SingaporeSingapore is an Island state located below Malaysia in South East Asia. It is former British Colony with an English law based legal system. It is very stable, and prosperous. It should be considered a conservative offshore location that favors established operations. It is not attractive as a tax haven or for hiding offshore assets. There are some tax advantages for non-resident companies. It has an excellent infrastructure and banking facilities. English is the official language.
Offshore Companies:
A non-resident company can be tax saving if it is managed and controlled offshore, and it holds its directors meetings offshore.
Setting up a Singapore Company:
The registered agent (supplied by NACS) for the new company being formed files the company's memorandum of association and the articles of association with the company registry (after being signed). The company can be incorporated within 7-10 days.
Buying a Singapore Company:
NACS can offer off the shelf companies upon request. Name changes can be accomplished rapidly.
Company name guidelines and restrictions:
The name must be in the Latin alphabet, any name can be chosen provided it is not already in use, it is not obscene, and it does not imply insurance, banking, royal, or governmental related operations or sponsorship. It must end with an approved company designation or abbreviation. Names implying or conveying an involvement in banking or insurance operations require consent.
Capital Requirements:
No minimum level required.
Local Registered Office Requirements:
A Singapore Company must always maintain a registered office in Singapore, and must appoint and retain a resident as the company's registered agent. NACS provides these services for a fee via its associates.
Annual Company License:
This is acquired at the beginning and must be maintained annually thereafter. The annual license fees vary with the share capital of the company. Annual license fees not paid on time incur penalties.
Director Requirements:
At least two directors must be appointed and maintained (who cannot be a corporate director; one must be a resident).
Shareholder Requirements:
2 shareholders must exist at the beginning; either individual or corporate. A register of the company's shareholders must be maintained at the Registry of Companies.
Company Secretary Requirements:
A Company secretary must be appointed for the Company; who must be a qualified local person. NACS associates normally will perform this function, for a fee.
Share Types Allowed:
Registered shares are permissible. Bearer are not permitted.
Taxation Requirements:
Tax on corporate profits is now 26%. A Singapore company, which is properly structured and administered, may not be liable for tax on externally generated profits. There is no taxation for an IBC's operations, assets, or profits. There is a significant set of tax treaties.
Exchange Controls:
There are no exchange controls.
Reporting Requirements:
Audited accounts and an annual report are required to be filed annually.
Secrecy:
No explicit secrecy legislation for Singapore companies, but English law places a clear and heavy responsibility on professionals to keep their client's affairs confidential. .
Annual Tax/Filing Fee:
There is an annual license fee that can be discussed upon request.