Singapore - Guide - EN

SINGAPORE - GUIDE
For a successful start with a corporation in

Singapore
W-V Law Firm LLP VAT-Nr.: GB281845381

Suite 29, 58 Acacia Road www.gruendungskanzlei.eu Company no.: OC418986
London NW8 6AG www.company-formations.com Members: Fabian Wilk &
United Kingdom www.w-v.co.uk W-V Holding LTD
+44-208 089 1423-10
+44-208 089 1423-90
09.00 – 17.00
Before Founding
I.I Considerations before founding
I.II. Holding of Shares and Place of Management
I.III Register entries in Singapore and in the UK
I.IV Exit Taxation
British Foundation
II.I Notes on the British Foundation (LBG)
Fiscal
III.I Overview Singapore
III.II Tax rates in Singapore
III.III What activities can and cannot be performed
III.IV Recognition of Business Expenses
III.V Value Added Tax
III.VI Withholding Taxes
III.VII Double Tax Treaty
III.VIII Deadlines
III.IX Accounting
Banking
IV.I Fintech´s
IV.II Banks in Singapore
IV.III Banks outside of Singapore
IV.IV Payment Provider

IV.V Brokers
Services from W-V
V.I Basic Services
V.II Premises
V.III Phone Numbers
V.IV Advisory

+44-208 089 1423-10
+44-208 089 1423-90
09.00 – 17.00
I.I CONSIDERATIONS BEFORE FOUNDING
The requirements for a company structure In Europe, a Singapore corporation can acquire
are different for every company. Reasons interests in companies and real estate (see
can be: Section III.VI Withholding Taxes).
f Desire for the greatest possible anonymity Please read the following lines carefully so that
a sustainable and well thought-out structuring
f Obtaining tax relief
of the companies is guaranteed.
f Avoiding tax disadvantages in the country
Persons from the following countries cannot
of residence
hold positions in Singapore:
f Protection of assets from access by third North Korea, Iran, Ethiopia, Iraq, Serbia, Sri
parties Lanka, Syria, Trinidad and Tobago, Tunisia,
f Investment vehicle for international Vanuatu, Yemen
participations and much more.
In principle, a corporation based in
Singapore is ideal for conducting
business activities worldwide.

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09.00 – 17.00
I.II. HOLDING OF SHARES AND

LOCATION THE MANAGEMENT
Please note: c) A managing director based in Germany

should only be chosen if he can prove that
f The place of management must not be in
he can carry out the overall business
Germany. If a foreign company is managed
management abroad, e.g. by traveling
in Germany, this makes the corporation
abroad several times a year.
subject to corporation tax in Germany (see
Section 2 No. 1 KStG). d) A taxpayer with unlimited tax liability in
Germany should be less than 1% holding in
f If a person with unlimited tax liability in
corporations if a move is planned in order to
Germany holds more than 1% shares in
avoid the exit tax.
domestic or foreign corporations, these
shares are subject to fictitious taxation upon e) Distributions are generally subject to capital
departure. gains tax in Germany and are taxed at
26.375%.
Considerations are therefore: Bodies of PTE LTD (Singapore):

a) Who acts as Managing Director the Managing Director: at least one person residing
British Foundation and the Singapore in Singapore (to be provided by us), and one
Corporation? other individual residing anywhere, at least 18
years old
b) Does a German taxpayer with
unlimited tax liability hold shares in Shareholders: British Foundation (LBG) 99.5%,
the corporation in Singapore? natural person 0.5% (99.1%/0.9%)
I.III REGISTRATION IN SINGAPORE AND IN UK
It should be noted that register entries are Changes in the commercial register can be
public in the UK and Singapore. Anonymity is made without notarization. Only the
therefore not guaranteed without a trustee. corresponding signature of the founder or the
relevant body is required.
While in Great Britain all changes of each
company are publicly visible without
registration and indefinitely, in Singapore there
are only limited access options and a payment
barrier.

