Jurisdiction Comparison

Singapore – Hong Kong – British Virgin Islands

SINGAPORE HONG KONG BRITISH VIRGIN ISLANDS

A. Basic Information
British based legal system Yes Yes Yes
Type of company Pte. Ltd. Ltd. Ltd.
(Private Limited) (Limited) (Limited)
Tax on offshore profits No No No
Competent authority Accounting and Corporate Companies Registry Registry of Corporate Affairs
Regulatory Authority (ACRA)
B. Local Requirements
Registered office / registered agent Yes Yes Yes
Company secretary Yes Yes No
Local director Yes No No
Government filing of directors’ information Yes Yes Optional
Government filing of shareholders’ information Yes Yes Optional
Annual return Yes Yes No
Annual accounts Yes Yes No
Audit Yes (except for EPC1) Yes No
C. Incorporation
Timing of incorporation 2 days upon completion of 7 days upon completion of 1 days upon completion of
KYC2 KYC KYC
Due diligence documents (KYC) 1. Application form
(required by the service provider) 2. Passport certified by a CPA/lawyer/banker qualified in an accredited jurisdiction
3. Proof of address certified by a CPA/lawyer/banker qualified in an accredited jurisdiction
4. Ownership structure
5. Reference letter
Statutory documents3 1. Business profile 1. Certificate of 1. Certificate of
2. Memorandum and incorporation incorporation
articles of association 2. Business registration 2. Memorandum and
3. First board meeting certificate articles of association
minutes 3. Articles of Association 3. First board meeting
4. Form 45 – Consent to act 4. Form NC1 minutes
as director 5. First board meeting 4. Registers of
5. Registers of shareholders minutes shareholders / directors
/ directors / secretaries 6. Registers of shareholders / charges
/ directors / secretaries
D. Fees and Charges4
Incorporation fees USD1,600 USD500 USD800 (including first year
annual fees)
Annual government fees N/A USD300 USD350
Annual fees for provision of secretarial services USD1,350 USD700 N/A
Annual fees for provision of registered USD1,350 USD300 USD350
office/registered agent services
Annual fees for nominee director services USD3,000 N/A N/A
A refundable deposit of
USD2,000

Disclaimer: This document is prepared as a general information table and should not be construed as a specific advice for any course of action.

1
EPC: Exempted Private Company, a company with less than 20 non-corporate shareholders and with revenue of less than SGD5m
2
KYC: Know Your Client, a set of documents required by the service agent for the purpose of compliance
3 Will be provided / arranged by the service agent
4
The actual amount is subject to each service provider and could be substantially higher than what provided in this table.