OUR SERVICES

CORPORATE ADVISORY

Jurisdiction: Singapore

管辖权：新加坡

Setting up a Limited Liability Company

What is the procedure to be followed to set up a LLC in your jurisdiction? Please provide details of the minimum share capital, the currency in which the share  capital can be denominated and the time required to set up a LLC.

  • Reservation and approval of company name by submitting proposed name online to the Accounting and Corporate Regulatory Authority (“ACRA”) with a name application fee of S$15.
  • Name application is usually processed within 15 minutes after the application fee is paid.
  • Once the name is approved, incorporation information and documents may be filed online with ACRA along with paying a registration fee of S$300.
  • The company may commence business once it receives a notification of incorporation from ACRA (usually on the same working day of successful e-filing) along with a notification that the company is entitled to commence business.
  • A Certificate of Incorporation may be purchased from ACRA at S$50 per copy.
  • The minimum paid-up capital for setting up a company in Singapore is S$1.
  • Currency denomination for paid-up capital is in Singapore Dollars.
  • Time required is ~1-2 working days.

 

What are the one-time and annual costs and registration fees that need to be paid by someone interested in setting up a company in your jurisdiction?

  • Name application fee S$15 (one-time)
  • Registration fee S$300 (one-time)
  • Annual filing fee S$60 (annual)

 

What is the minimum/maximum number of directors that is required in order to set up a company in your jurisdiction and what are the duties and responsibilities of a director?
  • At least one director ordinarily resident in Singapore (A Singapore Citizen, a permanent resident or a foreigner holding a Employment Pass)
  • Duty to disclose interests in transactions
  • Duty to act honestly and use reasonable diligence
  • Duty to avoid conflicts of interest
  • Duties of skill, care and diligence
  • Fiduciary duty
  • Responsible for convening Annual General Meetings (“AGM”)
  • Keeping records of Statutory Registers
  • Maintain a local registered business address (not a PO Box)
  • Reporting changes in Directors, Secretary, Auditors, and Managers
  • Maintaining Register for Director’s Shareholdings
Is a company secretary required? If yes, what are the duties and responsibilities of a company secretary in your jurisdiction?
  • Yes
  • Ordinarily residing in Singapore and not the sole director of the company
  • Maintain the company statutory registers and records
  • Arrange shareholder and director meetings
  • Lodge and file all necessary documents required by law
  • Ensure company meets all its legal obligations
  • Stay updated on developments and changes in statutory obligations

 

Are there any restrictions for foreign investors to hold shares in a LLC registered in your jurisdiction?
  • Generally no.  Depending on Trade and Business, may have restrictions.
  • Can be individual or corporate
  • Can be 100% local or foreign owned Depending on Trade and Business, may have restrictions.
Are there any restrictions for a foreigner to carry out a trade or business in your jurisdiction via a LLC registered in your jurisdiction?
  • Generally no.  Depending on Trade and Business, may have restrictions.
  • Can be individual or corporate
  • Can be 100% local or foreign owned Depending on Trade and Business, may have restrictions.
Is it possible for a LLC registered in your jurisdiction to continue legal existence in another foreign jurisdiction? If yes, please provide details of the procedure to be followed and any restrictions which may be applicable.
  • As a Singapore company, you are able to incorporate eg. A representative office eg. In China or other countries.  The Singapore LLC company can also establish other LLCs in other countries, eg. China, US etc., generally in those other countries and jurisdiction where Singapore has formal foreign relationships.

 

What is the procedure to liquidate and wind up a LLC in your jurisdiction?
  • Liquidated/wind up voluntarily by its members or creditors
  • A majority of directors produce written Declaration of Solvency at board meeting, and filed with the Registrar.
  • Directors to appoint provisional liquidator after board meeting
  • Notice sent to members of an Extraordinary General Meeting (“EGM”) to pass a Special Resolution to wind up/liquidate the company
  • Ordinary Resolution to appoint liquidators
  • EGM to be held within five weeks from Declaration of Solvency
  • Notice of appointment of provisional liquidator and a copy of the Declaration of Solvency must be published within 14 days of the appointment in the English, Malay, Mandarin, and Tamil language newspapers.
  • Special Resolution at EGM to approve the winding up must pass with at least 75% of the votes by members entitled to vote
  • Appoint liquidators
  • Second Special Resolution to empower liquidators to divide all properties and assets of the company among the members and creditors
  • Special Resolutions to be filed with ACRA within 7 days of passing at the EGM, and the notice of these resolutions are to be published is a newspaper in Singapore within 10 days

 

What other vehicles can a potential investor set up to carry out a trade or business in your jurisdiction apart from a LLC?