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09.00 – 17.00
I.IV EXIT TAX
General information on German departure right to tax in other ways. The background to
taxation this is that according to most double taxation
agreements (DTA), the right to tax
The German exit tax (§ 6 AStG) regulates the
corresponding capital gains usually belongs to
taxation of a fictitious sale of at least 1 percent
the new country of residence at the time the
of the capital of a
hidden reserves are later realized (cf. Art. 13 Para.
(Domestic or foreign) corporation in private
5 OECD-MA).
assets when the shareholder moves abroad.
Moving away in this sense means in particular Example: A sole GmbH shareholder has hidden
giving up your German place of residence. In reserves and would like to give up his German
addition, however, there are also other so- place of residence. The treasury becomes the
called substitute facts, such as the free hidden reserves with the move subject to
transfer to a person resident abroad or the taxation so that taxation in the new country of
restriction of the German residence is not possible.
Organs of the LBG

Director: natural person at least 16 years old
Member (Foundation Board): natural person, at
least 16 years old
II.I NOTICES ABOUT THE BRITISH
FOUNDATION (LBG) Function of the organs
Director:
From a German point of view, the British legal Day-to-day business (is bound by the
form of Limited by Guarantee is a special legal instructions of the member)
form with the characteristics of an association Member:
and a foundation, as well as a gGmbH.
f Founding of the company
A limited by guarantee is a charitable f Compliance with the goals and objectives
foundation with no beneficiaries. of the company
Distribution of the total income of the f Appointment or removal of directors –
Singapore based subsidiary is not whose job it is to manage the day-to-day
recommended as the subsidiary is best placed running of the company
to hold capital for reinvestment.
f Approval of the Director's decisions
In principle, an LBG has no owner and no
shareholders. The member(s) can be referred to
as the board of trustees and exercise the
control function.
In any case, the founder himself should be a
member of the foundation board and not a
third party.

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09.00 – 17.00
III.I OVERVIEW SINGAPORE
Legal Form Private Limited Company (Pte Ltd)
Accounting Obligation Yes
Legislation Singapore Companies Act 1963
National Currency SGD, Singapore-Dollar
Stability Singapore is an extremely stable country

and enjoys an excellent reputation.
Time Zone GMT+8
Secretary Required Yes
Share Capital obligation No share capital required (1 SGD)
Basis of the legal system Common Law
Minimum number of directors / At least 1 director / 1 shareholder

shareholders One of the directors must be a resident of
Singapore
Bearer shares permitted No
III.II TAX RATES IN SINGAPORE
Type of Income Tax rate %
Standard tax rate on 17% (rebates on earnings under 300k SGD)

corporate profits
Tax on Capital Income 0%
Taxes on Dividends 0%
Taxes on foreign income that has already been 0%

taxed
Taxes on income not transferred to 0%

Singapore

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Tax exemption scheme for new start-up companies (if one of the first 3 YA falls in or after YA
2020)
Taxable income % tax-exempt tax-exempt amount (in S$, SGD)
FIRST NEXT ALL IN ALL

100.000 $ @ 75% 100.000 $ @ 50% 200.000 $
75.000 SGD 50.000 SGD 125.000 SGD
Tax exemption for income from foreign sources

Certain types of foreign source income are tax exempt; these include:
f Foreign Dividends
f Foreign branch profits
f Service income from foreign sources

f To qualify as exempt, foreign-source income remitted to Singapore must meet all three of the
following conditions:
f The main tax rate of the foreign jurisdiction is at least 15% at the time the foreign income is
received in Singapore
f The foreign income was taxed in the foreign jurisdiction (note that the rate at which foreign
income was taxed may differ from the overall tax rate)
f The Singapore Government believes that the tax exemption would be beneficial to the
Singapore resident
III.III WHAT ACTIVITIES CAN AND CANNOT BE PERFORMED

A corporation incorporated in Singapore may engage in any type of commodities transaction
unless a license is required. Providing services in Germany, on the other hand, is not suitable,
since the place of performance here can lead to the right to tax in the Federal Republic of
Germany.
In addition, a PTE LTD can acquire real estate and shares, as well as invest capital on the capital
markets. In principle, any kind of legal business is conceivable.
To avoid any negative tax implications, please contact us in advance with specific questions.

