A private limited company is one of the most common business structure used for doing business in Singapore. A company has a separate legal personality from its shareholders and directors and has the capacity to undertake business activities in its own right. Incorporating a company in Singapore is relatively a straight forward process. A company can be incorporated within a day if all the necessary documents and information required for the incorporation (such as shareholders' and directors' particulars) are made available. To obtain a quick overview of the incorporation requirements and process, download our data-card on Incorporating a Company in Singapore.
The Singapore Companies Act, Chapter 50 of Singapore (the “Act”) defines a director as any person occupying the position of a director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act. This includes alternate and substitute directors. A company must have at least one director who is ordinarily resident in Singapore. A director has three broad categories of duties: fiduciary duties, duties of skill care and diligence, and statutory duties. To obtain more information, please download our data-card on Directors' Duties and Responsibilities
Foreign companies may choose to register a branch in Singapore instead of setting up a subsidiary company. From a legal perspective, a branch and its head-office will be seen as a single legal entity i.e. the branch does not have a separate legal personality from its head-office. To obtain a quick overview of the requirements and process of registering a branch in Singapore, download our data-card on Registering a Company in Singapore.
The Inland Revenue Authority of Singapore in its website has stated that the "fundamental tenet of Singapore's tax policy is to keep tax rates competitive both for corporations as well as individuals". This policy is designed to help Singapore attract foreign investment and to encourage hard work amongst its citizens & residents. To obtain an overview of taxes in Singapore, download our newsletter Quick Guide to Singapore Corporate and Individual Tax 2014.
To reduce the regulatory burden on small companies and move further towards a risk-based approach, a new small company concept has been introduced for exemption from statutory audit. To obtain a quick overview on the requirements for audit exemption, click here to download the Guide to Audit Exemption.