SINGAPORE
Singapore is one of the world’s most successful economies and the country is a major regional and worldwide force in
shipping, trading business, high technology manufacturing, banking and financial services. Many of the world’s largest
manufacturing and financial services companies have their Asian headquarters located in Singapore.
POPULAR APPLICATIONS
INTERNATIONAL TRADING
HOLDING
CORPORATE REQUIREMENTS
Singapore company will be considered as resident company if the management of the company and the meeting of
the directors take place in Singapore.
Minimum paid-up capital at registration is S$ 1.
Minimum 1 director is required who must be resident of Singapore.
Secretary of the company is required.
Director / shareholder information is a matter of public record. (Nominees are customary)
Requirement to file annual accounts. If annual turnover is under S$ 5,000,00, audit is not required.
Director resident of Singapore - deposit $2,000 is required.
BANK ACCOUNT INTRODUCTION
Personal visit to Singapore is required to open account at Singapore bank.
Alternatively we can arrange remote account opening at banks located in Latvia or Cyprus. Please note that in order
to maintain non-resident company status a bank outside Singapore is preferable.
TIMESCALES
2 weeks for Company Formation
2-4 weeks for Documents legalization (depending on type of legalization, if necessary)
1-2 months for Singapore or Hong Kong Bank Account activation
7-10 days for Latvian Bank Account activation
TAXATION
Singapore resident companies have to pay 17% standard rate corporate tax. However, income earned outside Singapore
and not received in bank account of Singapore are not applicable. Therefore foreign trade operations can be performed
through a Singapore company without taxation, and profit earned outside Singapore, will not be a subject to tax.
It is also possible to operate Singapore companies on a ‘mixed-tax’ basis, with both foreign (tax-exempt) income and
income remitted to Singapore (taxable). Tax residence of the Company can switch from one year to another depending
on the circumstances.
Income from dividends received by a company in the Singapore from foreign sources, in general, can be paid out to the
shareholders without withholding of tax.
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Singapore works on territorial tax regime. Resident and non-resident companies are taxed for income accrued in
Singapore if the income is received in the territory of Singapore. Tax residence of the Company can switch from one
year to another depending on the circumstances. Singapore Resident companies pay 17% standard rate corporate
tax, which can be reduced under numerous exemptions and reductions:
0% tax on the first S $ 100,000 income for each of the first three fiscal years (at least 10% shares must be
owned by private persons)
and/or
8.5% tax rate on income up to S $ 300,000 per fiscal year.
The taxable income above S300,000 will be charged at the normal headline corporate tax rate of 17%
POPULAR PACKAGE
Registration fees + 1st year maintenance
Company registration $2,000 (one-off)
Registered Address and Company Secretary for 1 year $2,500 (p.a.)
Singapore Director and Shareholder Service packages,
starting $3,000 (p.a.)
Including resident Director of Singapore (deposit $3,000 required)
Bank Account activation in Singapore $2,000 (one-off)
Annual fees starting from 2nd year:
Registered Address and Company Secretary for 1 year $2,500 (p.a.)
Singapore Director Service, resident of Singapore starting $2,500 (p.a.)
Accountancy services / Annual Financial Statement
starting $1,500 (p.a.)
ADDITIONAL SERVICES
Virtual Office in Singapore, including telephone line and receipt of $500 (per month)
documents
Bank activation in Latvia $650 (one-off )
Documents legalization through the Embassy (please specify the Price depends on the Embassy/
country) starting at $2,500 (one-off)
Nominee Shareholder $850 (p.a.)
Goods& services tax number registration (GST) $800 (one-off )
GST report $1000 (p.a.)
All One-off fees and Annual Fees are pre-charged.
Fees and other charges quoted below exclude disbursements and VAT when applicable.
All fees are correct at time of printing and are subject to change without prior notice.
HOW DO I PROCEED?
In order to commence incorporation and account introduction, we will require the following:
IBCC Company Form including description of company work & information on beneficial owner.
Certified passport copy + utility bill not older than three months of Beneficial Owner and authorized person.
100% of the company formation costs.
DISCLAIMER. This document intended as a general guide for clients and is for informative purposes only. Whilst the utmost care has been taken to
prepare this information, no informative text included in this document should be regarded as a complete and exhaustive explanation of any subject
referred to. We do our best to provide our client’s with bank account opening solutions. Please keep in mind though that any bank reserve rights to
reject application.
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