Singapore Tax Rate

Singapore Tax Rate

Singapore is often cited as the leading example of countries that continues to reduce corporate income tax rates and introduce various tax incentives to attract and keep global investments. With effect from Year of Assessment 2010, a company is taxed at a flat rate of 17% on its chargeable income regardless of whether it is a local or foreign company. For YA 2018 to YA 2019, all companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000 per YA.


Singapore Income Tax System

1. Singapore follows a territorial basis of taxation. In other words, companies and individuals are taxed mainly on Singapore sourced income. Foreign sourced income will be taxed when it is remitted or deemed remitted into Singapore unless the income was already subjected to taxes in a jurisdiction with headline tax rates of at least 15%.

2. Singapore corporate tax rate is capped at 17% on its chargeable income.

3. Singapore personal tax rates start at 0% and are capped at 22% (above S$320,000) for residents and a flat rate of 15% for non-residents.

4. Singapore does have GST and the current rate is 7%.

5. Interest, royalties, rentals from movable properties, management and technical fees, and director’s fees paid to non-residents (individuals or companies) are subject to withholding tax in Singapore.

Singapore Offshore Companies Taxation

1. This type of companies is referring to non-resident companies.

2. Company is legally tax exempted if certain criteria are met as show in the following:

a. The Company has no office in Singapore (Registered address is not belong company office). The management office is outside of country.

b. No employee is in Singapore.

c. The company has no bank account in Singapore. No any income remitted in Singapore.

d. Revenue incurred outside of Singapore.

e. Suppliers and customers are foreign companies. No business conduct in Singapore

** Kindly consult us for more detail on Singapore Offshore Companies taxation.

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Singapore Company Annual Filing

Singapore Company Annual Filing

Singapore annual filling refers to that every corporation is subject to file an annual return to the tax bureau in Singapore. An annual return is a summary of certain company information at the made-up date. Normally the made-up-date is the last date of any calendar month, such as 31 December 2014. It is a separate document from a company’s annual accounts.


Singapore Annual Return

An annual return must contain the following information:

  1. The name of the company
  2. The company registration number
  3. Company type example limited / exempt / private
  4. To select solvent or insolvent
  5. The two main principal activities of the company
  6. The registered office address of the company
  7. The address where the company keeps certain company records if not at the registered office, and those records held there
  8. The particular details of the company secretaries, company directors, managers and auditors
  9. The shareholders’ particulars and number of shares held
  10. List of Registered Charges, if any
  11. The summary of share capital and shares and number of shares paid in cash or otherwise in cash, forfeited shares, treasury shares, calls per shares of the company
  12. Filing financial statements in pdf and list of mandatory information which must be answered
  13. Declaration to be done when doing e-submission of annual return to ACRA


Preparation of Financial Accounts

Based on your company’s financial activities during the accounting year, you must prepare your annual financial accounts in accordance with the Financial Reporting Standards of Singapore. If you have a large volume of accounting transactions each month, you can outsource monthly bookkeeping to keep your ledgers in order or in quarterly / annually if the monthly transaction is small. 


Audit of Financial Accounts

Once the financial accounts are ready, your company may be required to have its accounts audited if the company falls under one of the following:

  • Entity is a Singapore company with corporate shareholding; or
  • Entity is a Singapore company with annual revenue exceeding S$5 million.


Filing of Estimated Chargeable Income (ECI)

Singapore companies are required to declare the revenue amount and Estimated Chargeable Income (ECI) by filing ECI form with Inland Revenue Authority of Singapore (IRAS) within 3 months of the Financial Year End for the company. Even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI.


Annual General Meeting (AGM)

Each Singapore Company must hold an Annual General Meeting (AGM) once every calendar year. The following general rules apply to AGMs:

  • The first AGM must be held within 18 months of its incorporation;
  • No more than 15 months may elapse between subsequent AGMs;
  • Accounts presented at the AGM shall be made up to a date not more than 6 months before the AGM;
  • Private companies are allowed to dispense with AGMs if at a general meeting of the company a resolution to that effect is passed by all members with voting rights.


Filing of Annual Return with ACRA

Each Singapore Company must lodge an Annual Return (AR) with ACRA within 1 month of its AGM. The particular as state in the above must be included while submit of AR. The attachment of company’s accounts is governed by the applicable rules here.