  • Limited Liability Partnership
  • Limited Partnership

 

 

Taxation of Limited Liability Companies

 

What is the current corporate tax rate to which LLC are subject to on their profits?

  • 17% on chargeable income
  • Partial tax exemption for new start-up companies (The first 3 years, effective tax rate may be only about 10%; if conditions are met)

 

What are the tax implications on the distribution of dividends from the LLC to its shareholders?

  • Singapore has one-tier taxation system and dividends will not be taxed since they have already been subjected to corporate income tax on profits.
  • Singapore has no capital gains tax

 

Are there any fiscal incentives applicable in your jurisdiction? Briefly describe such incentives and the business sectors to which such incentives are targeted.

  • Various tax incentives available for companies under the Singapore Income Tax Act and Economic Expansion Incentives Act
  • Efficiency increasing investments
  • Co-funding of up to 30% of qualifying costs in productivity improving industries in energy, water, land, or labor
  • Exemption of shipping enterprise profits
  • Foreign companies will certain local shareholdings can have access to some 200 types of government grants available.

 

What tax considerations must a foreign potential investor take into consideration before setting up a business in your jurisdiction?

  • Dividends are never taxed even for non-resident corporations or individuals
  • Domestic companies paying interest on loans and rentals from movable property are subject to 15% withholding tax
  • Domestic companies making royalty payments are subject to 10% withholding tax
  • All withholding tax rates may be reduced where fiscal incentives or DTA rates apply

 

How many double taxation agreements have been signed by your jurisdiction? Please mention other DTAs which are in progress. Does your jurisdiction offer other forms of relief from double taxation should a LLC incur tax in a foreign country with which your jurisdiction does not have a treaty for the avoidance of double taxation? Briefly describe some such details of such unilateral measures.

  • Singapore has DTAs with 84 countries
  • Singapore – Ghana DTA signed on 31st March 2017 but not yet ratified
  • Singapore – Latvia DTA signed 20th April 2017 but not yet ratified
  • Singapore – Nigeria DTA signed 2nd August 2017 but not yet ratified
  • Singapore – Tunisia DTA signed 27th February 2018 but not yet ratified
  • Singapore – Brazil DTA signed on 7th May 2018 but not yet ratified
  • Singapore – Kenya DTA signed on 12th June 2018 but not yet ratified

Because of the many DTAs and FTAs (Free Trade Agreements) that Singapore has with many other countries, it is constantly being deployed as a regional HQ location for the Asia Pacific and Asean regions.  Foreign Companies will a base in Singapore not only can access to the favourable tax agreements, but also the logistics, financial, human capital (multi-nationalities) and information hub capabilities.

 

Please provide details of any deductions allowed for tax purposes including any legal requirements which must be satisfied for such deductions to be allowed in your jurisdiction.

  • Tax deductions on employment expenses “wholly and exclusively” incurred in earning your income (e.g. travel, entertainment, subscriptions etc.)
  • Tax deduction for qualifying donations from 250% of the amount of donation made
  • Tax deduction when invested at least S$100,000.00 in qualifying start-up company and hold such investment for a continuous period of 2 years from the date of last qualifying investment
  • Tax deduction for each YA is 50% of the cost of qualifying investment subject to deduction cap of S$250,000.00.

 

 

Annual Financial Statement

 

What is the annual financial statement?

  • Independent Auditors’ Report (if required)
  • Balance Sheet
  • Profit and Loss Statement
  • Statement of Changes in Equity
  • Cash flow Statement
  • Corresponding Notes to Financial Statements

 

Which company is required to prepare and file the annual financial statement?

  • All companies in Singapore

 

Which company is required to have an audit of the annual accounts?

  • All companies that are not Exempt Private Companies (“EPC”) or Dormant Companies do not have to prepare an audited report.
  • EPC’s are companies with not more than 20 shareholders, none of the shareholders are corporate shareholders, and they have an annual sales turnover that does not exceed S$10 million.
  • Dormant companies are companies that have no accounting transactions in the period preceding the annual reports.
  • These two types of companies can prepare unaudited/directors’ report.

