Singapore

Population:

4.4 million (July 2005 estimate)

Currency:

Singapore dollar; US$1 was worth S$1.65 (mid-2005)

Language:

English is widely used. Mandarin, Malay and Tamil are official languages

Time zone:

GMT plus 8

Centre's expertise:

A major international financial centre, not an offshore tax haven

General requirements

Type of entity

Private limited company

Type of law

Common Law

Shelf company available

Yes

Time to establish a new company

can be approved in 2 hours 

Taxation

Effective corporate tax rate of 20%, but international profits earned outside Singapore not taxed; personal tax 2 to 22%

Double taxation agreements

Yes, double taxation agreements with more than 50 countries

Forex restrictions

None

Language & name restrictions on companies

Registrar approves name

Share capital

Permitted currencies

Any

Minimum paid up

S$1

Usual authorized capital

S$100,000

Directors and personnel

Minimum number

1, who must be Singaporean resident individual

Local required

Yes

Company secretary & qualifications

Required and must be local and qualified

Shareholders and AGM

Minimum number

1, who must be Singaporean resident individual

Disclosure requirements

Yes

Publicly accessible records

Yes

Obligations for annual meetings

Yes

Location of AGM

Anywhere

Accounts

Requirement to prepare

Yes

Audit requirements

Yes, but exempt private companies with fewer than 20 shareholders and turnover of less than S$5 m. are exempt

Account filing obligations

Yes

Publicly accessible accounts

Yes, with exceptions

Other

Requirements to file annual return

Yes

Change in domicile permitted

No

Need to registered office

Yes

Number of companies set up in last year

17,153 of which 16,899 local private companies, 109 local public companies, 143 foreign

Total number of companies on register

141,870