Here is an article with short questions and clear answers about the registration and support of Singapore companies.

1. How are certified Singapore documents for use abroad?

Singapore has not acceded to The Hague Apostille Convention. Thus, the documents issued and executed in Singapore are necessary to legalize in consulates of certain states.

However, often, the process of legalization of documents in Singapore takes a short period of time - from two to five working days depending on the country and consulates.

2. What standard documents are required for the Singapore company?

• Certificate of Incorporation;

• Business Profile;

• Memorandum and Articles of Association;

• Resolutions of Members (Directors Appointment) - decision of the shareholders (the protocols on the appointment of directors);

• Resolutions of Directors (Share transfer approval) - solutions of Directors (approval of the transfer of shares in the company);

• Share Register (register of shareholders);

• Register of Directors and Secretaries (register of directors and secretaries)

• Share Certificates;

• Company seal/stamp.

3. What about form of documents for Singapore company?

The Certificate of Incorporation, extract from the register (Business Profile), Memorandum & Articles of Association are transmitted as in the original and in notarized copies.

Other documents are transmitted in the original.

4. Do I need personal presence if I want to register company in Singapore?

You can easily register a company in Singapore remotely, without a need of personal presence in Singapore. After determining company`s structure you must provide the relevant data (passport and the residence address) to each of the shareholders and directors of the company. Subsequently, you can register a company remotely, electronically.

5. Can you control the Singapore company remotely?

Of course, you can manage the company remotely and your permanent presence in Singapore is not required. Moreover, if the company will not be used as a tax resident of Singapore, the management from abroad is one of the basic requirements, otherwise the company can be recognized by the tax authorities as tax a resident of Singapore.

6. Do I have a need of appointing a local director for Singapore company?

Yes, you have. The Law requires that at least one of the directors of the company must be "ordinarily resident" in Singapore. To open an account or management of the company from abroad, the company may appoint additional directors, residents of other states. In case of obtaining by the owner of the company EntrePass visa, the requirement for the presence of another resident director is removed and he can be the only director.

7. Who can speak as the local director of Singapore-based company?

As the local directors of Singapore companies can be:

• Singapore Citizens

• Singapore Permanent Residents or Singapore PR

• Persons who have permission to work in Singapore as the qualified person (Employment Pass Holders), and members of their families (Dependant Pass Holders)

8. Can the director of Singapore-based company be legal entity?

Directors of Singaporean companies can be only individuals older than 18 years.

9. Are there any companies in Singapore that can help with incorporation of business?

Yes, they are. Cancunlemond is one of top companies in this sphere. Plenty things to choose: from Private Limited Company to Subsidiary company, you can pick the best option for you. There are also others incorporation companies in Singapore, which you can easily find on the internet.

10. Is there an option of getting Power of Attorney from the local director of Singapore?

Yes, if you want to open a bank account, representative office or branch office in another state to commit a particular transaction and in any other cases, the resident director may issue a relevant power of attorney in the name of another person.

11. Are companies in Singapore taxed?

Yes, in Singapore profit from local or foreign sources directly in Singapore is taxed. The income tax rate for companies in Singapore is 17%. However, at present the majority of companies listed in Singapore, during the first three years of existence are taxed at a reduced rate - the first $ 100 000 fully exempt from tax, the next 200,000 are taxed at 50% of the standard.

If the company receives income from foreign sources, the income may be taxed in Singapore, provided that they are generated by the activities of the Singapore office.

Revenues from foreign sources, generated and received outside Singapore are not subject to taxation.

12. Submitting of financial statements. Is it necessary?

It is required for Singapore company to submit financial statements to the Tax Office - Inland Revenue Authority of Singapore (IRAS). You should carry out the submission of financial statements after the end of the financial year. In different cases it may be up to 18 months. If the company has less than 20 shareholders and a turnover of less than five million dollars, simple accounting report is served. If the company's turnover is over 5 million dollars, the company must be audited.