Resources

Singapore Private Limited Company Registration & Compliance

Key Benefits*

75% tax exemption for the first S$100K of chargeable income and 50% tax exemption for the next S$100K chargeable income for the first 3 YAs falling in or after YA 2020 for newly registered and qualied companies. Flat tax rate of 17% would be applied on the chargeable income in excess of the first S$200K.

“Zero” taxes on capital gains, dividend, estate, death or inheritance taxes.

Avoidance of Double Taxation Agreements (DTA) with other international jurisdictions.

Protection for your ideas and innovations thanks to Singapore’s strict enforcement of its strong intellectual property laws.

Immigration visa schemes - facilitates the relocation of foreign nationals who need to relocate to Singapore to run their businesses or need to hire foreign professionals.

Government agencies in Singapore provide various grants and financing schemes on the basis of qualifying criteria set by the government.

*subject to terms & conditions

MINIMUM REQUIREMENTS

15 minutes to incorporate a company in Singapore. It may take between 14 days to 2 months if the application needs to be referred to another agency for approval or review.

ONE local resident
Director and Company Secretary

ONE Individual or Corporate Shareholder

ONE dollar minimum share capital

Registered office in Singapore

Appoint auditor (if required) within 3 months

Company needs to appoint auditor if it does not meet at least 2 of the following 3 criteria:

  • total annual revenue <=S$10M
  • total assets <=S$10M
  • number of employees <=50

Companies with corporate shareholders will be assessed at the group level for audit requirements.

ANNUAL COMPLIANCE

It is advisable to fix Company financial year end (FYE), within 12 months of incorporation, to fully utilise the tax exemption for exempt private Companies.

Within 30 days of incorporation, to setup a Register of Registrable Controller (”RORC”) and Register of Nominee Directors. RORC information to be lodge with ACRA (unless exempted).

Within 3 months from the end of the FYE, declare the revenue amount and Estimated Chargeable Income (ECI) to the tax authorities. Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.

Within 6 months of the FYE, to present audited or unaudited financial statements (”FS”) before the Annual General Meeting (AGM), except for dormant exempt private Companies with total assets < S$500K.

Within 6 months to hold its first AGM and lodge AnnualReturns (AR) together with FS in eXtensible Business Reporting Language (XBRL) format, within 7 months from the FYE.

Every 30 November in the year following the FYE, to report income to the tax authorities annually by filing Income Tax Return (if required, together with company accounts and tax computation).

REGULATORY REQUIREMENTS

Register CorpPass to transact with Government agencies online.

Appoint at least one individual as the Data Protection Officer.

Goods and Services Tax (GST) registration is compulsory if you expect your taxable supply for 12 months to exceed S$1M. A return to the tax authorities is required to be submitted on a quarterly basis.

Central Provident Fund (CPF) contribution is mandatory for all Singapore Citizens and Singapore Permanent Residents employee. File by the 14th of each month for the salaries paid out in the previous month.

Skills Development Levy (SDL) required to be paid monthly basis for all employees rendering services in Singapore, including foreign employees.

Implement proper bookkeeping system to keep your accounting records in order (including schedules and journals documenting a business’ assets and liabilities, income and expenses, profits and losses). All financial statements of Singapore-registered companies are required to be prepared in accordance to Financial Reporting Standards (FRSs) issued by the Accounting Standards Council Singapore.

Valid work passes are required for all foreigners who intend to work in Singapore.