Here are the most asked questions about doing business in Singapore.
The following documents are to be submitted at the time of renewal:
• CPF (Central Provident Fund) of your employees;
• Your company’s most recent audited accounts;
• The highest qualification particulars of the local employees you have appointed;
• Your Singapore office’s lease agreement.
The MOM dispatches a renewal form to your employer 3 months before the expiry date of the EP. This form must be filled and submitted 2 months before the expiry of your pass.
No. You have to submit a separate application for an Entrepreneur Pass (EntrePass). Furthermore, your application will be reviewed by three government agencies, SPRING Singapore, the Infocomm Media Development Authority (IMDA) and the National Research Foundation (NRF), as per the accepted guidelines.
The following businesses are not eligible for the EntrePass:
• Coffee shops, hawker stations, food courts
• Bars, night clubs, karaoke lounges
• Foot reflex therapy centers, massage parlors
• Acupuncture, traditional Chinese medication, herbal supply businesses
• Job placement services
• Geomancy business
Once the EntrePass application has been submitted, it may take around 8 weeks for it to get approval.
To qualify for an EntrePass, you will have to fulfill at least one of the below criteria:
• Have financial backing of a government accredited VC or business associate
• Should own an intellectual property
• Should be holding substantial business expertise/circle and impressive history of doing business
• Have brilliant technical/domain expertise of the respective business
• Have a running background of businesses investments and the inclination to sprout new or present businesses in Singapore
• Have research alliance with premium rated institution or university
• Should be an incubatee at a government approved incubator or accelerator
Additionally, you would also be required to:
• Register a Private Limited Company
• Hire a Company Secretary
• Have a registered local address
Yes, Dependent’s Pass Holders are eligible to apply for Permanent Residence (PR) in Singapore in addition to the Singapore work visa holder. If the Singapore work visa holder’s PR application gets approval, the PR application of the DP holder will also be approved.
The validity period of the Dependent's Pass is the same as that of the sponsoring Employment Pass.
A DP can be applied for at the time of applying for your work pass or after your work pass has been approved.
The following parameters are applicable:
• In case you apply for Dependent’s Passes for your immediate family along with your own work pass, both of them will be processed together. This process is less time-consuming. Unfortunately, if due to any reason your work pass gets rejected, the expenses incurred in applying for the Dependent’s Passes go waste.
• Another approach is to wait till your work pass application gets approved and then apply for the Dependent’s Passes. In this case, your family members will have a waiting period of a few weeks before they can get their Dependent’s Passes.
• A completed Dependent’s Pass application form
• A copy of the personal details page of your /your child’s passport
• A copy of the official marriage, birth or adoption certificates as proof of relationship
• Educational particulars, if any
• School admission details in an educational institute in Singapore, if any
• Salary details for the last employment position, if any
Application forms for children below the age of 16 should be signed by the parent on behalf of the child. Applicable certificates must be in English and those that are not, must be translated by a certified translator and submitted together with the original certificate copy.
Those eligible for the Dependent’s Pass (DP) comprise spouse and unmarried children under the age of 21 years age (also legally adopted children) of work pass holders (i.e., Employment Pass, EntrePass, PEP, or S pass holders having a minimum monthly income of $6,000).
Although the common law spouse of a work pass holder, cannot apply for the DP visa, the common law spouse can however apply for a Long-Term Social Visit Pass (LTSVP), provided they meet certain criteria.
Points to keep in mind:
• You can apply for the DP either while applying for the work pass application, or after the work pass has been approved.
• With the paperwork in place, the DP will probably be approved.
• Parents and children who do not fulfil the eligibility criteria for DP may try for Long-Term Social Visit Pass.
• A DP is linked to a work pass and both have the same expiry dates.
An EP is likely to be rejected on the following grounds:
• Your job description does not match your qualification – If your qualification and experience are completely different, as compared to the job requirements, your application will be rejected.
• Your company/employer does not have sufficient capability – They had no local employees and therefore their contribution to Singapore did not count.
• You can be easily replaced by a Singapore local employee – quite a few locals who can do the same job are available
• You failed the eligibility criteria
• Your employer failed the eligibility criteria of having the required ratio of locals to foreign employees.
• Your previous job tenure is less than 2 years and your change of job has no valid reason – MOM does not prefer a track record of too many job changes or work instability.
• Your personal information has mismatches – the information to support your credentials is insufficient, or faulty.
