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FAQ

Incorporation a company in Singapore
Can I set up an entity remotely?
Yes, it is. Incorporation can be completed remotely.
How long does the company registration take?
Once all the documents are ready, it usually takes 1 day to incorporate a company.
What documents are required to be presented to set up an entity in Singapore?
  • Copy of Passport or IC of all the shareholders and directors.
  • Proof of address (in English). It can be utility bill or bank statement both options are acceptable.
Can a foreigner be 100% owner of a Singaporean company?
Yes. Non-resident of Singapore can be an owner and 100% shareholder of a Singaporean company.
Nominee Director
Why I need nominee director?
According to Company Act Cap.50 any company that was registered in Singapore should have at least one local (nominee) director. The local director must have the following resident status: citizen of Singapore, PR (permanent resident).
What are the responsibilities of a nominee director?
  • Submission of personal particulars to complete the Incorporation Process.
  • Submission of personal particulars to the bank.
  • Signing of reports and other documents that are required by Government Agencies.
In what cases RSBU undertakes to refund a deposit for the nominee director?
We refund a deposit in the following cases:
  1. If the client decides to replace our nominee director to his own.
  2. If the company was struck off.
Does the nominee director have any rights to use a Сompany's bank account?
No, he doesn't. Actually, the nominee director is a formal role without any decision-making powers or authority to control the bank's accounts. His only obligations are acting in the interests of the company and in compliance with the law.
Paid-up capital
What is the minimum amount of paid-up capital in Singapore?
The minimum paid-up capital for is 1 Singapore dollar. By default, the authorized capital usually is set at 100 SGD.
What if I would like to set up a higher paid-up capital then the package involves?
You should present required deposit to the Corporate Secretary.
How can I raise paid-up capital?
The paid-up capital may be equal to the amount held on the Company's bank accounts, or the amount deposited to the Corporate Secretary Company.
To increase paid-up capital, please provide:
  • Bank statement on a sufficient amount of funds.
The procedure takes 1 business day only. The service is chargeable.
Bank Account in Singapore
Is it possible to open a bank account in Singapore to a foreigner?
Yes, it is. Singaporean banks open bank accounts for foreign residents.
What documents are required to open a bank account in Singapore?
  • Passport or IC.
  • Proof of address (in English). It can be utility bill or bank statement both options are acceptable.
  • Filled Application form.
How can I maximize the chances of approval?
  1. To Showcase the existing agreements with Singaporean companies, or pre-agreements (emails as well) of intent to cooperate with Singaporean companies.
  2. Background in other jurisdictions.
  3. A clear explanation of your reasons to expand business to Singapore.
Is the presence required to open a bank account in Singapore?
Yes, all the shareholders and directors should be presented at the interviews.
What banks do you work with?
We cooperate with all the full licensed banks in Singapore.
Taxation in Singapore
Corporate Tax
Corporate tax is 17%. However for newly incorporated companies there are a lot of tax exemptions are available.
Tax exemptions
Tax benefits for the first 3 operational years for newly incorporated companies are:
  • Up to 100,000 Singapore dollars in net income - the company is not taxed.
  • From 100,000 to 300,000 Singapore dollars in net income - the company is subject to corporate tax of 3.54%.
  • If chargeable income is 500,000 Singapore dollars - the effective tax rate is 7.2% only.
How often should the corporate tax be declared in Singapore?
Tax reporting is applied once a year.
In what cases I should prepare audited report?
Audit is required if two of three parameters are met:
  • The annual turnover of the company is more than 10 million Singapore dollars.
  • The corporate structure involves affiliated legal entities.
  • The company has more than 50 employees.
What if I do not submit tax report within deadlines?
IRAS (Tax Government Agency) can notify the bank(s) regarding the issue, respectively the bank(s) make the final decision on closing the accounts. Then IRAS informs the Court regarding the issue.
Accounting and tax reports in Singapore
How often should I submit the Financial Report for a Singaporean Company?
Reporting is submitted once a year.
What documents are required to prepare the Financial Report?
It is required to present:
  • Bank statements for the financial period. For convenience of keeping records, it is recommended to download bank statements monthly in two formats PDF and Excel. Please note, internet banking allows download the statements within 6 months only.
  • All the supporting invoices and agreements.
Employment Pass in Singapore
What are the main requirements to apply for Employment Pass in Singapore?
  • The paid-up capital is not less than 100 000 SGD~77 000 USD.
  • The monthly salary is not less than 7 000-8 000 SGD per month (~5 000-5 800 USD).
  • It is mandatory to have higher education and relevant work experience.
Can I apply for Employment Pass under a newly incorporated company?
Yes, you can proceed with the application process, only if the paid-up capital is set up on 100,000 SGD or higher.
What documents are required to apply for Employment Pass?
  • Copy of passport or IC.
  • Diploma or Certificate of Higher Education (in English only and notary certified).
  • Detailed CV.
Additionally MOM (Ministry of Manpower) can request:
  • Personal Bank statement.
  • Office tenancy agreement.
Can I apply for Dependent Passes for my family members?
Yes, you can apply for Dependent Pass for the children under 21 years old and the spouse. Required documents are:
  • Copy of Passport or IC.
  • Diploma or Certificate of Higher Education, translated into English.
  • Proof of family ties, notary certified.
Legalization
What is the legalization process?
There are few steps to legalize any document in Singapore:
  • Notary certification;
  • Certification by the Singapore Academy of Law;
  • Certification by the Singaporean Ministry of Foreign Affairs;
  • Certification by the relevant foreign Embassy.
Does Singapore Notary issue Apostille?

Since Singapore did not sign the Hague Apostille Convention, Singapore not accepts Apostille.
What is the price?
The price of legalization of 1 document - 470$. RSBU implements legalization in any Consulate up to clients' requests.
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