+44-208 089 1423-10
+44-208 089 1423-90
09.00 – 17.00
Acquisition of real estate in Germany and abroad

If a corporation based in Singapore wants to acquire real estate, e.g. in Germany, the notary needs a
certified translation of the extracts from the commercial register (apostille) and a power of attorney if
one of the managing directors cannot sign the purchase contract on site. The extracts from the
register must be translated accordingly from English into German.
We have a network of translation agencies that do this promptly and reliably.
Acquisition of shares in other corporations

A corporation based in Singapore can, for example, acquire shares in a German GmbH. It should be
noted that in Germany there is a 5% withholding tax on dividends (as of 2021). Please note the
changes in 2022.
For the transfer of shares, the notary also needs the certified translated extracts from the commercial
register including an apostille.
III.IV ACKNOWLEDGMENT OF OPERATING EXPENSES
The following items can be claimed as business f CPF contributions to employees' Medisave
expenses. If anything is unclear, please contact accounts with a maximum deduction of
us. $1,500 per employee per year. Such
deductions are permissible as medical
Please note that certain terms refer to
expenses, subject to medical expense caps.
Singapore's welfare system and may therefore
be unfamiliar to you. f CPF top-up to employees' CPF minimums
f accounting costs f CPF Voluntary cash deposits into the

Medisave account of the self-employed
f administrative expenses
f Board of Directors fees
f advertising
f Board Compensation
f Remuneration of the auditors
f Employee Participation-Based
f bad debts
Compensation System (EEBR)
f bank charges
f Unemployment Benefit (EAP)
f accounting services
f entertainment
f Commission
f Price losses from transactions of a trading
f CPF, Skills Development Tax, Foreign and turnover nature
Worker Tax
f exhibition costs
f CPF Statutory contributions to CPF

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09.00 – 17.00
f Impairment loss on commercial debt f Severance Pay – Contractual Severance

Pay
f Income tax to be borne by the employer
according to the employment contract f Redundancy Compensation – Reduction
compensation and costs for outplacement
f Insurance premium such as Group Term
support on a voluntary basis when there is
Life Insurance where employees are
not a complete cessation of business
designated beneficiaries, Keyman
Insurance, Workers' Compensation f secretarial fees
f Bad debt insurance f Employee compensation such as salary,

bonus and allowances
f interest expense
f employee training
f Incidental legal fees associated with
commercial and sales transactions f Employee Welfare/Benefits
f Medical expenses (limited to 1% of total f Supplementary Pension Scheme (SRS)

compensation) f Accountant Fees (Service fees paid to the
f Vehicle costs (goods / commercial vehicles, tax agent)
e.g. vans, trucks and buses) f phone bills
f office care f Transport (public transport and freight/
commercial vehicles)
f Magazines & Newspapers
f postage f Travel
f Printing & Stationery f wages
f property tax f water & electricity
f Provision for Bad Debts (Specific) f amortization
f Impairment of financial assets in the f bad debts (non-trading debtor)

income account f Certificate of Entitlement (COE) for motor
f Provision for obsolete stocks (specific) vehicles (if the vehicle is capital
exemptable (goods/utility vehicle) the cost
f Rental of business premises of COE can be included in the vehicle cost
f Registration of patents, trademarks, and you can claim capital deductions for
designs and plant varieties and it.)
f repairs and maintenance f CPF Voluntary contributions to the CPF

that exceed the statutory rate
f Research and Development
f Depreciation (you can claim capital
deductions)

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09.00 – 17.00
f Donations (You can apply for the deduction f Medical expenses (amount over 1% of the
of donations made to a recognized public total remuneration)
body (IPC) or the Government of Singapore
f Vehicle costs ("S" license plate car)
that benefit the local community.)
f Punish
f Entrance fee to country club or other clubs
f Accruals and deferrals that do not relate to
f Exchange rate loss on transactions that are the respective base period
not commercial or capital in nature
f Personal and domestic expenses (expenses
f Expenses before recording of the business incurred for business purposes)
activity (However, income expenses 1 year
prior to the accounting year in which the f Private rental car
company earns its first dollar of business f Provision for bad debts (general)
income are tax deductible beginning in f Provision for obsolete stocks (general)
2012)
f renovation or refurbishment work (You
f Depreciated Fixed Assets may claim a Section 14Q deduction for
f Acquisition costs of fixed assets (you can qualifying unpaid expenses)
claim capital deductions) f Redundancy Compensation – Reduction
f fines compensation and outplacement support
costs on a voluntary basis, where there is a
f goodwill payment
complete cessation of business.
f Impairment loss on non-trading debt
f Transport ("S" registration private cars)
f Income Tax in Singapore and all income
taxes in a country outside of Singapore
f installation of fixed assets

