Singapore - General Information

 

Location:

Singapore is situated at the southern tip of the Malaysia Peninsular, spanning just over 622 sq km.

 

Population
3+ million. 75% are Chinese and 25% ethnic Malays and Indians.

 

Government

Singapore is politically stable. The Singapore government is very pro-business. It actively woos international investors with tax and financial incentives. It believes in creating a business environment that is predictable, transparent and conducive to investors.

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Infrastructure & Economy:

Singapore has an excellent infrastructure, with state of the art communications and transport facilities. It is well served by most major international banks and as well as law, accounting and other professional firms.

It is the leading trade and financial center in Asia.

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Languages

English and Chinese are widely spoken. Malay and Tamil are also official languages.

 

Currency

Singapore Dollar.

 

Exchange Controls

None.

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Type of Law

Common Law.

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Restriction on Trading

Generally, no restrictions except for financial services, education, media-related, defence and other sensitive businesses

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Income Tax Returns

Required annually. Nil returns may be filed for dormant companies.

 

Goods and Services Tax

Registration for GST is required only if company supplies goods or services in Singapore in excess of S$1 million per annum. 

 

Annual Board Meeting

May be held anywhere in the world.

 

Corporate Tax

17% on income earned in Singapore.

Overseas income are generally not taxable; Unless these are income of Singapore residents and are remitted into Singapore.

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Bank Account

We can introduce your company to local and digital bank bank account.

As per our experience, brand-new companies require to operate with a digital bank account before apply for a local one. 

After six months / one year we can apply for an account with OCBC, DBS and other similar banks

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