Singapore is steadily on the list of top most convenient and safe countries, well-adapted for doing business. It is possible to register a company remotely without a personal visit.
Singapore company commands respect and allows business within the country, to work with China and worldwide.
The most popular form of business is Private Limited Company or Limited Liability Company.
What is special about a Singapore company?
- At least one, and no more than 50 shareholders;
- Limited Liability;
- Permission to own real estate;
- Director and Secretary required;
- The Register of Directors is public.
Singapore tax system has certain advantages:
- The corporate tax rate is 17%;
- Specific exemptions in the first three years: the first 100,000 SGD of profit is exempt from taxation; and out of the following 200,000 SGD only a half is taxed;
- In subsequent years, out of the first 10,000 SGD only 25% is taxed, and out of the following 290,000 a half is taxed;
- Singapore has an extensive network of bilateral double taxation agreements;
- VAT is 7%.
Requirements to Set Up a Limited Company in Singapore
- Paid up share capital no less than 1 dollar;
- At least one shareholder, an individual or a legal entity;
- At least one director and one secretary who must be residents of Singapore;
- Availability of registered address in the country;
- Filing of financial statements and annual audit (actually of course this is required later, not as part of the set-up, but we mention it now so you are aware of it).
List of documents required to register a company
- Passport copy of each shareholder, director, beneficial owner;
- Confirmation of residential address for each shareholder, director, beneficial owner;
- Company name suggestions/preferences;
- Size of share capital and number of shares;
- Company structure;
- Description of company’s business.
Singapore business registration costs
- Company registration and payment of state fees are 680 USD;
- Legal address (without receiving correspondence) adds 500 USD;
- Services of local director (which is a prerequisite) amount to 2,500 USD;
- Appointment of a foreigner as director and shareholder is 300 USD;
- Secretarial services will be 680 USD;
- Delivery of documents from Singapore is 150 USD.
The total will be from 4,810 USD. If you have your own resident director, the price will go down. If you are going to have more than one foreign director and/or shareholder, the price will increase.
A refundable deposit of 5,280 USD will also be required. The deposit will be refunded if the company pays the renewal fee on time. The deposit will be refunded to you if you decide to close your company.
Open a Corporate Account in Hong Kong
Since 2020 it has actually become easier to open accounts remotely in Singapore banks, and of course that is a service we offer too. Check out our pages on Singapore for further details.
Nonetheless, some people prefer Hong Kong. The reason for this is that in Hong Kong you can open an account with an e-money or fintech business, and this is often faster than opening an account in a traditional bank.
The Hong Kong payment system we recommend works with companies registered in Hong Kong, BVI, and Singapore, amongst others. It is of particular interest to small and medium-sized businesses, or those in high risk industries that may not be easily accepted by old-fashioned banks.
What does the Hong Kong payment system offer?
- Open a single currency or for a small extra fee choose a multi currency account in 11 currencies, including USD, HKD, EUR, GBP, CHF;
- Remote account opening via the Internet;
- Fast-track account opening: the system manager will contact you within a few days after you provide all the required information;
- Single currency account has a unique number;
- No minimum deposits and minimum account balance required.
What documents do I need to provide to successfully open an account?
- Documents on company incorporation in Singapore;
- Passport copies of shareholders, directors, beneficial owners;
- Confirmation of residence address of shareholders, directors, beneficial owners;
- Description of the company’s business;
- Company structure.
Other documents may be requested by the payment system.
Please note that the payment system will automatically reject your application if you plan to carry out transactions with the following countries and territories: Afghanistan; Belarus; Bosnia and Herzegovina; Burundi; Central African Republic; Crimea; Eritrea; Cuba; Guinea; Guinea-Bissau; Iran; Iraq; Lebanon; Libya; Mali; North Korea; North Sudan; Russia; Somalia; South Sudan; Syria; Ukraine; Venezuela; Yemen; Zimbabwe.
The list of prohibited business activities and practices includes the following:
- Crypto currency trading;
- Anonymous accounts, shell banking;
- Check cashing;
- Money transfers;
- Debt restructuring;
- Financial pyramids;
- Gambling business;
- Payment systems without prior approval;
- Any activity deemed illegal in Hong Kong or the UK;
- Sale of illegal medicines and substances;
- Trade in stolen goods, counterfeit goods;
- Trade in hazardous goods (cigarettes, e-cigarettes, etc.);
- Businesses that require a license and are operating without one;
- Creation of adult or violent content;
- Creation and distributing weapons, ammunition, etc;
- Trafficking in human organs;
- Working with sanctioned individuals.
Account opening costs. Commission of the system
The cost of assistance in remote opening of a corporate account with this payment system in Hong Kong is 2,999 EUR.
Payment system fees for account maintenance depend on the type of account:
Multi-currency account:
Monthly fee starts from 88 HKD.
Sending/receiving HKD is free of charge.
Sending other currencies is 115 HKD.
Receiving other currencies is 70 HKD.
Single-currency account (EUR|GBP):
Monthly fee starts from 148 HKD.
Incoming payments are free for SEPA, UK; payments via SWIFT are charged 35 EUR|GBP.
Outgoing payments are free for SEPA, UK; payments via SWIFT are charged 35 EUR|GBP.
The above mentioned rates are subject to change. Please request the current rates at the time of account opening.
How do I register a company in Singapore with opening an account in Hong Kong?
Please do not hesitate to contact us and ask for the service of registering a company in Singapore with opening an account in Hong Kong. If you are not sure if this is the right service for you, feel free also to ask us about alternatives such as opening an account remotely in a Singapore bank.
Please provide your answers to the questions of our expert to make sure you are eligible for this service.
After that you will need to make a payment for the service.
Please provide a complete set of documents.
Registration of a company with account opening takes from one week provided that you paid the service in full and submitted all the required documents, especially those requested by the payments system.
Once the procedure is completed, you will get access to your company and your account.
In conclusion, the good news for this year? Account opening for Singapore companies has become much faster in all respects. Please feel free to contact the experts who make your life easier: info@offshore-pro.info