 

When is the deadline for preparation and filing of the annual account?

  • Within 30 days after its AGM
  • Within 60 days after its AGM if the company has share capital held outside Singapore.

 

How does the company file the annual financial statement?

  • Online in the ACRA e-filing system

 

What is the penalty for non-compliance?

  • Fines to the company and its officers.

设立有限责任公司

在您的司法管辖区内建立LLC的程序是什么？请提供最低股本，股本可以计价的货币以及成立有限责任公司所需的时间

  • 向会计和企业监管局（“ACRA”）提交名称申请费$15的建议名称来预留和批准公司名称。
  • 姓名申请通常在支付申请费后15分钟内处理。
  • 一旦名称获得批准, 公司注册信息和文件可以在线提交ACRA并支付30新元的注册费。
  • 一旦收到ACRA的公司通知（通常在成功的电子申请的同一工作日）以及公司有权开展业务的通知, 公司可以开始营业。
  • 公司注册证书可以每份S $ 50向ACRA购买。
  • 在新加坡设立公司的最低实收资本为1新元。
  • 实收资本的货币面额以新加坡元计算。
  • 所需时间约为1-2个工作日。

 

有兴趣在您所在司法辖区内设立公司的人需要支付的一次性和年度费用和注册费是多少？

  • 申请费$15（一次性）
  • 注册费S $ 300（一次性）
  • 年度申请费$60 （年度）

 

在您所在司法管辖区设立公司所需的最低/最高董事人数是多少？董事的职责和责任是什么？

  • 通常居住在新加坡的至少一名董事（新加坡公民，永久居民或持有就业准证的外国人）
  • 披露交易权益的责任
  • 诚实行事和合理勤勉的责任
  • 避免利益冲突的责任
  • 技能，关怀和勤奋的职责
  • 信托义务
  • 负责召开年度股东大会（“AGM”）
  • 保存法定登记册的记录
  • 维护当地注册的公司地址（不是邮政信箱）
  • 报告董事，秘书，审计师和经理的变化
  • 维持董事的股权登记

 

是否需要公司秘书？ 如果是, 公司秘书在您所在司法管辖区的职责和责任是什么？

  • 是
  • 通常居住在新加坡, 而不是公司的唯一董事
  • 维护公司的法定登记和记录
  • 安排股东和董事会议
  • 呈报并提交法律要求的所有必要文件
  • 确保公司履行其所有法律义务
  • 随时了解法定义务的发展和变化

 

外国投资者是否有限制在您所在司法管辖区注册的有限责任公司持股？

  • 一般上没有, 也视各别行业。
  • 一般上没有, 也视各别行业。
  • 可以100％本地或外资拥有，也视各别行业。

 

外国人是否有任何限制通过在司法管辖区注册的LLC开展贸易或业务？

  • 一般上没有, 也视各别行业。
  • 一般上没有, 也视各别行业。
  • 可以100％本地或外资拥有，也视各别行业。

 

在您所在司法管辖区注册的LLC是否有可能继续在另一个外国司法管辖区内合法存在？ 如果是，请提供应遵循的程序的细节以及可能适用的任何限制。

  • 作为新加坡公司，您可以在外国，例如， 在中国或其他国家设立代表处。新加坡有限责任公司也可以在其他国家建立其他有限责任公司，例如 中国，美国和一般在新加坡有正式对外关系的其他国家和地区等。

 

在您的司法管辖区内清算和清算有限责任公司的程序是什么？

  • 由其成员或债权人自愿清算/结束
  • 大多数董事在董事会会议上出具书面的偿付能力声明，并向注册服务商提交。
  • 董事会在董事会会议后委任临时清盘人
  • 发送给特别股东大会(“特别股东大会”)成员的通知, 通过特别决议案以结束/清算公司。
  • 委任清盘人的普通决议案
  • 临时股东大会将在五周内从偿付能力宣言中召开
  • 临时清算人的任命通知和偿付能力声明的副本必须在预约后14天内在英文,  马来文, 普通话和泰米尔语报纸上公布。
  • 股东特别大会上批准清盘的特别决议案必须获得有权投票的成员至少75％的选票。
  • 任命清盘人
  • 第二项特别决议案，授权清盘人将公司的所有财产和资产分配给成员和债权人
  • 在临时股东大会通过后7天内向ACRA提交的特别决议，以及这些决议的通知将在10天内在新加坡发布。