f Interest expense related to non-income
assets
f Incidental attorney and court fees related to

non-commercial or capital transactions

+44-208 089 1423-10
+44-208 089 1423-90
09.00 – 17.00
III.V VALUE ADDED TAX Transactions with Consumers

Only from an annual turnover of SGD 1 million
Please note that in the customer's home
is scheduled to be registered for Value Added country there is in many cases an obligation to
Tax (GST). submit sales tax returns and to pay them off,
provided the place of performance is not a
However, if you have an EORI no. require a GST third country.
from Singapore. You can also get a GST with a This is particularly the case when shipping
goods
lower turnover. We would be happy to do this
case, but also for electronic services
for you. (Directive (EU) 2017/2455, Regulation (EU)
2017/2454).
Transactions with companies
Sales tax is usually not relevant for B2B
transactions.
III.VI WITHHOLDING TAXES

year 2021
Please note that withholding taxes may apply in
various countries where the Company receives
withholding taxes
dividends, interest or royalties.
The same applies to income from renting and Dividends, interest income, royalties
leasing in Germany.
Germany – Singapore 5/15, 8, 8
Example Germany:
If a company based in Singapore generates year 2022
income in Germany, withholding taxes apply to
the following types of income: Dividends, interest income, royalties
Germany – Singapore 5/10/15, 0, 5
Singapore itself does not levy any withholding taxes. This is particularly beneficial if you receive
dividends and do not have to tax them in your country of residence.
Example: You reside in Cyprus and receive a dividend from a Singapore corporation. This dividend is
not subject to any withholding tax in Singapore. If your country of residence does not tax foreign
dividend income, it would be completely tax-free.
https://taxsummaries.pwc.com/singapore/corporate/withholding-taxes

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09.00 – 17.00
III.VII DOUBLE TAXATION TREATIES

In order to reduce the tax burden on companies Note that companies must meet the
that derive income from foreign sources, Singapore following requirements to receive a foreign
has signed double taxation agreements (DTAs) tax credit:
with over 80 countries, including major economies
f The company is tax resident in Singapore
in America, Europe and Asia.
for the relevant base year
DTAs reduce or eliminate taxes on foreign income
f The tax was or is payable in the foreign
that is already taxed in a foreign jurisdiction
jurisdiction on the same income and
became.
f Income is subject to Singapore tax
In some cases, a tax credit may also be granted.
Became
the foreign tax is paid in accordance with the
provisions of the DTA, the lower of a) the foreign tax
paid and b) the Singapore tax charged to the Tax Residence Certificate
would be payable on the same income. If the
If you need a tax residence certificate for an
company has paid overseas tax in excess of this
authority in another country, we can apply for
calculated amount, it can be claimed in Singapore
this within one month.
as a tax credit, known as Double Taxation Relief
(DTR). Under DTR, a company can claim a portion
of the foreign income tax paid on its Singapore FTA
income tax claim and recover that money from
Singapore has an impressive 24 Free Trade
IRAS.
Agreements (FTAs), larger than the United
In addition, since 2008, the Singapore government
States' 14 and China's 11. The aim of these
has offered a unilateral tax credit to companies
agreements is to remove trade barriers and to
with foreign income from a country without a DTA
be more competitive in the global market. This
with Singapore.
once again demonstrates the global openness
and connectivity that Singapore is striving to
achieve.

