Frequently Asked Questions

Singapore allows various business structures, including Private Limited Companies (Pte Ltd), Sole Proprietorship, Partnerships, and Subsidiaries. Our team will advise on the most suitable option for your business goals. 

Typically, around 7 business days with complete documentation.

Yes, foreigners can incorporate a company in Singapore without needing to be physically present. However, Singapore law requires at least one locally resident director (a Singapore Citizen, Permanent Resident, or EntrePass/Employment Pass holder). Foreign entrepreneurs typically engage a licensed corporate service provider, like Trustwell, to assist with company registration, provide a nominee director if needed, and ensure ongoing regulatory compliance.

Yes, the entire process can be done remotely. Verification is done online. 

Under the Companies Act, every company is required to appoint a qualified corporate secretary within six months of incorporation. This position must not remain vacant for more than six months, as failure to comply may result in penalties of up to S$1,000 for the company’s directors. 

A company secretary is formally appointed by the board of directors and serves as an officer of the company responsible for ensuring compliance with statutory obligations and upholding sound corporate governance practices. Key responsibilities include maintaining the company’s statutory registers and records, safeguarding legal documents, convening board and shareholder meetings, and timely filing of all required documents with the authorities. The company secretary plays a critical role in ensuring that the organisation consistently meets its legal and regulatory obligations. 

The cost of accounting services in Singapore varies based on the scope of work, transaction volume, business complexity, and service frequency. Basic bookkeeping is typically more affordable, while comprehensive services like financial reporting and tax planning may incur higher fees. Trustwell offer customized packages tailored to your company’s needs, ensuring cost-efficiency without compromising compliance and accuracy. 

Companies that exceed two of the following: S$10M in revenue, S$10M in assets, or 50 employees must be audited. Otherwise, you may qualify as a “small company” exempt from audit. 

Singapore has a flat corporate income tax rate of 17% on chargeable income. However, various tax exemptions and incentive schemes are available, particularly for startups and SMEs, which can significantly reduce the effective tax rate. The deadline for electronic filing of Corporate Income Tax (Form C-S or C) is typically 30 November each year. 

As an employer in Singapore, you are legally required to pay your employees at least once a month and no later than seven days after the end of the salary period. For Singapore Citizens and Permanent Residents, mandatory contributions to the Central Provident Fund (CPF) must also be made in a timely manner. Additionally, employers must issue itemised payslips and maintain proper payroll records as required under the Employment Act. Failure to comply may result in penalties and reputational risks.