• If your resume or CV does not reflect an upward curve of responsibilities and salary, it indicates no growth. This is another reason for your EP to face rejection due to lack of value add.
The following documents are required when applying for an Employment Pass:
• An EP Application Form 8, well-endorsed by the Singapore employer
• A copy of your latest resume and essential educational certificates
• Mentions/testimonies from former employers
• A passport-size photograph of yourself, not more than three months old
• A copy of the personal details page of your passport
• A copy of the business profile of the Singapore employer
• Your detailed job description
• An elaborate description of the operations and/or products of the employing Singapore company
When you file an Employment Pass application online, in majority of the cases, it takes up to 3 weeks to accept the notification results from authorities. The time taken may be more during peak season or if more information is required from the several economic agencies.
In case of timeline, the following must be kept in mind:
• To apply for an Employment Pass, the company has to be incorporated first. The time taken for this may vary from a couple of days to a couple of weeks, based on whether you are available in Singapore or overseas.
• For online submission of the application of a newly incorporated company, you need to notify the Ministry of Manpower (MOM) about the company’s particulars, for them to activate the EP-Online system. This is a 14-day process since the day of notification to the MOM.
• In case you hire a professional service provider to do the filing for you, the completed application and supporting documents are processed faster prior to the filing of the application.
• Following approval of the pass, formalities such as medical examination, appointment for fingerprinting registration, collection of the pass, etc., still remain. These may take a few days more.
It is important to know your eligibility for EP before you apply for it. The Ministry of Manpower (MOM) has established the following elementary requirements:
• A minimum income of S$3,600
• A graduate/postgraduate degree/diploma from a top university
• Professional qualifications needed for the job
• Job relevant work experience
No. You are required to incorporate your company before you apply for the Employment Pass.
Latest information and updates can be accessed on http://app.ica.gov.sg. Foreigners holding travel permits from certain countries would require a visa to enter Singapore. A list of these countries can be found on this website.
Using a Singapore issued visa, you can enter multiple times into the country, till the visa is valid (9 weeks, 63 days). This is applicable since the issue date of the visa. It is important to note that each of your stay in Singapore must be more than 30 days, i.e., whenever you enter the country, your passport will be stamped to permit you a 30-day stay (usually).
Companies that fulfil any two of the following criteria are required to have an annual audit:
• Annual revenue of more than S$10 million;
• Total assets of the company value at more than S$10 million;
• Number of employees more than 50.
A company’s financial year end can be changed, provided the change is approved and finalized in a meeting of all directors.
Five years is recommended period for a Singapore registered company to keep its accounting records and other documents that explain the company’s business transactions and ﬁnancial position. This five years is since the completion of respective transactions or operations.
It is not a requisite to digitize accounting records. The only criterion is that all records, manual or digitized, must be prepared in conformity with the Singapore Financial Reporting Standards.
The responsibility of the company’s accounting records eventually lies on the directors, irrespective of whether they are part of the daily operations of the company.
Outstanding insolvencies and persons convicted of violations involving fraud or corruption in the previous 5 years are ineligible to hold the position of a local Director.
Singapore banks have not imposed any restrictions on remittance of funds to and from the country. However, if the inflow and outflow of funds does not conform to your line of business, then you may be required by the bank to submit additional documents. The required document maybe related to either the contract of sales or invoices.
As specified by the Monetary Authority of Singapore, banks are not permitted to allow transactions and remittances to UN sanctioned countries like Cuba, Iran and Sudan.
Yes, you can open a corporate bank account with any of the local or international banks based in Singapore, and in certain scenarios, overseas.
If you cannot travel to Singapore, select a bank that does not require you to be physically present. Standard Chartered Bank and HSBC that allow you to open a corporate account without having to travel to Singapore.
Yes, there can be more than one signatory for your business bank account. However, physical presence of the signatory who is being added is a must. This is to enable the bank staff to verify the particulars of the signatory. The signatory is also required to provide his specimen signature in front of the bank staff.
The documents to be submitted for opening a Singapore corporate bank account are as follows:
• Completed Corporate Account Opening Forms
• Approval from the Board of Directors for opening of the account and the signatories to the account
• Certified True Copy of Company’s Business Profile from Company Registrar (Bizfile)
• Certified True Copy of Company’s Memorandum and Articles of Association (M&AA)
• Certified True Copies of Passport (or Singapore IC) and Residence Proof of the Directors, Signatories, and Ultimate Beneficiary Owners. If you physically present in Singapore, take the original documents to the bank and they will copies from them.
