Singapore Company

Singapore Company

Like Hong Kong, Singapore has no offshore legislation. Corporate taxes are based on a “territorial” feature. If you wish your Singapore company to be non-taxable then you should have a bank account outside of Singapore, and do not remit funds into Singapore.

Singapore companies are relatively expensive, but overall it is an excellent jurisdiction. You will require a resident Singapore Director and a resident Singapore Secretary, so these add to the cost of the jurisdiction. The resident Secretary is included in our fees, the same as in Hong Kong, since the Secretary must perform a number of legal functions and is not just a “passive” Secretary. The “resident” Director can be provided by Maritime International Ltd. at an additional fee, or the client can provide a local Singapore resident, known to them, to be the “resident” Director.

The names of Directors and Shareholders are in the public record. It is important, therefore, if privacy is desired, that a nominee Shareholder is used. The nominee Shareholder will be provided by Maritime International Ltd. and a Declaration of Trust will be issued to the owners, declaring that they are the owners of the company and the nominee Shareholder operates under their direction. The nominee Shareholder is in the public record.

You will already have a resident Director, which is required under Singapore law. The resident

Director will then issue you a Power of Attorney (POA) to run the company. The resident Director does not sign on the bank account. The POA is not in the public record.

Singapore has a GST tax of 7%, which is included in our fees. Check other offers carefully.

Accounts must be kept by the company and submitted annually to the relevant government authorities. Audited accounts are not required if:

• The company turnover is less than S$ 5 million.
• The company has less than 20 shareholders.
• There are no corporate shareholders.

Key Corporate Features