|General Information||Singapore is a well respected jurisdiction which is increasingly used for double tax treaty purposes. Its central location and steady political situation offer a great advantage. It is a major international container port, trading center, banking and financial center.|
|Law and Taxation||Singapore , like Hong Kong , operates on Common Law, a British based legal system. The current corporate tax rate is 17%. A Singaporean company is often used as a holding company as it enjoys reduction in withholding taxes on dividends and interests from many remitting countries.|
The Company's directors, shareholders and secretary details must be filed at the Companies' Registry and this information is on public record.
Minimum of one shareholder and one director are required. Corporate shareholder is permitted but not corporate directors. At least one director must be a Singaporean citizen. Bearer share certificates are not permitted if the client is aiming to use the Double Tax Treaty network. The company must have two local Singapore Directors.
Each company must have a local secretary.
Annual Audits & Annual Filing
All companies must file tax returns and audited accounts. Exempt Private Companies (EPC) are exempt from audit requirements. EPC's revenues should be below S$2.5 million and the threshhold is increased to S$5 million after 15 May, 2004.
Each year, the company must submit an annual return of directors and shareholders' details.