Singapore banks may require you to produce additional documents based on the case. In general, most of the banks require the physical presence of account signatories and directors in Singapore, so that they can sign when the company bank account is being opened. On the other hand, there are a few banks that accept documents that are signed at one of their foreign branches or in the presence of a notary public.
Yes, majority of the banks in Singapore are open to provide the benefits multi-currency accounts or different accounts for different currencies.
SGD currency in the bank account indicates that the account will continue to be maintained in Singapore dollars. Despite this, your account can receive money in any other currency. However, if you receive money in AUD, it will be converted to SGD. This is according to the bank TT rate on the receipt.
In this case, there may be a problem if most of your transactions are in AUD.
For example, if the current TT rate for OCBC bank is
Selling AUD 1.1893
Buying AUD 1.1560
Thus, if you receive AUD 100000, you will get 1.156*100000 = 115600 SGD in your account
And, if this money is immediately converted for outward transfer in AUD, you get 115600/1.1893 = 97200 AUD
Therefore, it is evident that you can lose quite a lot of money in just one transaction because of the different buying and selling rates of the bank. In this kind of a situation, it is prudent to maintain an account in AUD and not in SGD.
No. Majority of the cases require the first deposit for the bank account to be paid when the account is being opened. It is best to keep aside 3000 SGD to open an SGD account or 1000 SGD to open a USD or a EURO account.
Yes, more than one person can be authorized to operate a business bank account using internet banking. For this, they need not be physically present in Singapore. However, the bank will require a photocopy of their passport along with the required form duly filled up.
Also, you are required to demarcate their role and assign them only specific rights in internet banking. As an example, you can give one person the right of preparer. So he/she can only prepare a transaction, but they do not have the authority to do any transaction.
You can deposit money in the account within 2-3 days. However, for transferring money online, from your bank account to another account, there is a waiting period of 2-3 weeks. This is the time taken for the internet token to be activated by the bank.
Banks do not provide a credit card for a business account. Nevertheless for business accounts, banks do provide a debit MasterCard. This debit card is specifically provided in the case of SGD account and it can be used for any online transaction such as ticket booking, hotels, etc. The expenses incurred on the card are directly debited to your bank account.
As a precaution against fraud, most of the banks require you to respond with a confirmation affirming receipt of the internet token. After the receipt has been confirmed, the bank activates the internet token.
An internet banking token is a gadget that generates random passwords. It is provided by the bank along with the login id and password. It is the second-line of security so as to ensure the money deposited by the customer is secure. Whenever you login, you need to punch in the token to avail internet banking services of the bank.
Once you apply for a new bank account, you will be assigned a bank officer to help you through all stages from the process of submitting your application, to opening the global bank account. The officer will keep you informed about the developments on your application and get in touch with you in case any information is required from you.
The opening balance amount should be directly deposited to your bank account, once the account has been opened and activated.
No. A corporate bank account can only be opened after the company has been set up.
It takes 2-3 days to complete the account opening procedure. The first step in opening a bank account is to meet a bank representative. This is generally an hour long meeting, which is followed by submitting the account of the company that needs to be approved.
Once the account has been opened, it takes a maximum of 2 weeks for the bank to prepare the checkbooks, internet token, debit card and password slip. The time period differs from one bank to another. The aforesaid documents are dispatched to the registered address of the company.
a) Suppose you have incurred GST input tax while importing goods into Singapore or while purchasing from GST-registered suppliers. You may be entitled to GST Input Tax, if you meet all the criteria of a claim.
b) Your GST input tax claim must be in the same accounting period as the date on the source documents (tax invoice or import permit) or according to the date, this data is uploaded on the accounting system.
c) GST input tax incurred on exempt supplies cannot be claimed except if it complies with the De Minimis Rule.
d) Depending on certain conditions, you may claim GST input tax incurred before incorporation of the company and also prior to registering for GST.
e) You must repay GST input tax (already claimed from GST Comptroller) if you fail to pay your supplier within a year of the due date of payment.
GST F1 form with the essential supporting documents (like the IRAS document checklist) needs to be sent to IRAS.
For all alliances and partners, a GST F3 form is to be submitted along with GST F1 form.
Foreign registrants are expected to hire a regional agent and affix an official letter, with the required application form.
a) Time taken for compulsory registration –approximately 10 working days.
b) Time taken for voluntary registration –approximately 1 month.
Once GST registration has been completed successfully, the company will get a letter containing its GST number and the official GST registration date.
