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Map of Singapore National Flag

Land Area: 687 Square kms

Coastline: 193 kms

Capital: Singapore

Population: 5.183(approx.) millions

Climate: True to its Southeast Asian location, Singapore is characterized by a hot and humid climate. Located just 1 degree north of the equator, it quite naturally enjoys a tropical/equatorial climate. The island does not have clear-cut seasons like summer, spring, autumn and winter. The weather is warm and humid all year round. Rainfall is almost an everyday phenomenon, even during the non-monsoon period. These brief showers are usually quite refreshing, as they provide respite from the sun.

GDP: 239.7 billion USD(2011)

Time Zone: GMT + 8:00

Literacy: The overall literacy rate stands at 92.5%, with 96.6% for males & 88.6% for females.

Environmental- Current Issues: Industrial pollution, limited natural freshwater resources, limited land availability presents waste disposal problems; seasonal smoke/haze resulting from forest fires in Indonesia.

Environment International Agreements:

  • Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
  • Convention on the International Trade in Endangered Species of Wild Flora and Fauna (CITES)
  • Kyoto Protocol to the United Nations Framework Convention on Climate Change
  • Montreal Protocol on Substances That Deplete the Ozone Layer
  • Protocol of 1978 Relating to the International Convention for the Prevention of Pollution From Ships, 1973 (MARPOL)
  • Treaty Banning Nuclear Weapon Tests in the Atmosphere, in Outer Space, and Under Water
  • United Nations Convention on the Law of the Sea (LOS)
  • United Nations Convention to Combat Desertification in Those Countries Experiencing Serious Drought and/or Desertification, Particularly in Africa
  • United Nations Framework Convention on Climate Change

•   Airports: There are three airports in Singapore

  • Changi Airport
  • Paya Lebar Airport
  • Seletar Airport

Ports of Entry: The Port of Singapore is the port of entry in Singapore. It is also known as Jurong Airport. The Port of Singapore refers to the collective facilities and terminals that conduct maritime trade handling functions in Singapore's harbours and which handle Singapore's shipping. Currently the world's busiest port in terms of total shipping tonnage, it also transships a fifth of the world's shipping containers as the world's busiest container port, half of the world's annual supply of crude oil, and is the world's busiest transshipment port. It was also the busiest port in terms of total cargo tonnage handled until 2005, when it was surpassed by the Port of Shanghai. Thousands of ships drop anchor in the harbour, connecting the port to over 600 other ports in 123 countries and spread over six continents.

Tax Rates in Singapore

  • Financial Year: Any period of 12 months.
  • Tax rates for Year 2012-13

Nature of Assessee Taxable Income () Rate of Tax
Individual
Up to 19,500 0 %
19501-28000 20 %
28001-36300 25 %
36301-60000 30 %
60001 and over 35 %
Company Any Income 10%

Procedure of Setting up a company in Singapore

Company registration procedure in Singapore is fully computerized by the Singapore Registrar of Companies. As a result, the Singapore incorporation process is quick and efficient without any bureaucratic red-tape involved. Under normal circumstances, the company can be incorporated in 1-2 days.

There are two distinct steps involved in the Singapore company setup procedure: a) Company Name Approval and; b) Company Registration. Both steps can be accomplished on the same day assuming there are no delays caused by Company Registrar.

Step 1: Name Approval

To set up a Singapore company, the proposed name for the company must be approved first. Company name approval is obtained by filing the application with the Company Registrar. The service firm you have chosen to register your company will do it for you as the first step in the incorporation process.

Generally the name approval/rejection notification comes through in less than an hour unless the proposed name has some certain words (such as bank, finance, law, media, etc.) that might require the review and approval of a corresponding external government authority. If the name is referred to an external authority, the name approval may get delayed by few days or weeks.

To improve your chances of quick name approval, make sure the name:

  • is not identical or too similar to any existing local company names
  • does not infringe with any trademarks
  • is not obscene or vulgar
  • is not already reserved

An approved name will be reserved for 60 days from the date of application. You can extend the name for another 60 days by filing an extension request just before the expiry date.

Step 2: Singapore Company Registration

Once the name has been approved, the filing of the incorporation request as well as the approval from the Registrar of Companies can be completed in a few hours assuming incorporation documents are ready and have been signed by the directors and shareholders of the new company.

There are cases when the incorporation procedure can get delayed if the shareholders or directors are of certain nationalities, although this happens in rare case only. In such cases, the authorities might ask for additional information.

A registration fee of S$300 is payable to the Singapore Registrar of Companies at the time of incorporating a private limited liability company

What MNRS Offers

MNRS offers credible services relating to setting up of business in SINGAPORE like

  • Registration of LLP, Company
  • Purchase of Shelf Singapore Company
  • Nominee Director (Natural Person) Singapore Resident / Non-Resident
  • Nominee Shareholders (Natural Person) Singapore Resident / Non-Resident
  • Secretarial Services including changes in LLP, Company Structure
  • Bank Account opening and providing nominee bank signatory
  • Virtual office facility (Space for meetings, Fax, Internet, reception, file storage etc.) in various cities of Singapore.
  • Dissolution of LLP, Company
  • Takeover or sale of existing business. (Liaison, due diligence, business valuation etc.)
 
Contact for this Service
CA Neeraj Kumar Agarwal
Partner
e-mail: Neeraj@mnrsindia.com
CS Shreyansh Jain
e-mail: Services@mnrsindia.com
Tel: +91 (11) 46502975
Telefax: +91(11) 29812975
Mob: 9313010417
     
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