SINGAPORE COMPANY FORMATION

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Singapore Corporate Fee Guide

- at the time of establishment

1) Singapore corporation establishment: USD 1,400
2) Corporate address: Included in establishment cost
3) Company secretary: Included in establishment cost
4) Locally registered director: USD 1,400 (registration of annual local director)

Incorporation + 1 year total service cost: USD 2,800

** Government expenses, company kit, secretary registration, director registration, business address rental fee included / local director deposit, account opening fee not included


Deposit for local moving: USD 2,500 (refundable upon cancellation or change of service)
Singapore bank account opening: USD 1,000

Incorporation + 1 year service fee + deposit + Singapore bank account opening fee Total: USD 6,300

*Financial, cryptocurrency, and blockchain-related businesses are different from the above estimates (separate estimates)

-Annual renewal

1) Singapore corporation annual renewal registration: USD 800 (including annual report AR registration fee)
2) Singapore secretary registration: USD 530 / 1 year
3) Singapore business address registration fee (virtual office): USD 230 / 1 year
4) Singapore local director registration: USD 1,400 / 1 year

Total annual renewal cost: USD 2,960


- extra cost
Accounting, financial statements, tax adjustment and reporting, etc.: Separate estimate (generally from USD 1,500)


** Opening a bank account is possible non-face-to-face, please refer to a separate guide.
** Singapore corporation must register at least one local director and secretary, and additional directors and shareholders may be registered as foreigners (Koreans, etc.).
** Service cancellation and deposit refund must be notified in writing 1 month in advance.
** Financial, cryptocurrency, and blockchain-related businesses must be requested separately as they are different from the quotes presented above.
 

 

 

Singapore company basic information guide

 

1. Company name:

 

Company name must be registered in English, not Chinese.
The company name must not be duplicated with other registered company names, and the company name must be followed by Ptd. Ltd. or Limited must be affixed. (Private Limited Company: Pte. Ltd. / Public Limited Company: Limited)

2. Capital:

 

There is no minimum share capital requirement, the typical share capital is SGD 1,000.

The capital must be paid in full within one year after the establishment of the company. (Submit the deposit receipt after paying the capital)

3. Business Area:


There are no special restrictions on the industry or type of business. (As long as it is a legitimate business)

However, in the case of a business that requires a specific license, such as the financial industry, fund raising, trust, etc., you must have detailed data and the relevant license.

You can register up to two industries, which can be set as a comprehensive area. (Differential tax rates by industry do not apply.) 

** For legal entities related to cryptocurrency business, please refer to a separate guide

4. Shareholders/Directors:


Shareholders can be registered as individuals or corporations, but directors must be individuals.
At least one Singaporean must be listed as a director.
(The name and director registration of Singaporean locals are provided by our company)

Example 1) Establishment of Singapore branch of Korean corporation

1. Korean corporation registered as a shareholder
2. Singapore representative of Korean corporation registered as one director
3. Singapore local listed as the remaining one director (Singapore local name is provided by the company)


Example 2) Establishment of a Singapore independent corporation

1. Registration of individual shareholders of Singapore corporation (eg Korean shareholders)
2. Registration of foreign directors of Singapore corporation (eg Korean directors)
3. Singapore local listed as the remaining one director (Singapore local name is provided by the company)


5. Register Secretary and Address:

 

The company secretary must be a local Singaporean, and the business address must also be a local Singapore address.
(Singapore local non-signature and address rental are provided by our company)


6. Auditor:

In the following cases, a Singapore corporation must appoint an auditor within 3 months. 

1) If the annual sales or assets of the corporation are Singapore 10 million dollars (SGD 10 million);
2) Or if you want to conduct an audit for business reasons.

** Appointment of an accounting auditor is carried out after document verification and a separate estimate

** According to Article 205 of the Singapore Companies Ordinance, the director of a corporation must appoint at least one auditor within 3 months from the date of incorporation.