For your reference, a GST F2 form is used to apply for exemption from GST Registration.
After it becomes a GST Registered Business with IRAS, the company is required to file correct GST returns and pay GST on time.
IRAS has launched quite a few General GST Schemes to help companies do business in Singapore.
The key requirements of a GST Registered Business are as follows:
• Maintain proper accounting and business records for at least 5 years.
• All tax invoices must have the GST Registration number of the respective business.
• Both, the GST-inclusive price and the GST-exclusive price Tax must be easily visible on tax invoices.
• Late filing or non-filing of GST returns is an offence that results in penalties of up to SGD 5, 000.
• GST payment defaulters face imprisonment of up to 6 months.
• If a company files incorrect GST returns, it is likely to face a penalty up to 200% of the tax undercharged, liable to pay a fine and imprisonment.
• To rectify errors (use GST F7 form) of the past GST returns, businesses have 5 years since the end of the appropriate financial periods.
• The company is required to bring any changes in the business to the attention of IRAS, within 30 days (i.e. registered address, business name, change in ownership, and shareholders)
No, if your business does not have a GST registration, you do not qualify to claim the GST incurred on your purchases.
In the capacity of a business, it is required for you to register for GST when your taxable turnover exceeds $1million.
Even if the taxable turnover of your business is lower than $1 million, you can opt to voluntarily register for GST after prudent consideration.
For further details on GST registration, refer to the Inland Revenue Authority of Singapore webpage.
• Only if the annual revenue is $1m and above.
In case a company’s main business is stock / derivatives trading, the income earned from it is regarded as a business income. In essence, any company that earns solely by way of stock trading does not qualify for capital gains exemption. This is because the profits earned from trading are regarded as its income.
By and large, deductions are permissible for business expenditure that is entirely and solely sustained while generating income and the deduction must be allowed under the Income Tax Act.
• If transport allowance is paid by your company to the employees as part of their earnings, it becomes a deductible expense, since it is a component of the cost of the staff directly working with the company.
• Motor vehicle spending on foreign registered cars used solely outside Singapore is taxable, if the spending has been for business reasons.
At the same time, it is to be kept in mind that many of these benefits may affect employee-related taxes.
Irrespective of whether the royalty income has been generated in Singapore or outside, as long as it has been acquired in Singapore, it is taxable. This indicates income from payments received by using copyrighted materials, trademarks, or patents.
Profits earned by the company are taxable. These are calculated after deduction of business expenses from the sales receipts.
The Singapore Income Tax Act (ITA) and Economic Expansion Incentives Act (EEIA) provides companies with a variety of tax incentives. A few of these incentives are listed in the table below.
Types of incentives
Where to apply
Approved International Shipping Enterprise
Approved Venture Company
Further deduction of expenses relating to Approved Trade Fairs, Trade Exhibitions, Trade Missions or to maintain overseas Trade Office
Further deduction of expenses on Research and Development Project
Tax deduction of special reserves for catastrophic risks of approved general insurers
Writing down allowance for cost sharing agreement
Concessionary rate of tax for income of life insurance companies apportioned to policyholders
Concessionary rate of tax for approved offshore general insurance companies
Concessionary rate of tax for approved offshore life insurance companies
Concessionary rate of tax for approved offshore composite insurance companies
Exemption of tax for approved marine hull and liability insurer (onshore and offshore business)
Exemption of tax for approved offshore captive insurance companies
Exemption of tax for approved insurer underwriting offshore qualifying specialized insurance risk
Concessionary rate of tax for Approved Operational Headquarters (OHQs)
Concessionary rate of tax for Approved Finance and Treasury Centre
Concessionary rate of tax for Financial Sector Incentive Companies
Approved Global Trading Company
EEIA/ Part II
EEIA/ Part III
Pioneer Service Companies
Approved Shipping Logistics Enterprise
EEIA/ Part IIIB
Development & Expansion Incentive
Overseas Enterprise Incentive
Export Service Company
Yes. Benefits of a unilateral tax credit are applicable on overseas taxes paid on the following income, within the ambit of Section 50A of the Singapore Income Tax Act:
• Income earned from professional, consultancy and other services imparted in any region outside Singapore.
• Profits earned by a foreign branch of a Singapore resident company.
To claim the above unilateral tax credit, it is necessary to be a tax resident in Singapore, as well as fulfill all other requirements set by the tax authority.
No. The exemptions and tax concessions granted in the first three years of operations cannot be carried over to the following years, irrespective of the fact that a company has not claimed such benefits.
