A Singapore Company is taxed at 18% on locally-sourced revenue. Note that the first S$200,000 (US$132,500) of local corporate profits earned in Singapore are tax-free for the first three years of trading, while international profits earned outside Singapore are not subject to local tax, provided certain conditions are met.

What is the minimum number of directors required for a Singapore Company?

There must be at least one locally-resident director in a Singapore Company. However, there is no limit to the number of international directors a Singapore Company can have.

Is there a minimum age for a director of a Singapore Company?

The minimum age is 21 years and above.

Must a Singapore Company appoint a Company Secretary?

Section 171 of the Companies Act requires a Singapore Company to appoint a Company Secretary.

Is a Singapore Company subject to an annual audit?

Yes, if corporate turnover is more than S$5 million (US$3.5 million) and if there is a corporate shareholder.

Is a Singapore Company required to prepare and submit annual financial statements?

Annual financial statements must be prepared and submitted to the Inland Revenue Authority of Singapore (IRAS), complying with Singapore Financial Reporting Standards.

Must a dormant Singapore Company submit audited accounts?

If the company does not have any accounting transactions for that financial year other than the exceptions set out in section 205B(3) of the Companies Act, you need not submit audited accounts.

Must a Singapore Company register for Goods and Sales Tax (GST)?

Yes. if the Company's annual sales exceed or are expected to exceed S$1 million (US$700,000) in any calendar year.

If a Singapore Company has the same GST number and Company Registration Number, must both numbers still be printed on all business documents?

Yes. This is because the intent behind each legislative requirement is different and should be treated as separate and distinct. As a transitional measure, you may use a rubber stamp to indicate the Company registration number on your existing stock of stationery.

When must a Singapore Company hold its Annual General Meeting or AGM?

Every Singapore Company is required to hold its first AGM within 18 months from the date of incorporation. Subsequent meetings must be held every calendar year. However the interval between such AGMs must NOT be more than 15 months.

What must the company do after it has held its AGM?

The Company must file its Annual Return with the Singapore Accounting and Regulatory Authority (ACRA). The Annual Return must be filed within one month after the date of the AGM.

What are the procedures to close a Singapore Company?

There are two ways to close a Singapore Company. One is to wind up the Company with professional assistance. The other is to apply for striking off with ACRA if you are able to meet the requirements stated in the guidelines on application for striking off.

How long must a Singapore Company be inactive before applying to be struck-off?

The Registry does not indicate any timeline for a company to apply for striking off. If the Company has ceased trading or has been dormant, it may consider having its name removed from the register.

A foreign Company has already registered one Singapore Branch Company. Can it register a second Singapore Branch?

A foreign Company is only allowed to register one Singapore branch based on its parent Company name.

Contact Us

For more information on any of our Singapore corporate services, please email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120.

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