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

GENERAL
Location of Jurisdiction	Singapore – South East Asia
Official Language	English, Chinese, Malay and Tamil. English is widely spoken.
Political Stability	Excellent
Residency Available	Yes, if desired.
Corporate Taxes	None, if no income is derived from Singapore sources.
Tax Information Exchange Agreements
Disclosure of Beneficial Owner(s)	Yes, but Nominees may be used.
Time to Incorporate	24 to 48 hours.
CORPORATE
Type of Offshore Company	Private Limited Company
Type of Law	English Common Law
Allowed Business Activities	Very few restrictions.
Registered Office	Required by Law –
Virtual Office Services	Available
Change of Domicile	Not Allowed
Language of Documents	English
Corporate Seal	A metal corporate seal is mandatory (included in our fees).
DIRECTORS
Eligibility	Any person or company of any nationality, plus one Singapore resident.
Minimum Number of Directors	One Director must be a Singapore resident.
Disclosure to Authorities & Public	Yes, but Nominees can be used.
Residence Required	May Reside Anywhere. One Director must be resident in Singapore.
Resident Director Available	Yes. The resident Director, required by law acts as the nominee and issues the usual POA to the beneficial owner.
Location of Meetings	Anywhere
COMPANY SECRETARY
Local Secretary Required	Yes, must be a Singapore resident.
Local Secretary Available	Yes. Provided by Maritime International Ltd. –
SHAREHOLDERS
Minimum Number of Shareholders	One
Maximum Number of Shareholders	20. Audited accounts are required for companies with over 20 shareholders.
Eligibility	Any person or company of any nationality.
Disclosure to Authorities & Public	Yes, but Nominees can be used.
Nominee Shareholders Available	Yes. Provided by Maritime International Ltd. –
Annual General Meetings	Required –
Location of Meetings	Anywhere
SHARES
Minimum Number of Shares	One
Maximum Number of Shares	Unlimited
Bearer Shares Permitted	No
Classes of Shares Permitted	Ordinary shares, preference shares, redeemable shares and shares with or without voting rights. (No par value shares are not permitted).
Share Capital
Permitted Currencies	Any
Minimum Paid Up Share Capital	SG$1.00 or US$ 1.00
Maximum Share Capital	Unlimited
Recommended Share Capital	SG$ 50,000 or US$ 50,000 (other currencies are permitted)
Requirement to be Paid Up	No
ACCOUNTS
Keep Accounts/Company Books	Yes
File Accounts with Government	No, under certain circumstances.
Bank Account Location	Anywhere –
Brokerage Account
Exchange Controls	None