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The following are some of the most frequently asked questions about Singapore Company Incorporation: |
Yes, provided the Company name is not identical to the name of another Company or business registered in Singapore. |
Healy Consultants will complete the legal incorporation of a Singapore Company within three days. |
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. |
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. |
The minimum age is 21 years and above. |
Section 171 of the Companies Act requires a Singapore Company to appoint a Company Secretary. |
Yes, if corporate turnover is more than S$5 million (US$3.5 million) and if there is a corporate shareholder. |
Annual financial statements must be prepared and submitted to the Inland Revenue Authority of Singapore (IRAS), complying with Singapore Financial Reporting Standards. |
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. |
Yes. if the Company's annual sales exceed or are expected to exceed S$1 million (US$700,000) in any calendar year. |
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. |
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. |
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. |
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. |
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 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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