SIGNAPORE TRADING OR HOLDING COMPANY
Introduction Our Firm is represented by reputable local corporate agencies and is actively engaged in corporate services in Singapore for foreign investors who would like to set up a Singapore Company, Branch or even a Representative Office.
Company Law Companies incorporated/registered in Singapore are governed by the Companies Act. 50
How to Incorporate A company name must be approved before the Company can be registered though an application to the Accounting and Corporate Regulatory Authority (ACRA)Once The proposed name is approved by ACRA, the incorporation documents will be prepared and filed again with ACRA. The date of incorporation and registration number will be provided instantly via email notification from ACRA. The hard copy of the Certificate confirming incorporation of the Company will be available within four (4) working days from the date of request.
Incorporation Cost Limited liability companies may be set up with a minimum issued and paid-up capital of 1.00 whereas there is no restriction on the type of currency.
Advantages To allow efficient ownership and control overseas companies
- To access a foreign market by obtaining control of another company in that foreign market, as opposed to merger or consolidation
- To isolate business units, to facilitate future disposals, as the holding company and its subsidiaries are separate entities
- To manage taxation in the jurisdiction of the ultimate parent company on dividends income not declared by the holding company
- To manage tax exposure on gains arising from a disposal of a particular asset
- To reduce or eliminate withholding tax on the repatriation of profits
Authorized Capital The concept of authorized share capital and par value has been abolished effective 30 January 2006
Directors When forming a Singaporean registered business, bear the following conditions in mind:
- There is a requirement of a minimum of one (1) director, who must be an INDIVIDUAL “ordinary resident in Singapore” i.e a Singapore Citizen, a Permanent Resident or person who has been issued an Employment Pass/Dependent’s Pass who may also act as the company secretary in certain cases.
- Must be above the age of 18 (eighteen) and up to 70 (seventy)
- The sole director may also be the sole member of the Company
Secretary The Company must have a Singapore Resident Individual to act as the Company Secretary. The Act however provides that it is a duty of the directors of the Company to ensure that the Secretary of the Company is a person who has the requisite knowledge and experience to discharge the functions of Secretary of the Company. A sole director is not allowed to act as the Company Secretary
Registered Office Must be an address in Singapore which must be operational and accessible to the public during normal office hours. A P.O.Box address will not suffice
Shareholders There only needs to be 1 (one) subscriber/shareholder who can be individual or corporate body. Shareholders need not be resident in Singapore.
Auditing A Singapore Company must keep proper accounting records and must appoint an auditor within 3 (three) months from the date of incorporation, unless is exempted from audit requirements. The following 3 (three) criteria must be met in order to qualify for audit exemption:-
- No corporate shareholder during the financial period
- Less than 20 (twenty) individual shareholders during the financial period
- Less than $5 million of annual turnover
The Company must file its Annual return along with the financial statements with the ACRA within 1 (one) month as from the date of the Annual General Meeting (AGM).
Tax Singapore offers a relatively low corporate income tax rate, established treaty network and availability of tax incentives which can be highly beneficial to companies registered in the country. A Singapore regional holding company may provide a tax-efficient supply chain to its group companies.