** When appointing an auditor, the cost of preparing a resolution related to the appointment of an auditor and notification of the appointment of the auditor to the Singapore government

A fee (SGD 250 + 7% GST) will be charged.  

7. Information and documents required to establish a Singapore company:

 

- Fill out and sign the application for incorporation

- Copy of shareholder/director's passport

- English abstract of shareholders/directors (or proof of address in English) *Within 3 months from the date of issuance


Singapore company's corporate account opening and annual renewal information

 

 

1. Opening a Singapore corporate account:

After incorporation of a Singapore company, when opening a corporate account, the effective director must accompany the local director in Singapore to attend the bank meeting.

** If the shareholder is a corporation, you must submit a copy of the passport and documents listing the shareholders and directors of the corporation, and all business registration certificates and other documents must be translated into English through an authorized translation agency, The translation confirmation stamp and signature must be signed by the CEO. (Proceed after checking separately when working)

2. Board of Directors:

 

Board of Directors:

A Singapore corporation must hold at least one BOD meeting within 18 months from the date of incorporation, and the period from the closing of the BOD to the next BOD meeting must not exceed 15 months. Non-compliance will result in a fine.


Annual Report:

The annual report must be filed within one month from the date of establishment, and a fine will be imposed in case of non-compliance.


3. Accounting Services:

 

The audit report must be conducted by a certified public accountant recognized in Singapore, and the company conducting business must prepare a financial report. If your sales are less than SG$10,000,000, you do not need to be audited.

** According to Article 205 of the Singapore Companies Ordinance, the director of a corporation must appoint at least one auditor within 3 months from the date of incorporation.

** When appointing an auditor, the cost of preparing a resolution related to the appointment of an auditor and notification of the appointment of the auditor to the Singapore government

A fee (SGD 250 + 7% GST) will be charged.  

4. Singapore Tax Regulations and Rates

 

tax compliance

Form C documents are issued around April 30, and all companies are required to file their tax returns before November 30 of each year.

 

Income declaration must be submitted within 3 months of the fiscal year after Estimated Chargeable Income (ECI).

You can proceed, or if you do not report income during the above period, notice of Assessment (NOA; taxable income)

If you do not agree with the NOA, you must file an appeal within 30 days.

Otherwise, NOA is confirmed as the final means, and even if the actual taxable sales are less than the reported amount, you will receive a refund or other

You are not entitled to tax benefits.

 

The corporate income tax in Singapore is 17%, and the scope of tax benefits is as follows.

** New corporation (tax benefit period is 3 years)
Taxable income below SGD 100,000: Tax reduction
Taxable income above SGD 100,000 and below 300,000: 8.5%
Taxable income of SGD 300,000 or more: 17%

 

** Existing corporation
Taxable income below SGD 100,000: 4.25%
Taxable income above SGD 100,000 and below 300,000: 8.5%
Taxable income of SGD 300,000 or more: 17%

 

5. Documents to be submitted:

 

a. Singapore Incorporation Application Form

b. A copy of the shareholder/director's passport and English abstract (business registration certificate and registration documents of the parent company when registering as a corporate shareholder)

c. Resume in English of the registered director, a contract that can prove the contents of the business, documents such as invoices (submitted to the bank)

6. Total lead time:  2-3 weeks

7. PROCEDURE:

 

1) After filling out the Singapore corporation incorporation application form, submit it by e-mail along with a copy of the shareholder/director's passport and an English abstract 
2) After checking the documents, check whether the process is possible

3) Payment of incorporation cost, management cost and deposit

4) Sign the Singapore corporation application confirmation and submit it to our e-mail 

5) The company prepares the Singapore corporation incorporation document and sends it to the customer

6) After the shareholder/director signs the document, scan it and submit it to our e-mail

7) If there is no problem after checking the documents, the signed original document is sent to Singapore 
8) Completed corporate establishment (7~14 days required)

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