Filing of Annual Tax Return with IRAS

Each Singapore Company must file its annual tax return with IRAS. Singapore adopts the preceding year basis for taxation. The profits for the financial year ending in the preceding year will form the basis for filing the tax return in the current year. Note that the directors the companies are responsible and accountable for complying with the annual filing requirements. Failure to comply with the statutory compliance requirements is an offence and may result in fines or prosecution.


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Singapore company registration, Singapore taxation, Singapore annual return, Singapore accounting,

Singapore Company Registration

Singapore Company Registration

When considering the registration of a new company or relocation of your existing company to Singapore, note that most Singapore companies are registered as private limited liability companies (commonly known as private limited companies). A private limited company in Singapore is a separate legal entity and shareholders are not liable for the company’s debts beyond the amount of share capital they have contributed (hence the term limited liability). According to the Singapore Companies Act, any person (foreign or local) above the age of 18 can register a Singapore company.



Singapore Company Registration Requirements

1. At least one local director who has to be a Singaporean, or Singapore PR, or Singapore employment pass holder;

2. At least one shareholder, you do not need a Singaporean for a shareholder. Minimum paid up capital is S$1

3. Incorporation time ranges approximately from 1 day to 5 days depending on time taken for name approval.


Pre-registration of Singapore Company


1. Company Name

The name must be approved before incorporation of the Singapore company can occur.

 2. Directors

A minimum of one resident director (a resident is defined as a Singapore Citizen, a Singaporean Permanent Resident, or a person who has been issued an Entrepass, Employment Pass, or Dependent Pass) is mandatory. There is no limit on the number of additional local or foreign directors a Singapore Company can appoint. Directors must be at least 18 years of age and must not be bankrupt or convicted for any malpractice in the past. There is no requirement for the directors to also be shareholders,  i.e. non-shareholders can be appointed directors.


3. Shareholders

A Singapore private limited company can have a minimum of 1 and maximum of 50 shareholders. A director and shareholder can be the same or a different person. The shareholder can be a person or another legal entity such as another company or trust. 100% local or foreign shareholding is allowed. New shares can be issued or existing shares can be transferred to another person anytime after the Singapore company has gone through the incorporation process.


4. Company Secretary

As per Section 171 of the Singapore Companies Act, every company must appoint a qualified company secretary within 6 months of its incorporation. It has to be noted that in case of a sole director/shareholder, the same person cannot act as the company secretary. The company secretary must be a natural person who is ordinarily resident in Singapore.


5. Paid-up Capital

Minimum paid-up capital for registration of a Singapore company is S$1. Paid-up capital (also known as share capital) can be increased anytime after the incorporation of the company. There is no concept of Authorized Capital for Singapore companies.


6. Registered Address

In order to register a Singapore company, you must provide a local Singapore address as the registered address of the company. The registered address must be a physical address (can be either a residential or commercial address) and cannot be a P.O. Box.


7. Taxation

Singapore registered companies enjoy very attractive tax exemptions and incentives. Your company pays less than 9% for the first S$300,000 annual profits and 17% flat after that. There are no capital gains or dividend taxes on Singapore companies. Excellent tax benefits and business reputation of Singapore are the key reasons why entrepreneurs from around the world prefer to form a company in Singapore. For further information on taxes, refer to the Singapore corporate tax guide.


Singapore Company Registration: Required ducoments


For the purpose of company incorporation in Singapore, the following information is required by the company registrar:

1. Company Name

2. Brief Description of Business Activities

3. Shareholders Particulars

4. Directors Particulars

5. Registered Address

6. Company Secretary Particulars

7. Memorandum and Articles of Association (MAA). Singapore Company Registrar provides a standard MAA document that is suitable for most instances.


Singapore Company Registration Procedure and Processing Time

Company registration procedure in Singapore is fully computerized by the Singapore Registrar of Companies. As a result, the Singapore incorporation process is quick and efficient without any bureaucratic red-tape involved. Under normal circumstances, the company can be incorporated in 1-2 days. There are two distinct steps involved in the Singapore company setup procedure: a) Company Name Approval and; b) Company Registration. Both steps can be accomplished on the same day assuming there are no delays caused by Company Registrar.


