Yes, foreigners can fully own a company in Singapore. There are no restrictions on foreign ownership of companies.
Every company must have at least one director who is locally resident in Singapore. There is no capped on the number of directors in the Company. The company can have a maximum of 50 shareholders and the director does not need to hold any shareholding percentage in the Company to be the director of the Company.
Share capital can be issued with or without full payment from shareholders. The minimum issued share capital is $1 when you incorporate a company. “Paid up capital” refers to the amount shareholders have paid to the company for their shares.
Yes, you need a local registered address for your company. This can be a commercial or residential address, but it cannot be a P.O. Box. (信箱)
Yes, within 6 months of the company’s incorporation, you need to appoint a qualified corporate secretary who is a resident of Singapore.
A company secretary is responsible for the administration of the company. He/She is also required to ensure that all the directors and shareholders are informed of their statutory obligations such as the filing of annual returns.
Acting as a nominee director involves assuming legal responsibilities and liabilities on behalf of the company. The deposit serves as a form of security or insurance against potential risks or liabilities that may arise during the directorship, such as legal claims, regulatory penalties, or financial obligations.
It is not necessary, however if you want to legally reside and work in Singapore, you will need to apply for an appropriate work pass, for example, an Employment Pass (EP)
If you are interested, please refer to the section on Employment Pass.
The actual incorporation would take about 1-2 working days by ACRA, however name applications may be referred to Referral Authorities for approval (e.g. if your proposed business name has the word “school”, it may be referred to the Ministry of Education). The processing time for referred applications may take between 14 to 60 days. SIG would require time to conduct our due diligence. Time may vary depending on the complexity of the case.
SIG will assist you with your bank account opening process so that your company can conduct operational transactions after the entity has been set up. Please contact us to understand which bank is best suited for your company.
To ensure that your company is fully compliant with the rules and regulations of the Republic of Singapore, please connect with us and schedule a free consultation with SIG.
The corporate tax rate in Singapore is currently capped at 17%. However, the effective tax rate may be lower due to various tax incentives and exemptions available for certain types of income and businesses.
Singapore Financial Reporting Standards (SFRS) are the accounting standards followed in Singapore, which are largely based on International Financial Reporting Standards (IFRS), our team of ACCA and CFA accountants will be able to assist you.
Unless the company is exempted from audit requirements under the relevant sections of the Companies Act, you must appoint an auditor within 3 months of incorporation. Small exempt private companies (EPCs) in Singapore may be exempt from audit requirements if they meet specific criteria, do contact us for more details.
The withholding tax rate in Singapore varies depending on the type of payment made and the recipient’s residency status. We can advise you accordingly.
Non-compliance with tax and accounting regulations in Singapore can result in penalties, fines, and legal consequences. It’s essential for businesses to ensure they meet all regulatory requirements and maintain accurate financial records.
Singapore has an extensive network of tax treaties with over 80 countries. Depending on your business, the tax treaties prevent double taxation and promote cross-border trade and investment.
With proper tax planning, one can navigate and stay compliant with the different rules and regulations of the many countries in Southeast Asia. Proactive tax planning helps businesses mitigate tax risks and ensures compliance.
The applicant must have a job offer from a Singapore employer, possess acceptable qualifications, relevant work experience, and earn a minimum fixed monthly salary (which varies depending on the applicant’s background and the company’s industry).
Employment Pass holders will have to abide by the terms and conditions of your EP, adhere to Singapore’s tax laws, and maintain proper immigration status throughout your stay in Singapore. EPs are typically issued for a duration of 2 years and can be renewed if the holder remains employed by the employer and continues to meet the eligibility criteria.
Yes, EP holders earning above a certain threshold are eligible to bring their immediate family members (spouse and children under 21) to Singapore on Dependant’s Passes and parents to Singapore on Long-Term Visit Passes (LTVP).
EP holders may be eligible to apply for Singapore permanent residency (PR) under certain conditions, such as meeting the required length of stay and contributing positively to Singapore’s economy. For an evaluation of your PR chances, please contact us for a consultation.