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

SHARE CAPITAL
Permitted currenciesAny currencies
Standard currencyS$
Minimum issued capitalOne (1) in any denomination in foreign currency
Authorised capitalN/A
Par / nominal valueN/A
DIRECTORS
MinimumOne (1)
Corporate directorNot allowed
Local director requirementsMinimum one (1) director who must be “ordinarily resident in Singapore” i.e. a Singapore citizen or a Singapore permanent resident
Location of meetingAnywhere
Minimum number of meetingsPer Constitution
Publicly accessible recordsYes
SHAREHOLDERS
MinimumOne (1)
Bearer sharesNo
Corporate shareholdersAllowed
Local shareholder requirementsNo
Location of meetingAnywhere
Minimum number of meetingsOne (1) annually
Publicly accessible recordsYes
COMPANY SECRETARY
MinimumOne (1)
RequirementsA local resident secretary who must be a natural person and has their principal or only place of residence in Singapore
REGISTERED OFFICE
RequirementsLocal registered office in Singapore
ACCOUNTS
RecordsKept in Singapore
Preparation of accountsYes
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:
(a) it is a private company in the financial year in question; and
(b) it meets at least two (2) of three (3) of the following criteria in the first or second financial year commencing on or after the date of commencement of the “small company” criteria (i.e. on or after 1 July 2015)
(i)   total annual revenue ≤ $10m;
(ii)  total assets ≤ $10m; and
(iii) number of employees ≤ 50

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 recordsYes
TAXATION
Corporate tax17%
Goods and Services Tax (GST)7%
Capital Gains TaxNone
ANNUAL REQUIREMENTS
Annual return
  • Companies with financial  year ended before 31 August 2018:

- Within thirty (30) days after Annual General Meeting

  • Companies with financial year ended on or after 31 August 2018:

- Within seven (7) months after the end of the company’s financial year

Tax filing30 November
GENERAL
Legal systemCommon Law
Corporate re-domiciliationNo
Double taxation treaty accessYes
Exchange controlNo

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.