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Business-friendly hub in Asia Pacific with excellent banking
Region
ASIA PACIFIC
Corporate Tax
17%
Setup Time
1 weeks
Currency
SGD
Singapore, a city-state at Southeast Asia's crossroads, consistently ranks among the world's easiest places to do business. The country's efficient company registration and sophisticated infrastructure support premium business setup.
With a population of 5.9 million, Singapore offers exceptional urban living with safety and efficiency. English, Mandarin, Malay, and Tamil are official languages, with English predominant in business. The tropical climate is consistently warm and humid.
Healthcare is excellent through public and private systems. Safety is outstanding with extremely low crime. The cost of living is high, particularly housing.
The multicultural character, excellent food, and efficient systems create high quality of life despite costs.
Corporate tax rate stands at 17%, with significant exemptions and incentives potentially reducing effective rates. Personal income tax reaches 24%. GST applies at 9%.
The Singapore dollar is stable and strong. Singapore serves as regional headquarters for many multinationals. The financial services, logistics, and tech sectors are highly developed.
Company registration through ACRA (Accounting and Corporate Regulatory Authority) is highly efficient. Private limited companies (Pte Ltd) can be established within days. Foreign ownership faces no restrictions.
Company formation is among the world's fastest. Minimum capital is SGD 1. At least one local director is required. Annual compliance includes audited accounts for certain companies.
The Monetary Authority of Singapore (MAS) licenses digital payment token services under the Payment Services Act. The comprehensive crypto license framework provides regulatory clarity for established operators.
Singapore has attracted major crypto exchanges and blockchain companies seeking regulated Asian status.
The Casino Regulatory Authority oversees the two integrated resort casinos. Online gambling licensing does not exist for commercial operators targeting Singapore residents. The regulatory approach is restrictive.
High costs suit high-value operations. Competition for talent is intense. The small domestic market requires regional focus.
Banking access is excellent through major global banks. Professional services are world-class.
Singapore suits regional headquarters, financial services, and businesses seeking premier Asian positioning for their business setup.
Local: Pte Ltd
Local: Ltd
Local: LP/LLP
Local: Branch
| Corporate Tax Rate | 17% |
| Personal Income Tax Rate | 24% |
| VAT / Sales Tax | 9% |
| Capital Gains Tax | 0% |
| Withholding Tax | 0% |
| Reduced Corporate Tax Available | Yes |
| Non-Resident Withholding Exempt | No |
| Tax Treaty Network | Yes |
| Banking Access | HIGH |
| Financial Privacy | MEDIUM |
| Currency Controls | NONE |
| Local Bank Account Required | No |
| Non-Resident Bank Account Allowed | Yes |
| Physical Presence for Banking | Yes |
| Banks Restrictive (High Risk) | Yes |
| AML Officer Required | No |
| MLRO Required | No |
| Compliance Officer Required | No |
| Data Protection Officer Required | No |
| Bookkeeping Frequency | Annual |
| Local Bookkeeping Required | No |
| Mandatory Audit | No |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $100,000 |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF Travel Rule (all transaction sizes; enhanced for >SGD 1,500) |
| Business Plan Required | Comprehensive business plan with financial projections required |
| Personnel Required | Executive Director (SG citizen/PR), AML/CFT Compliance Officer at management level |
| Insurance Required | No |
| Remote Incorporation Possible | Yes |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | MAS Financial Institutions Directory |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | Yes |
| VAT Applicable | No |
| Regulators | Monetary Authority of Singapore (MAS) |
| Licensing Fee | $1,500 |
| Licensing Fee Details | SPI: SGD 1,000 application fee; MPI: SGD 1,500 application fee; DTSP (FSMA): SGD 1,500; Annual supervisory fees from SGD 5 |
| Permitted Business Models | Digital Payment Token Exchange, Custody, Transfer services |
| Permitted Activities | DPT dealing, exchange (DPT-fiat, DPT-DPT), custodian wallet services, DPT transfer services |
| Restricted Activities | Retail advertising in public spaces prohibited; MAS generally will not issue DTSP licenses for overseas-only services |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | No |
| Derivatives Allowed | Yes |
| RWA Tokenization Allowed | Yes |
| App Store Listing Allowed | Yes |
| Crypto Custody Allowed | Yes |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | N/A |
| Business Plan Required | Comprehensive business plan required for all license types |
| Personnel Required | Key personnel must pass fit-and-proper assessments |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | No |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | GRA publishes list of licensed operators |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | Yes |
| VAT Applicable | No |
| Regulators | Gambling Regulatory Authority (GRA) |
| Licensing Fee Details | New casino/betting operator licenses not being issued; Singapore Pools monopoly on lottery/betting until 2030; Class licenses available for promotional lotteries, fundraisers, remote games of chance |
| Permitted Business Models | Integrated Resort Casinos (2 max), Singapore Pools (monopoly), Gaming Machine Rooms (community organizations only), Class License activities |
| Permitted Activities | Limited to existing licensees: casino gaming, lotteries (Singapore Pools), sports betting (Singapore Pools), slot machines (community organizations) |
| Restricted Activities | Online casino games strictly prohibited; remote gambling illegal except Singapore Pools; no new casino or betting operator licenses issued |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| Player Fund Segregation | Yes |
| B2B/B2C Separate Requirements | Yes |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $250,000 |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant |
| Business Plan Required | Detailed business plan with financial projections, operational plans, compliance framework |
| Personnel Required | At least one executive director (SG citizen/PR or EP holder with another SG director), qualified compliance officer |
| Insurance Required | No |
| Remote Incorporation Possible | Yes |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | MAS Financial Institutions Directory (https://eservices.mas.gov.sg/fid) |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | Yes |
| VAT Applicable | No |
| Regulators | Monetary Authority of Singapore (MAS) |
| Licensing Fee | $1,500 |
| Licensing Fee Details | SPI: SGD 1,000 application + SGD 100,000 base capital; MPI: SGD 1,500 application + SGD 250,000 base capital + SGD 100,000-200,000 security deposit |
| Permitted Business Models | Standard Payment Institution (SPI), Major Payment Institution (MPI), Money-changing |
| Permitted Activities | Account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance |
| Restricted Activities | Banking without bank license; securities dealing without CMS license |
| Cross-Border Service Allowed | Yes |
| Physical Inspection Required | No |