Singapore company registration

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Singapore Company Registration

Since 2003, Healy Consultants assists our Clients with i) business registration ii) regulatory licensing iii) business banking iv) immigration visas and staff recruitment strategies and v) office rental solutions.

Singapore business entitiesTax resident LLCTax exempt LLCFree zone LLCLLPRepresentative officeBranch company
Summary
Best use of company?Asian headquartersTrading/holding companyInternational tradingProfessional servicesLocal marketing and researchBank branches
Legally tax exempt if properly structured?NoYesNoYesYesNo
Corporate bank account location?HSBCHSBC Hong KongSBISHSBC LondonStandard Chartered BankCitibank
Client must travel to Asia?NoNoNoNoNoYes
Can secure trade finance?YesNoYesNoNoNo
Limited liability entity?YesYesYesYesNoNo
GST payable on sales to local customers7%0%0%7%0%7%
Withholding tax on payments to overseas shareholders?0%0%0%0%0%20%
Average total engagement costs?US$6,980US$7,940US$8,790US$6,980US$6,800US$10,700
Average total engagement period?5 weeks5 weeks6 weeks5 weeks5 weeks5 weeks
Accounting and tax considerations
Statutory corporation tax payable?17%0%17%0%0%17%
Must file an annual Singapore tax return?YesYesYesNoYesYes
Effective corporation tax rate on net profits of US$ 250,0009%0%9%0%0%17%
Must file annual financial statements?YesYesYesNoYesYes
Investment income is legally tax exempt in Singapore?YesYesYesYesYesYes
Access to double taxation treaties?YesNoYesYesNoNo
Monthly GST reporting to the Government?YesNoYesYesNoYes
Legally tax exempt entity?NoYesNoYesYesNo
Dividends received are legally tax exempt?YesYesYesYesYesYes
Company registration
Singapore resident director\partner\manager required?YesYesYesYesYesYes
Minimum number of shareholders\partners?1112Parent companyParent company
Minimum number of directors/managers?111112
Minimum paid up share capital?US$1US$1US$1US$1NoneNone
Shelf companies available?YesYesNoNoNoNo
Time to incorporate a new entity?1 week1 week2 weeks1 week1 week1 week
Can easily convert to a local PLC company?YesYesNoNoNoNo
Can have preference shareholders?YesYesNoNoNoNo
Business considerations
Can invoice local customers?YesNoNoYesNoYes
Can hire local staff?YesNoYesYesYesYes
Can rent local office space?YesNoYesYesYesYes
This entity can secure a residence visa for business owner?YesYesYesNoYesNo
Good entity for trademark registration?YesYesYesNoNoNo
Average monthly office rental? (US$ per sq m)US$37
Minimum statutory annual salary?None
Average monthly US$ salary for local employees?US$2,900
Singapore $ deposit interest rate? (1 year average)0.4%
US$ deposit interest rate? (1 year average)0.1%
Overseas remittance currency controls?None
Public register of shareholders and directors?Yes
Banking considerations
Multi-currency bank accounts available?Yes
Corporate visa debit cards available?Yes
Quality of e-banking platform?Excellent
  • Singapore is an excellent location to set up company headquarters in the Asia Pacific region;
  • Popular entity types in Singapore are legally tax exempt international companies and onshore companies;
  • The Singapore government provides a vast number of government grants to new companies;
  • Foreigners setting up a company in Singapore will need to appoint a resident director;
  • Singapore is ranked the most expensive country in the world, an important consideration for new businesses.

Healy Consultants’ video on registering a business in Singapore

Frequently asked questions

Download the full Singapore country report here

Contact us

For additional information on our business registration services in Singapore, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Ms. Chrissi Zamora, directly:
client relationship officer - Chrissi
singapore business federation Singapore Ministry of Manpower (MOM) Institute of Singapore chartered accountant (ISCA) Institute of Singapore chartered accountant (ISCA) saicsa icsa - institute of chartered secretaries and administrators SIngapore exchange ltd - The Asian Gateway | SGX