1. Name Reservation

To set up a Singapore company, the proposed name for the company must be approved first. Company name approval is obtained by filing the application with the Company Registrar. The service firm you have chosen to register your company will do it for you as the first step in the incorporation process.Generally the name approval/rejection notification comes through in less than an hour unless the proposed name has some certain words (such as bank, finance, law, media, etc.) that might require the review and approval of a corresponding external government authority. If the name is referred to an external authority, the name approval may get delayed by few days or weeks.


2. Registering Company

Once the name has been approved, the filing of the incorporation request as well as the approval from the Registrar of Companies can be completed in a few hours assuming incorporation documents are ready and have been signed by the directors and shareholders of the new company.There are cases when the incorporation procedure can get delayed if the shareholders or directors are of certain nationalities, although this happens in rare cases only. In such cases, the authorities might ask for additional information.


Contact us

If you have further queries, please contact Tannet

24 hours Malaysia hotline:603-21418908;

24 hours Hong Kong hotline:852-27837818;

24 hours Hong Kong hotline:86-755- 36990589;


TANNET GROUP : http://www.tannet-group.net

Requirement documents for incorporation Singapore Company

Requirement documents for incorporation Singapore Company

Singapore 5All companies form in Singapore must be registered under the Accounting & Corporate Regulatory Authority (ACRA) and abide by the Companies Act. While there are five different entities to choose from, the most common and flexible business entity that can be set up in Singapore is the private limited company.


We can assist you in the entire Singapore Company incorporation process, which generally takes only few hours if all the necessary documents and details are prepared well in advance.


A private limited company (Pte Ltd) is limited by shares and is a separate legal entity from its shareholders. It is recognized as a taxable entity in its own right. As a result, shareholders of a Singapore private limited company are not liable for its debts and losses beyond their amount of share capital.  


Incorporation Singapore Company's Requirement Documents are as follows:

  • Completed Singapore company incorporation application form
  • All the director and shareholder passport. Have to valid and clear photocopy
  • All the director and shareholder identity card clear photocopy
  • If incorporate under corporate, whole set of company registration document included the passport copy of beneficiary. (if the documents are in the other language other than English, it have to be translate into English and notarized)


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If you have further queries, please contact Tannet

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Key facts about Singapore Company Formation

Key facts about Singapore Company Formation

Pre-Singapore Registration – What You Need to Know


Singapore Company name

The company must be in English as this the mother language in Singapore. Must be ended with “ Pte Ltd” which mean private limited. Chinese name is not acceptable by the Accounting & Corporate Regulatory Authority.


Shareholder and director requirements

There is no any restriction on the shareholder structure. It can be hold by anyone: natural person or corporate. Not necessary for local resident to be shareholder, it can be 100% hold by foreigner.  For the director part, it has to appoint at least one local director as required by the Singapore companies act. The local director refers to Singaporean, Singapore permanent resident or Entrepreneurship pass holders.  Shareholder can be the director as the same time.


Paid up Capital

There is minimum initial paid up share capital of SGD 1.  No stamp duty involves for increase paid up capital but have to file with ACRA.


Company secretary & Registered address

Singapore Company required appoints a company secretary and get a Singapore registered office address before incorporation.


Procedure for incorporation

  • Complete incorporation form
  • Return the application form together with complete documents
  • Make payment and sign back the confirmation sheet for incorporation
  • Company name search
  • Preparation of legal documents to be sign by both parties
  • Proceed for incorporation once receive the complete signature of documents from all parties
  • Incorporation certificate issues by Accounting & Corporate Regulatory Authority (ACRA)


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Work in Singapore

Work in Singapore

Work while studying 

Students are not allowed to work either during term period or vacation while studying in Singapore. Students may be granted Work pass exemption under the Employment of Foreign Manpower (Work Pass Exemptions) Notification during vacation.

Work during vacation: Foreign students are allowed to work during vacation if he/she is registered as a full-time student in an institution approved by the Ministry of Manpower (MOM). All institutions represented by Impel are approved by the MOM.

Work after graduation
After completion of studies in Singapore, student can apply for a job search visa which is given for 6 months. During this period he/she is eligible to work full-time in any field until he/she gets a job offer.