THE ART OF BEING LOCAL
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Company formation in Singapore
In recent decades, Singapore has developed into an internationally recognised financial and trading centre in Southeast Asia. The city state at the southern tip of the Malay Peninsula is an important hub for the Asian market for many companies. Singapore is one of the most competitive countries globally. The economy in Singapore is one of the best developed economies in the world and is characterised by a high net real income ratio. This assessment is supported by various recognised economic rankings, which regularly place Singapore among the top 5 nations and ahead of major economies such as the UK, France and Germany.
Singapore has a very efficient tax system, offers investors low tax rates, a stable legal system and is therefore the best holding company location in Asia. The dynamic and innovative economy is mainly based on the export of technology and services. Singapore has the second largest container port in the world after Shanghai. Singapore is a member of ASEAN, a central transport hub in the Asia-Pacific region.
If you are planning to set up a company in Singapore, contact the specialists at InterGest Singapore. The team around Managing Director Georg Wander will competently prepare you for your market entry, saving you time, effort and costs.
Georg Wander is entrepreneur and founder of InterGest SG PTE. LTD. Singapore. He has more than 35 years experience in the area of trust administration, management consultancy, business development as well as the planning and realization of transnational structures.
Through intensive travel activities and presence in Asia Georg Wander has built up a wide network of contacts.
Advantages for founders in Singapore
Singapore stands for a favourable tax policy, a flourishing economy, excellent infrastructure and political stability. The city state offers excellent opportunities for trade and companies from various industries.
Advantages at a glance:
- Singapore has one of the best-developed financial systems and infrastructures with state-of-the-art technologies and powerful communication and transport networks in the world.
- Singapore offers investors a stable legal, political and economic system.
- The Singapore government has developed a number of tax incentives to facilitate inward investment.
- Company formation is possible within a few days.
InterGest Singapore knows exactly the advantages of Singapore for company founders. We support you from setting up and managing your company, to bookkeeping and accounting, to solving administrative, legal and human resources issues. InterGest Singapore provides all the necessary back office services so that you can focus solely on selling your products and services.
Requirements for setting up a company in Singapore
To set up a company in Singapore, a company name and business address must be registered, a company bank account opened. There is also the registration of shareholders and submission of the necessary documents to the Registrar of Companies Accounting and Corporate Regulatory Authority (ACRA). It is necessary to appoint a local director who is at least 18 years old and has a permanent address in Singapore. The complete registration, business address, account opening and appointment of a local director is done by InterGest Singapore.
We recommend that you contact the experts at InterGest Singapore before setting up your company in Singapore. We will take care of the implementation of the above-mentioned requirements for company formation and much more. In addition to incorporation and administration, our services include: Bookkeeping and business accounting, controlling and reporting, consolidation, SAP accounting, cash and credit management, personnel recruitment and administration, payroll, legal and tax advice, dunning and debt collection as well as support in setting up sales.
Taxes in Singapore
One-tier income tax system
Since 1 January 2003, Singapore has adopted a single-tier corporate tax system, which means that there is no double taxation for shareholders. The tax paid by a company on its chargeable income is the final tax, and any dividends paid by a company to its shareholders are exempt from further taxation. There is no tax on capital gains in Singapore. Examples of capital gains are gains from the sale of fixed assets, foreign exchange gains from capital transactions, etc.
Singapore is known for low tax burdens. Foreign income and profit distributions (dividends) are tax-free. The first three years of business are taxed at a reduced rate or not at all. For newly established companies, the maximum tax rate of 17 % is only applied if the profit exceeds SGD 300,001. There is no capital gains tax in Singapore. Entrepreneurs who are resident in Germany benefit from the double taxation agreement between Singapore and Germany.
In addition to the general tax exemptions/concessions listed above, there are certain industry-specific and special income tax concessions and concessional tax rates offered under the Income Tax Act.
InterGest Singapore advises you in detail about Singapore's tax system and the advantages for entrepreneurs in the run-up to setting up your company.
Company forms in Singapore
In Singapore, there are various company forms with varying requirements for incorporation and administration. The Private Limited Company (Pte Ltd) is the most common legal form for companies in Singapore. According to 2021 statistics from the Accounting and Corporate Regulatory Authority (ACRA), there were around 135,000 private limited companies registered there, representing more than 60% of all registered companies in Singapore. A private limited company is a corporation in which the liability of the shareholders is limited to the capital contributed. The Private Limited Company is a legally separate taxable company. The maximum number of shareholders is limited to 50. Private limited companies are fundamentally comparable to a German GmbH, although there is no obligation to pay in capital on the liability capital. The share capital must be at least SGD 1. At least one director and one shareholder are required for incorporation.
Other company forms are:
- Sole proprietorship
- Public Limited Company (Ltd)
- Limited liability partnership
InterGest Singapore explains which company form is right for you when setting up a company in Singapore and gives you valuable tips on the incorporation process.
InterGest Singapore - the right partner for setting up a company in Singapore
Singapore has a lot to offer company founders and in many ways makes it easier for foreign investors to enter the market. Nevertheless, you need professional help for your company start-up in order to make the most of your opportunities on site. This is where InterGest Singapore comes in. We advise you on the various start-up options that need to be considered. In doing so, we draw on decades of know-how in the areas of asset management, management consultancy, business development as well as planning and realisation of transnational structures in the target market of Singapore.
If you are curious about what Singapore can offer your business, contact our experts at InterGest Singapore today for expert advice.
Where to find Intergest Singapore?
InterGest Singapore offices are located at Emerald Hill 42, centrally situated in immediate proximity to Orchard Road one of the main shopping streets of Singapore. It has a large, modern port and commerce has historically been the chief source of income. In recent decades, Singapore has become a major international financial centre and it has excellent banking and professional support services.