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09.00 – 17.00
III.VIII DEADLINES
Fiscal year: 31.12.
The fiscal year is identical to the calendar year.
Annual accounts:
f Deadline for submitting the annual accounts: 7 months after the end of the financial year
f There is no obligation to keep monthly accounts unless GST (VAT) has been applied for.
Deadlines for VAT returns (if requested):
Accounting period (FY 2020) Deadline for submission
Jan – Mar (1st Quarter) 30 April 2020
Apr – June (2nd Quarter) 31 July 2020
July – Sep (3rd Quarter) 31 Oct 2020
Oct – Dec (4th Quarter) 31 Jan 2021
III.IX ACCOUNTING
Accounting can be done in Singapore once a year with the annual financial statements, provided
that PTE LTD is not registered for VAT in Singapore.
VAT registration is only required if PTE LTD has annual sales in excess of SGD 1 million, supplies or
provides services to consumers in Singapore, or if the company has an EORI no. must apply for in
Europe in order to import goods there.
Document transfer via Google Drive

Your company will receive a Google Drive folder in which you can upload all relevant documents.
Please pay attention to the following:
f Legibility: Mobile phone photos with sufficient lighting, unpixelated and full page
f Sorting is not relevant for less than 20 documents per month
f Incoming invoices must contain the company name and the billing address

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09.00 – 17.00
Obligation to keep documents

IV.I FINTECH´S
Please keep original receipts for 5 years. You
are also welcome to send them to us. We do In principle, banks outside Germany
not need the originals to prepare financial require an invoice or similar as proof of the
statements. transaction in accordance with the anti-
money laundering guidelines for
transactions.
Creation of invoices The banks are obliged to do this. Especially
Singapore has implemented the global for higher transactions from 100,000 EUR.
standards for preparing a proper commercial
invoice.
Attention with high

Required are:
first deposits:
f Date of invoice It may take a few days for transactions
f Information about the biller (Company to be verified for new customers.
name, address, GF, register number, VAT
number, if available)
Wise (formerly Transferwise)
f Details of the invoice recipient
(company name, address, VAT no., if f BE-IBAN (Belgium), as well as various
available) account numbers e.g. USA, Turkey,
United Kingdom
f sequential invoice no.
f Multi-currency accounts available in
f Exact description of the service or goods
almost all currencies, low cost for
including the number of items, number
currency exchange
of hours, etc.
f Incoming payments are free of charge
f Note on VAT in the SEPA area, starting at 20 cents
per transaction
Banking
We only give examples below f International transfers up to 19 times
a few solutions that will suit most cheaper than branch banks
entrepreneurs. There are numerous other f Internet banking via browser and/or
banks that we work with. Please contact us so app
that we can find a suitable bank for you
together.
Link to the Wise cost overview:

https://wise.com/gb/pricing/send-money

+44-208 089 1423-10
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09.00 – 17.00
Debit cards: The physical card will be sent to your Singapore

office and then forwarded to your desired
f On the one hand, virtual debit cards can be
address by us.
created, which have advantages because it
is not possible to lose the card and they
offer security advantages, especially in Crypto:
online banking.
Unsupported
f Virtual debit cards can be linked to Google
Please do not transfer from crypto exchanges to
or Apple Pay so that you can pay
your Transferwise account as this may lead to
immediately in stores with mobile phones
account suspension.
that have an NFC chip.
f A classic Mastercard from Wise is also ideal

for physical purchases of goods.
IV.II BANKS IN SINGAPORE IV.III BANKS OUTSIDE SINGAPORE
OCBC Swiss banks like Vontobel, BIL, Julius Baer etc.

The Oversea-Chinese Banking Corporation has We can open an account for you in Switzerland
existed since 1932 and is the second largest and Liechtenstein without having to travel
bank in Singapore. Internet banking works via
an app that is available for Android and iOS. there. Switzerland in particular is considered the
most important financial center in the world.
It is possible to open an account without
having to travel. It is usually not necessary to travel to open an
account.
Advantages:
Advantages of the Swiss financial center:
f Safe bank with a good reputation

f Security, cantonal banks also have a state
f Multi-currency accounts available
guarantee
f reputation
Disadvantages:
Singapore income is taxable
Disadvantages:
f Comparatively high capital commitment
to the corresponding bank.
f Comparatively high fees for standard

services.

