Singapore Limited Liability Company (Pte Ltd) Company Incorporation
Singapore is one of the fastest growing and most stable economies in the world, offering an incredibly safe and competitive environment for new incorporations. The World Bank ranked Singapore the best country in which to do business for two years running and ranked it the second most competitive after the USA. Benefits for incorporating a new company in Singapore include a tax exemption on the first SGD 100,000 profit.
All company names must be approved by the Registry of Companies & Businesses, if approved they may be reserved for two months. Company names must end with the suffix Pte Ltd or Ltd. We are able to conduct a company name check to ensure your proposed name is not identical to another company already incorporated.
All companies must have a registered office in Singapore where all correspondence may be sent. This is also where company accounts and registers shall be kept. The registered office must be open and accessible to the public for a minimum of three hours, between 0900 and 1700 on weekdays.
Only one director is required to incorporate in Singapore, although as most banks and financial institutions in Singapore require two signatories it is recommended to have at least two directors. At least one director must be resident in Singapore but may be of any nationality and there are no restrictions on the nationality or residency of other directors. Companies are required to maintain a directors’ register which is available for public inspection.
Only a single shareholder is required and there are no restrictions on nationality or residency; a shareholder may also hold a directorship position in the company. A maximum of fifty shareholders is allowed and corporate entities are permitted. Should a shareholder be a national of China, Pakistan, Bangladesh or certain other countries, the registry may ask for further information. A shareholder register is kept and available for public inspection.
Within six months of incorporation, the company must appoint a secretary who is resident in Singapore; if the company has only a single director they may not also act as the company secretary. Formacompany will provide your Company Secretary.
The minimum share capital is SGD 1, there is no maximum share capital.
The process to incorporate usually takes around three days, but if shareholders are nationals of China, Pakistan and other certain countries it may take slightly longer.
Companies are required to keep accounting records but these may be kept anywhere in the world. Annual financial statements must be filed with the registry and tax authorities within seven months following the end of the accounting period. Generally all companies must have their accounts audited with the audit report filed alongside the financial statement. All companies must file an annual return and pay the filing fee of SGD 20 (approximately EUR 12).
Proof of Identity
As part of our due diligence we require proof of identity in the form of a passport copy for all directors and shareholders of the company.
It is required to visit Singapore in order to incorporate a company.