Company Formation in Singapore

Singapore is ideally located to cater to the fast growing market with a large population in Asia. YourGlobalPro can assist in Singapore for Company Formation, Secretarial Compliance, Tax Registration, VAT Reclaim, Document Retrieval and Trademark Registration.

About the Country

The Republic of Singapore is a sovereign city-state in Southeast Asia. The Country’s territory consists of one main island along with 62 other islets. The below content will explain you in detail about the requirements for the company formation in Singapore, know more about the process of trademark registration in Singapore and understand the Singapore Legal and Compliance requirements.


Doing Business Introduction

The Country is the s a global commerce, finance and transport hub and ranked highly in education, healthcare, life expectancy, quality of life, personal safety, and housing. The legal system is based on English common law, but with substantial local differences and is least corrupt countries in the world and having a highly-developed market economy, based historically on extended Entrepot trade.


As per Doing business report of The World Bank –Singapore ranks 2 for 2017 survey. YourGlobalPro professionals are able to assist with any type of company formation in Singapore, trademark registration in Singapore and other recurring services in Singapore.

Incorporation - Types of Business Entities

There are several types of entities that can be incorporated in Singapore are as mentioned below:

·       Limited Liability Company

·       Private Limited Company (Pte. Ltd.)

·       Public Limited Company

·       Public Company Limited by Guarantee

·       Branch

·       Representative Office

·       Sole Proprietorship

·       Partnership

·       General partnership

·       Limited partnership

·       Limited Liability Partnership (LLP)


Time Frame for Incorporation of Company in Singapore varies from depending on the type of entity selected. Each business type has its own advantages and disadvantages. YourGlobalPro professionals estimate the time required for the Company formation to be completed is 2-4 working days.

Benefits of Registration of a Company

Below are the advantages of company formation in Singapore:

·       Safe Economy and Government

·       No controlled foreign company rules, no capital gains tax or estate tax

·       One of the lowest corporate tax rates in the world

·       Low-cost Labour from emerging markets of the nearby regions

·       The world’s best airport – Changi International

·       Singapore Government various incentive to encourage foreign investment like Corporate Income Tax rebate, Productivity and Innovation Credit Scheme, tax exemption for start-ups eligible.

·       Singapore Government also provides funding to new start-ups and existing companies in Singapore

·       Less paper work for business set up

·       Decent pool of English-speaking and highly-skilled work force

·       No labour trouble or strikes, and no minimum wage rules either


·       Gateway to South East Asia and beyond

Tax Registration and Filing

In Singapore, the Income tax is imposed resident company having control and management of its business is exercised in Singapore – on all its income derived from sources in Singapore, and on income from sources outside Singapore if received in Singapore.

Corporate Income Tax Rate 17%
Capital Gains Tax Rate 0%
Branch Tax Rate 17%
Withholding Tax Dividends - 0%
Interest - 15%
Royalties - 10%
Branch Remittance tax 0%
Fiscal Year and Tax Year 1 January to 31 December
Deadline for Filing the Income Tax Return 30 November for paper filing 15 December for e-filing

Double Tax Treaty

Double Tax Agreements regulates the tax treatment of income or capital gains in situations where the same taxpayer is taxed twice in two countries for the same subject. Singapore has double taxation treaties with about 80 countries.

Trademark registration

In Singapore for trademark registration application needs to be made to the Trademark Office. It takes approximately 8-10 months’ timeframe to complete the trade mark registration process. In Singapore, a Trademark Registration is valid ten years from the date of filing trademark and is renewable for ten years period by paying the renewal fee by the expiration date for an unlimited number of times. Also, trademark may be renewed after the renewal due date, within six months from expiry date.


YourGlobalPro professionals are fully equipped to assist you with the process of trademark registration for your business in Singapore. For assistance or advice in the matter of the trademark registration in Singapore or intellectual property – please feel free to write or contact us.

Secretarial Compliance

Below are some of the important points in relation to Company Secretarial Compliance in Singapore:

·       To maintain proper secretarial records as required under the Companies Act

·       All company are required to file its financial statements in extensible Business Reporting Language (XBRL) format together with the company’s annual return with ACRA within one month from the date of AGM on an annual basis. A private exempt company is a company that has not more than 20 individual shareholders.

·       All companies must have at least one resident director in Singapore at all times.

·       To hold its annual general meeting (AGM) of shareholders where the financial statements will be presented to the shareholders – First AGM within 18 months from the date of incorporation and subsequently held every year with each not more than15 months from the previous AGM.

·       A company is also required to complete and lodge an annual return with ACRA within one month after the date of AGM.

·       The branch must have two resident agents in Singapore who will be responsible for maintaining compliance with ACRA

·       The Head Office accounts together with the Branch accounts must be lodged with ACRA within two months from the date the AGM is held for Head Office, or within seven months after the end of previous financial year end if Head Office is not required to hold AGM.