+44-208 089 1423-10
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09.00 – 17.00
IV.IV PAYMENT PROVIDER
Paypal
It is possible to open an account with PayPal. It's closed
note that PayPal uses the local currency SGD as the base currency
takes and only pays out to accounts in Singapore.
Stripe
Stripe can be used without any problems. payouts are made
also only on accounts in Singapore.
IV.V BROKER
Interactive Brokers:
We would be happy to open a securities account with Interactive Brokers for your
Singapore company.
Services from W-V
V.I basic services

V.II premises
V.III phone number
V.IV advisory

+44-208 089 1423-10
+44-208 089 1423-90
09.00 – 17.00
V.I BASIC SERVICES V.II PREMISES

In accordance with the order, we set up the We can provide you with office space in both
relevant companies and provide a Registered London and Singapore.
Office. In addition, we provide local managing

V.III PHONE NUMBER
directors in Singapore, as well as the company
secretary and, if desired, other bodies. You can order a local number that can be
reached worldwide and routed to any
After the companies have been registered, we
destination.
take care of the corresponding account
opening, setting up payment providers, custody
accounts, etc.
V.IV BERATUNG
Of course, we also take over the bookkeeping
and the preparation of the annual financial This guide gives you a general overview of your
statements according to the order. options and obligations when it comes to
managing your business.
Mail received at your office address will be
However, this cannot replace individual advice.
scanned by us and emailed to you.
We would be happy to advise you on contract
design, differential price taxation and many
Please ensure that no packages are sent to your
other topics.
office address.

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SINGAPORE - GUIDE

For a successful start with a corporation in

W-V Law Firm LLP VAT-Nr.: GB281845381

I.II. Holding of Shares and Place of Management

I.III Register entries in Singapore and in the UK

I.IV Exit Taxation

II.I Notes on the British Foundation (LBG)

IV.II Banks in Singapore

IV.III Banks outside of Singapore

IV.IV Payment Provider

Services from W-V

V.I Basic Services

V.III Phone Numbers

W-V Law Firm LLP VAT-Nr.: GB281845381

I.I CONSIDERATIONS BEFORE FOUNDING

W-V Law Firm LLP VAT-Nr.: GB281845381

I.II. HOLDING OF SHARES AND

Please note: c) A managing director based in Germany

Considerations are therefore: Bodies of PTE LTD (Singapore):

I.III REGISTRATION IN SINGAPORE AND IN UK

W-V Law Firm LLP VAT-Nr.: GB281845381

I.IV EXIT TAX

Organs of the LBG

W-V Law Firm LLP VAT-Nr.: GB281845381

III.I OVERVIEW SINGAPORE

Legal Form Private Limited Company (Pte Ltd)

Accounting Obligation Yes

Legislation Singapore Companies Act 1963

National Currency SGD, Singapore-Dollar

Stability Singapore is an extremely stable country

Time Zone GMT+8

Secretary Required Yes

Share Capital obligation No share capital required (1 SGD)

Basis of the legal system Common Law

Minimum number of directors / At least 1 director / 1 shareholder

Bearer shares permitted No

III.II TAX RATES IN SINGAPORE

Type of Income Tax rate %

Standard tax rate on 17% (rebates on earnings under 300k SGD)

Tax on Capital Income 0%

Taxes on foreign income that has already been 0%

Taxes on income not transferred to 0%

W-V Law Firm LLP VAT-Nr.: GB281845381

FIRST NEXT ALL IN ALL

75.000 SGD 50.000 SGD 125.000 SGD

Tax exemption for income from foreign sources

f Foreign branch profits

f Service income from foreign sources

III.III WHAT ACTIVITIES CAN AND CANNOT BE PERFORMED

W-V Law Firm LLP VAT-Nr.: GB281845381

Acquisition of real estate in Germany and abroad

We have a network of translation agencies that do this promptly and reliably.

Acquisition of shares in other corporations

III.IV ACKNOWLEDGMENT OF OPERATING EXPENSES

f accounting costs f CPF Voluntary cash deposits into the

W-V Law Firm LLP VAT-Nr.: GB281845381

f Impairment loss on commercial debt f Severance Pay – Contractual Severance

f Bad debt insurance f Employee compensation such as salary,

f Medical expenses (limited to 1% of total f Supplementary Pension Scheme (SRS)

f Printing & Stationery f wages

f property tax f water & electricity

f Provision for Bad Debts (Specific) f amortization

f Impairment of financial assets in the f bad debts (non-trading debtor)