During the Year of Assessment 2005, the government launched the new start-up companies’ tax exemption scheme.
For eligible Singapore incorporated businesses, tax exemptions for their initial three consecutive tax years of assessment, are:
Yes. Every Singapore Company must file its annual tax return.
In Singapore, tax related information is to be filed twice with IRAS.
The first time to file ECI (Estimated chargeable income) with IRAS is within 3 months of the close of the financial year. True to its name, this is the estimated amount.
The next date to file a corporate tax return is by 30th November, of the assessment year. The tax return is required to account for the company’s earnings in the last financial year.
Figures reported in tax return need not match those of the ECI. However if the mismatch is huge, it needs to be explained.
No. Singapore companies do not have to pay any tax on dividends to shareholders. There is this onetime payment of corporate income tax on the profits of your company, the profits left after payment of this tax can be disbursed among shareholders tax free.
It is required for the company to maintain copies of its sales invoices, payment vouchers, bank statements, receipts, invoices, bookkeeping records, general ledgers, financial statements and tax computations (comprising signed contracts or agreements, etc.) five years since the applicable year of assessment (YA).
With respect to the financial year ending 31 December 2018 (YA 2019), the company must maintain its accounting logs till 31 December 2023.
As for the financial year ending 31 March 2019 (YA 2020), the company must maintain its accounting records till 31 December 2024.
Tax computation is a statement that records the principles of tax adjustments to a company’s accounting profit before tax is applied to its chargeable income.
Tax computation must comprise income (taxable and non-taxable), expenditures (deductible and disallowed), donations, capital subsidies, additional deductions and carried forward business losses.
Companies should prepare their yearly tax computations before they file Form C-S or Form C with IRAS. At the time of audit, companies may have to submit copies of the tax computation and other supporting schedules to IRAS.
No, capital gains in Singapore are not taxable.
For 31 December 2018 as end of the financial year, the tax year is YA 2019 and the due date to file is 30 November 2019.
For 31 March 2019 as end of the financial year, the tax year is YA 2020 and the due date to file is 30 November 2020.
Singapore has fixed its corporate income tax rate at 17%. Yearly profits of up to S$200,000 get tax benefits that lower the actual corporate tax rate under 9%, given that the eligibility criteria fixed by the authority is fulfilled.
At least one director is required to register a Private Limited Company in Singapore. There is no upper limit on the number of directors, even though a maximum number is usually specified in the Constitution of the Company. Additionally, a director should be a natural person and not a corporate entity and it is a must for one of the directors to be Singapore resident.
Yes, absolutely. We can help foreigners who would like to set up a company in Singapore by providing a nominee director to meet the Government’s requirement (of having at least one local resident director).
In normal cases, the business owner is required to setup a legal entity to incorporate and conduct business in Singapore. However, if you are administering business in Singapore under your name, you do not need to register with the Registrar.
Within the framework of the Business Registration Act, these are the businesses that do not require to be registered:
• Authorized hawkers;
• Artisans who work from home;
• Cab drivers;
• Trishaw riders;
• Sampan man giving his sampan for hire; and
• Farmers and prawn/fish pond keepers.
Additionally, a foreign company will not be considered as conducting business in Singapore simply because in Singapore it —
• Is or gets involved in any action or suit or any managerial or arbitration proceeding or is consequent of settlement of an action, suit or proceeding or of any claim or dispute;
• Arranges for meetings of its directors or shareholders or conducts other internal operations;
• Operates any bank account;
• Influences any sale by means of an independent contractor;
• Solicits or procures any order that binds like a contract, provided that such order is accepted outside Singapore;
• Generates evidence of any debt or forms a charge on movable or immovable property;
• Obtains or collects one or more of its debts or imposes its rights with respect to any securities pertaining to such debts;
• Carries out a solitary transaction that culminated in just 31 days, but not being one of a number of similar transactions repeated every now and then;
• Invests any of its funds or is a property owner;
• Sets up a share transfer or share registration office in Singapore; or
• Executes any transaction through its associated corporation, licensed or approved by any law framed by the Monetary Authority of Singapore, established under the Monetary Authority of Singapore Act (Cap. 186), under an arrangement approved by the Authority.
Paid-up capital is the sum total of capital that comes as funds from shareholders. That is to say, it indicates the total amount of money received by a company from its shareholders for the shares purchased by them.
