ENERAL INFORMATION
INTRODUCTION
The Republic of Singapore is a British Commonwealth country located at the tip of the Malaysian peninsula and occupying an area of 622 square kilometres. The People’s Action Party is the single dominant ruling party since its independence from Britain in 1965. Singapore has a population of approximately 3 million people. More than 75% are Chinese with the remaining 25%, mainly Malays, Indians and others. Communications are excellent with state of the art telecommunications equipment and an airport, which serves as a regional hub for over 100 destinations.

LANGUAGE
The most commonly used official languages are English and to a lesser extent, Mandarin, Malay and Tamil which are also official languages.

TYPE OF LAW
The legal system of Singapore is English Common Law.


COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Resident or non-resident company, foreign branch operation or a representative office.

TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.

RESTRICTIONS ON NAME AND ACTIVITY
Names which suggest any connection to the UK head of state are generally prohibited and certain words which suggest specialist activity can only be used when the appropriate licences have been obtained eg. Bank, insurance company and other specialist financial enterprises.

CLASSES OF SHARES PERMITTED
Ordinary shares, preference shares and redeemable preference shares.

DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.

LICENCE FEES
Minimum annual statutory filing fee of S$50.

TAXATION
Singapore sourced income is currently subject to a rate of taxation of 22 per cent. However, the effective tax rate can be reduced significantly (to 15%/10% or even 0%) for businesses that qualify for tax incentives. A Singapore resident company is only taxed on Singapore sourced income and foreign income, which is remitted to Singapore. A non-resident Singapore company would pay tax only on Singapore source income. Please note that for the company to gain the benefit of the double taxation treaties signed by Singapore it is likely that the company would have to be resident. Treaties have presently been concluded with Australia, Bangladesh, Belgium, Canada, China, Denmark, Finland, France, Germany, India, Indonesia, Israel, Italy, Japan, Korea, Malaysia, The Netherlands, New Zealand, Norway, Philippines, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, United Kingdom.

FINANCIAL STATEMENT REQUIREMENTS
For companies with annual turnover over S$2.5m, annual audited accounts are required to be filed with the Singapore Registrar, the accounts must be audited by a qualified Singapore auditor. For companies with annual turnover less than S$2.5m, annual accounts are required to be filed with the Singapore Registrar, but auditing is not required.

Whilst every effort has been made to ensure that the details contained herein are correct and up-to-date, it does not constitute legal or other professional advice. We do not accept any responsibility, legal or otherwise, for any error or omission.