Singapore has established itself as a global business hub and offers a pro-business environment, an attractive tax system, global connectivity, developed infrastructure to financial institutions and businesses be it in the field of wealth and asset management, foreign exchange and derivatives, insurance and risk financing, fixed income, infrastructure finance, or FinTech and innovation.
The investment and trade policies make Singapore the most competitive Asian country and the world’s easiest place to do business. It has the world’s busiest port and a top location for investments in the Asia Pacific region.
Ease of doing business
The Accounting and Corporate Regulatory Authority (ACRA) is the regulator of business registration, financial reporting, public accountants and corporate service providers; it also facilitates enterprise. Singapore is a leading jurisdiction and ranks:
- 1st for best business environment in the Asia Pacific and the world
- 1st in the Asia Pacific for Best global innovation
- 1st in achieving human capital (knowledge, skills, and health) in the world
- 2nd in the world for the ease of doing business
- 2nd most competitive economy in the world
- Singapore is the busiest port connected to 600 ports in over 120 countries.
- Leading refueling port for ships.
- USD 59,500 GDP per capita.
- Singapore has cemented its position as ASEAN’s premier hub for air transport.
Singapore has the most stable political environment in South-East Asia, offering investors a strong sense of security and comfort.
The credit rating for Singapore is:
- AAA for Fitch.
- AAA for S&P.
Double Taxation Treaties
Singapore has signed around 150 agreements (including Double Taxation Avoidance Agreements and Investment Promotion & Protection Agreements). As a result, Singapore has access to a large double taxation treaties (DTT) network including a wide range of bi-lateral investment treaties and treaties with Investment Provisions.
Features of a Singapore LLC
Singapore LLCs are the most popular corporate vehicles used to conduct business in and from Singapore.
- 100% foreign ownership allowed
- Min. of 1 local or foreign shareholder
- Min. of 1 local director
- 1 local secretary required
- Min. paid up capital of S$ 1.00 required
- No physical presence required for set-up
- Submission of financial statements
- Accounting records must be kept for 5 years
- Registration of VAT (GST) if annual turnover exceeds S$ 1 million
- Singapore LLC is a substance company: 17% Corporate taxation with percentage exemption for first 3 years; eligible to apply for residency visa; and have access to free trade agreements and double taxation avoidance agreements.
- Appointment of an auditor unless company qualify for audit exemption if at least 2 of the below conditions are met for the 2 financial year ends:
- Total annual revenue of no more than S$ 10 million
- Total assets worth no more than S$ 10 million
- No more than 50 employees
Procedures in setting up a Singapore entity
Please find the procedures below:
1: Engagement & Tailored Proposal
We shall understand your requirements to customize solutions. We shall draft proposal and send you along KYC documents within 24 hours.
2: Incorporation Formalities and signing of Resolutions
All company documents will need to be printed and signed by you and returned to us in originals. The resolutions need to be signed by all shareholders and directors.
3: Registration of your Singapore entity
We will submit your company documents to ACRA for your company formation. It typically takes one to two days to incorporate a company.
4: Opening of a Corporate Bank Account remotely
Once registration is successful, we will coordinate the remote bank account opening process with the selected panel bank. Signatures will be required by at least 2 foreign directors.
Members of JurisTax
Members of JurisTax
A translator and an Interpreter, as well as a language teacher. Vanessa is well-versed in Mandarin. She is the one to bridge the gap between the native Chinese speakers and the non-Chinese speakers.
Vanessa may be contacted at email@example.com or on WeChat on +23059010601 for any query relating to our panoply of services.
A corporate lawyer and compliance specialist in equal measure, Taroonah heads the strategic arm of the group with the aim to expand the presence of JurisTax globally. Her many years of working in the global business sector and a number of legal firms have allowed her to develop a firm grasp of the intricacies of the law and the complex global business landscape.
You may contact Taroonah on firstname.lastname@example.org or on +230 5258 8414. Taroonah is also available on WhatsApp
To ensure your swift transition from Singapore, we can work closely with your Singapore accountant or tax practitioner.
Philosophy & Core Values
Independence lies at the heart of our approach
JurisTax was founded in 2008 with a vision of its Founder and CEO, Mrs Nishi Kichenin, who had gathered from her rich professional...