The category of business license you may require from an appropriate control authority, depends on the kind of business you decide to set up in Singapore. If the business is a restaurant or a food chain, it will need a license from the respective food regulatory authority.
The best part is that bureaucracy has minimum interference in Singapore and majority of the businesses do not even necessitate a license. In cases where a license is mandatory, the process of applying for and getting approved your license is speedy, well-organized and straightforward.
Yes, your company’s name must be approved by ACRA (Accounting and Corporate Regulatory Authority) before beginning the incorporation process. Approvals may just take an hour and the approved name is valid for up to 60 days.
Company registration is a two-step procedure in Singapore:
Reserving a Company Name
Prior registering a new company in Singapore, the company name has to be reserved. Hence, the first thing to do is to file an application to reserve your proposed company’s name. If the name proposed has no dispute with any of the existing names and is noncontroversial, it can get approved in just 10-15 minutes. You can reserve this approved name for 60 days from the date of approval.
Once your company’s name has been approved, you can file an online application to register it. The application needs to contain:
• Details of business activities
• Details of the shareholder(s) and the shares issued to them
• Details of the company director(s)
• Details of company secretary
• Details of the registered office
• Signed Constitution of the Company
In case a professional services firm is hired, the firm can help ensure that the information in your application is accurate and complete. Once everything is in place, it is just a matter of a few minutes for the incorporation application to be processed. As soon as it is processed, you will get a notice of incorporation via email. However, it may take more time if the application is additionally reviewed by the company registrar.
The Memorandum and Articles of Association outlines the framework and the company’s internal rules. Section 22 (1) of the Companies Act makes it mandatory for all companies to include the following information in their memorandum:
• Company name
• Whether the liability of members is limited or unlimited
• For a company limited by guarantee, an undertaking that every member will contribute to the assets of the company
• Details of the subscribers to company shares
• A clause stating the subscribers’ desire to part of a company to pursue the memorandum and correspondingly accept to take the number of shares in the capital of the company against their respective names.
According to the Companies Act, the proposed company must submit its Memorandum and Articles of Association to ACRA.
For the registration of a Singapore Branch Office, the following information and documents are required:
• Name and registration number, registered office address and official capital of the foreign company;
• Business undertakings of the foreign company;
• Names, passport numbers, and addresses of the Directors of the Foreign Company;
• Names, Identification numbers, and addresses of two (2) Local Agents (must be Singapore Citizens or Singapore Permanent Residents) who are residents of Singapore;
• Registered office address in Singapore;
• Certified authenticated copy of the Certificate of Incorporation, duly notarized with Notarial Certificate;
• Certified true copy of the Memorandum and Articles of Association, duly notarized with Notarial Certificate.
Every non-resident shareholder/director is required to submit:
• Copy of passport, proof of residential address and bank reference letter
Every resident shareholder/director needs to submit:
• A copy of Singapore ID
• Copy of passport for foreign individuals
In the case a shareholder is also a corporate entity:
• Copy of the parent company’s certificate of incorporation
• Copy of official documents that indicate the registered address and directors of the parent company
Once we obtain the supporting documents (application form, a copy of passport, proof of residential address), incorporation can be done within 1-2 days.
A person or a different establishment, including a foreign corporation, can be a shareholder. According to the Singapore company law, a foreigner can hold 100 per cent of a company’s shares. Hence, a foreigner can register a Singapore company as its only shareholder.
Likewise, a foreign company can establish a 100% owned local Singapore company (popularly known as a subsidiary company). A subsidiary company is evidently the most preferred business structure for foreign companies functioning in Singapore. The reason for this is the liability security and the tax benefits provided to this structure.
At least 1 shareholder is required to register a Private Limited Company (LLC) in Singapore. The maximum number of shareholders that a Private Limited Company can have is 50.
No. A foreigner does not have to be physically present in Singapore to start a company there. Every formality and documentation related to incorporation can be done online from any part of the World. However, within the framework of KYC procedures, the bank authorities may have to interview one or more of the prominent persons of the company. For this and for opening a bank account in Singapore, physical presence may be required.
No. According to the Singapore Company Law, every foreigner is required to hire the services of a licensed corporate service provider.
• Any Singapore citizen or a foreigner can incorporate a company in Singapore
• At least 1 director and 1 shareholder
• At minimum, it is mandatory for 1 director to be a Singapore citizen (i.e., permanent resident or EP/DP holder)
• All owners of a company can be foreigners
• A minimum paid-up capital of $1 only
• A local registered address
• A local eligible company secretary