 

除了有限责任公司外, 潜在投资者可以在您的司法管辖区内开展哪些其他工具来开展业务或业务？

  • 有限责任合伙
  • 有限合伙制

 

 

 

有限责任公司的税收

 

LLC对其利润的当前公司税率是多少？

  • 应课税收入的17％
  • 新创企业的部分免税（前3年，有效税率可能低至10％;如果符合条件）

 

有限责任公司向股东分配股息的税务影响是什么？

  • 新加坡有只有一级税收制度，股息不征税，因为已经对其利润征收企业所得税。
  • 新加坡没有资本获利得税

 

贵国的司法管辖区是否适用任何财政激励措施？简要描述此类激励措施所针对的此类激励措施和业务部门。

  • 根据“新加坡所得税法”和“经济扩张激励法”为公司提供各种税收优惠
  • 效率增加投资
  • 共同资助高达30％的合格成本，用于提高生产力，能源，水，土地或劳动力等行业
  • 豁免航运企业利润
  • 外国公司将在某些当地持股可以获得约200种类型的政府补助。

 

在您所在的司法管辖区内开展业务之前，外国潜在投资者必须考虑哪些税务因素？

  • 即使对于非居民公司或个人，股息也不会征税
  • 支付动产贷款和租金利息的国内公司需缴纳15％的预扣税
  • 支付特许权使用费的国内公司需缴纳10％的预扣税
  • 在财政激励措施或DTA税率适用的情况下，所有预扣税税率可能会降低

 

您所在的司法管辖区签署了多少双重征税协议？请提及正在进行的其他DTA。如果LLC在您的司法管辖区没有避免双重征税条约的外国征税，您的司法管辖区是否提供其他形式的双重征税减免？简要描述这种单方面措施的一些细节。

  • 新加坡与84个国家签订了DTA
  • 新加坡 – 加纳DTA于2017年3月31日签署但尚未批准
  • 新加坡 – 拉脱维亚DTA于2017年4月20日签署但尚未批准
  • 新加坡 – 尼日利亚DTA于2017年8月2日签署但尚未批准
  • 新加坡 – 突尼斯DTA于2018年2月27日签署但尚未批准
  • 新加坡 – 巴西DTA于2018年5月7日签署但尚未批准
  • 新加坡 – 肯尼亚DTA于2018年6月12日签署但尚未批准

由于新加坡与许多其他国家签订了许多DTA和自由贸易协定（自由贸易协定），因此它不断被部署为亚太地区和东盟地区的区域总部所在地。外国公司惯用在新加坡建立一个枢纽基地，不仅可以获得优惠的税收协定，还可以获得物流，金融，人力资本（多国民）和信息战略中心的功能。

 

请提供税务允许扣除的详细信息，包括在您的司法管辖区允许的此类扣除必须满足的任何法律要求。

  • 在赚取收入时“全部和专属”该收入的成本和费用给予扣除（例如旅行，娱乐，订阅等）
  • 合格捐赠金额的250％给予扣除
  • 符合条件的初创公司投资至少$100,000给予扣除并自上次合格投资之日起连续2年内持有此项投资
  • 每税务年YA为合格投资成本的50％给予税收减免, 扣除上限为250,000新元。

 

 

 

年度财务报表

 

年度财务报表是什么？

  • 独立审计师报告（如果需要）
  • 资产负债表
  • 损益表
  • 权益变动表
  • 现金流量表
  • 财务报表的相应说明

 

哪家公司需要准备并提交年度财务报表？

  • 所有新加坡公司

 

哪家公司需要对年度账目进行审计？

  • 所有非豁免私营公司（“EPC”）或休眠公司的公司都不必编制经审计的报告。
  • EPC是股东不超过20个人的公司，股东均不是公司股东，年销售额不超过1000万新元。
  • 休眠公司是指在年度报告之前没有会计交易的公司。
  • 这两类公司可以编制未经审计/董事报告。

 

准备和提交年度账户的截止日期是什么时候？

  • 股东周年大会后30天内
  • 如果公司在新加坡境外持有股本，则在股东周年大会后60天内。

 

公司如何提交年度财务报表？

  • 在线ACRA电子申请系统

 

不遵守规定的处罚是什么？

  • 对公司及其高级职员处以罚款。