Singapore
NEWS
FACT FILE
Location South East Asia.
Time Zone Greenwich Mean Time + 8.
Population 5.4 million
Capital Singapore.
Airport Changi International Airport.
Language English, Malay, Mandarin and Tamil.
Currency Singapore dollars.
Dialing Code +65.
Centre's Expertise Financial services, international banking, international holding companies, captive insurance, fund management, trustee services.
Political System Democracy.
Legal System Based on English common Law.
Personal Income Tax 0–20%.
Corporate Income Tax 17%.
Exchange Restrictions No.
Tax Treaties For full details, please go to www.ifcreview.com/TIEA
Permitted Currencies All currencies.
Minimum Authorised Capital No requirement.
Minimum Share Issues One ordinary share (no par value).
Shelf Companies No, but companies can be incorporated within one day.
Incorporation Time Scale One day turnaround unless approval or review is needed from other authorities.
Incorporation Fees $300 (Singapore dollars) for a company limited by shares. $600 (Singapore dollars) for a company limited by guarantee.
Annual Fees No annual fees, nominal filing fees
Minimum Number One.
Residency Requirements At least one director.
Corporate Directors No.
Meetings/Frequency None, unless required by the company.
Disclosure Yes.
Bearer Shares Not permitted.
Minimum Number One.
Public Share Registry Yes.
Meetings Frequency Annual.
Annual Return Yes.
Audit Requirements Yes, unless the company qualifies for audit exemption.
Registered Office Singapore.
Domicile Issues Re-domiciliation is not permitted.
Company Naming Restrictions Names of sensitive nature or similar to statutory boards or government departments are not permitted. Names indicating activities related to banking, trust and certain activities require licencing or prior approval of certain statutory boards.
ARTICLES
Singapore: Adhering to Global Standards
  On 16 June 2016, Singapore announced that it will join the inclusive framework for the global implementation of the base erosion profits shifting (BEPS) project (01/10/2016)
Singapore: Enhancing Its Regulatory Controls Against Money Laundering and Terrorism Financing
  Yeoh Lian Chuan and Kwok Shuhui consider how Singapore has addresed concerns over money laundering by strengthening its AML regulation. (01/01/2016)
Q&A with Singapore Senior Minister of State, Josephine Teo
  Singapore has become a key player in the international finance arena. IFC Media spoke with Singapore’s Senior Minister of State for Finance and Transport Josephine Teo about the jurisdiction’s economic success and what the future holds for it. (01/12/2015)
TIEAs in the Courts of International Financial Centres
  Alex Potts examines how the courts of international financial centres increasingly busy with creative debates regarding the legality and proper scope of tax information exchange agreements. (01/07/2015)
Asia: Tax & Trust Developments Taking Center Stage
  Michael Olesnicky considers the effect recent developments such as the exchange of information and AML regulation have taken on Asian IFCs over the past 12 months. (02/06/2015)
Asia – A Maturing Market Place
  Odd Haavik considers whether there is still aflow of wealth to the East and examines how the move towards automatic exchange of information has impacted the region. (01/04/2015)
Charting the Limits of Acceptable Tax Planning in Singapore
  Chee Fang Theng considers the limits of acceptable tax planning in Singapore. (01/04/2015)
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FURTHER BACKGROUND INFORMATION
  Singapore Tax Treaties
  Singapore currently has 76 DTCs and 1 TIEA agreement in place. - read more...
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