any of the information. Kensington Trust Group does not assume legal liability for any loss suffered as a result of or in relation to the use of this document. To the extent permitted by law, Kensington Trust Group excludes any liability for negligence, for any loss, including indirect or consequential damages arising from or in relation to the use of this document.