·       To appoint a Company Secretary within 6 months (from incorporation date).

Accounting Services

The Entities in Singapore are required to maintain proper and accurate accounting records, and prepare financial statements in accordance with the Singapore Accounting Standards.


YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services to your Singapore Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.

Auditing service

In Singapore, unless the company qualifies for exemption – the Companies Act requires the annual financial statements of every company to be audited. Also, the audit is required by Bank to grant loans, Landlord to ensure good financial health, Supplier to grant credit and Government requires for providing certain grants to the business. The Companies are required to appoint an auditor within 3 months of incorporation.


Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals provide auditing services for your business as required by your business.


Singapore banks are known among the safest in the world and it has developed banking secrecy laws over the past decade and it now allows freer exchange of tax information between participating nations. The accounts can be opened and maintained in multi-currency and is available for all major currencies.

The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening.  The major banks in Singapore are ABN AMRO, Bank of Singapore, BNP Paribas Singapore, Citibank Singapore, National Australia Bank Limited, Singapore, Standard Chartered Bank.


YourGlobalPro professionals can facilitate all the paper work in relation to banking need and can assist you in opening bank account for your business plan in Singapore.

Legal and Compliance

In Singapore, the responsibility of legal compliance is not a one-time affair, but a continuous process. Below is the various Singapore legal and compliance requirement to be followed by incorporated entities:

·       Under group relief measures, current-year un-used losses, capital allowances and donations may be transferred by one company to another within a group, subject to meeting certain qualifying conditions.

·       Singapore does not impose any restrictions on the remittance or repatriation of funds in or out of Singapore.

·       Transfer pricing (TP) documentation must be organized at the group level and entity level. The Singapore Revenue expects companies to maintain contemporaneous TP documentation to support their transactions with related parties – as the entities have only 30 days to submit the documents on the Singapore Revenue’s request.

·       To do Statutory filing compliance to the Accounting and Corporate Regulatory Authority of Singapore (ACRA) as per the events as prescribed under the Companies Act.

·       To hold Annual General Meeting and board of Directors meeting documents and preparation work as required under the regulations.

·       GST-registered business is required to file GST returns on a quarterly basis.

·       Employees that are Singapore Citizens or Permanent Residents, the employer is required to make contributions to the Central Provident Fund (CPF) fund.


·       YourGlobalPro professionals can assist you with the Singapore Legal and Compliance requirements.c

HR and Employment Law and Immigration / VISA

In Singapore, the foreigners are allowed to work on work visas which is either work permit, S Pass or an Employment Pass – the preferred route of majority professionals, managerial personnel, and executives. Below are some of the important points in relation to HR & employment law in Singapore:

·       The work days are generally Monday to Friday and Saturday is half day. – And timings for Monday to Friday are 9am to 1pm and from 2pm to 5pm with Lunch Break is from 1pm to 2pm.On Saturday, the timings are 9am to 1pm.

·       Eight-hour work days with an hour lunch break in between- The maximum work hours per week are capped at 44.

·       Written employment contract in Singapore

·       no minimum salary requirement and it is subject to negotiation

·       The benefits to employee include sick leave, annual leave, maternity leave, incentives & bonuses, relocation assistance; healthcare benefits, retirement fund contributions, housing allowance, allowance for children’s education, childcare benefits, transportation reimbursement

·       All employees are given an annual leave around 14 days per year

·       no statutory requirement to provide private health insurance benefits to employees in Singapore under the Employment Act

·       Female employees that have been employed for more than 3 months may be eligible for paid maternity leave benefits

·       Foreign nationals who intend to take up employment or to engage in a business, profession or occupation in Singapore must first apply for either a work permit or an employment pass.

·       Singapore entity, which is normally the employer, must sponsor the work pass application

·       Work permit (WPs) are granted for up to two years at a time and are renewable (maximum employment period in Singapore may apply)


·       An employment pass (EP) may be granted to a foreigner who holds required degree, professional qualifications or specialist skills and whose “fixed monthly salary” exceeds SGD 3,300.

Country Statistics

Capital Singapore
Largest city Bedok
Total Area 719.1 Sq. Km.
Population 5,607,300
Density 7,797 / Sq. Km.
Currency Singapore Dollar (SGD)
Government Unitary Dominant-Party Parliamentary Republic
Official Language English, Malay, Mandarin, Tamil
Religion Buddhism: 33.0%
Christianity: 18.8%
Irreligion: 18.4%
Islam: 14.0%
Taoism and folk religion: 11.0%
Hinduism: 5.0%
Others: 0.7%
Government Offices Hours Monday to Friday - 8.00 am to 5.3O pm
Business Offices Hours Monday to Friday 9:00 am to 1:00 pm and 2:00 pm to 5:00 pm Saturday from 9:00 am to 1:00 pm
Banks and Exchange Houses Hours Monday to Friday 8.30 am to 3.00 p.m.

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