What is Transfer Pricing?

Transfer pricing refers to the prices set for transactions between related parties — for example, between a Singapore parent company and its overseas subsidiary. Singapore follows the OECD Transfer Pricing Guidelines and requires that all related-party transactions be conducted at arm’s length — meaning at the same price that would be agreed between unrelated parties.

Who Does Transfer Pricing Apply To?

Transfer pricing rules apply to Singapore companies that:

• Have related-party transactions (e.g., with parent company, subsidiaries, or associated companies)
• Engage in cross-border transactions with related parties
• Have domestic related-party transactions exceeding certain thresholds

Singapore Transfer Pricing Documentation Requirements

Companies must prepare contemporaneous transfer pricing documentation if their related-party transactions exceed:

• S$15 million in a financial year for any category of transaction
• Any threshold for loans and services if between related parties

Documentation must be prepared before filing the corporate tax return and kept for at least 5 years.

What Must the Documentation Include?

• Description of the group and related parties involved
• Details of the controlled transactions
• Transfer pricing method used and why it was selected
• Comparability analysis and benchmarking study
• Financial information supporting the arm’s length price

IRAS Advance Pricing Arrangements (APA)

To reduce transfer pricing disputes, Singapore companies can apply for an Advance Pricing Arrangement (APA) with IRAS — a binding agreement confirming the appropriate transfer pricing method in advance. APAs provide certainty for up to 5 years.

Penalties for Non-Compliance

IRAS can surcharge up to 5% of the transfer pricing adjustment if a taxpayer fails to maintain required documentation. Additional penalties apply for fraudulent arrangements.

Common Transfer Pricing Methods

• Comparable Uncontrolled Price (CUP)
• Cost Plus Method
• Resale Price Method
• Transactional Net Margin Method (TNMM)
• Profit Split Method

Need help with transfer pricing documentation or compliance? Contact Halynce Advisory — our team specialises in Singapore transfer pricing requirements.

Overview of Singapore Business Passes

Singapore offers several visa and pass options for foreign entrepreneurs and business professionals looking to start or run a business. Choosing the right pass depends on your business stage, investment capacity, and role in the company.

1. EntrePass (for Entrepreneurs)

The EntrePass is for foreign entrepreneurs who want to start and operate a venture-backed or innovative business in Singapore. Requirements:

• Your business must be registered with ACRA or be incorporated within 6 months
• Must secure funding from a MAS-accredited VC, Business Angel, or government agency, OR have an innovative, intellectual-property-backed business plan
• Must be able to demonstrate that you play an active role in running the company

Validity: 1 year, renewable. Monthly salary requirement on renewal: S$4,500 minimum.

2. Employment Pass (EP) for Business Owners

Foreign founders who have incorporated their Singapore company and appoint themselves as a working director can apply for an Employment Pass. Requirements include:

• Monthly salary of at least S$5,000
• Relevant qualifications and work experience
• Company must be a bona fide operating business

3. Personalised Employment Pass (PEP)

For high-earning EP holders (last drawn salary S$22,500+/month). The PEP is not tied to a specific employer, giving more flexibility. Valid for 3 years, non-renewable.

4. ONE Pass (Overseas Networks & Expertise Pass)

Singapore’s most prestigious work pass for top global talent. Requirements: Fixed monthly salary of at least S$30,000, or have outstanding achievements in business, arts, culture, sports, or academia. Valid for 5 years and allows the holder to start, work for, or work with multiple companies simultaneously.

5. Tech.Pass

For established tech entrepreneurs, leaders, and technical experts. Must meet at least 2 of 3 criteria: last drawn fixed salary S$20,000+/month, working in a tech company valued at US$500M+, or having led the development of a tech product with 100,000+ users. Valid for 2 years, renewable.

Which Pass Should You Choose?

Most foreign entrepreneurs setting up a Singapore company choose between the EntrePass (for innovative/funded ventures) and the Employment Pass (for established businesses with clear revenue). We recommend consulting with an immigration specialist to determine the right path.

Contact Halynce Advisory — we help foreign entrepreneurs incorporate in Singapore and navigate the visa application process.

What is GST in Singapore?

Goods and Services Tax (GST) is Singapore’s value-added tax system. The current GST rate is 9% (increased from 8% on 1 January 2024). GST-registered businesses charge GST on their sales (output tax) and can claim back GST paid on business purchases (input tax).

When Must You Register for GST?

GST registration is compulsory when your business’s taxable turnover exceeds or is expected to exceed S$1 million in 12 months. This is called mandatory registration.

You may also choose voluntary registration even if your turnover is below S$1 million — this allows you to claim input GST on purchases.

How to Register for GST

1. Log in to myTax Portal at mytax.iras.gov.sg
2. Navigate to GST Registration
3. Complete the application form
4. Submit supporting documents (business registration, financial records)
5. IRAS processes within 5–10 business days
6. You’ll receive a GST registration number upon approval

GST Filing Obligations

Once registered, you must:

• Charge 9% GST on all standard-rated supplies
• File quarterly GST returns (F5) within 1 month of each quarter end
• Submit GST payments to IRAS with each return
• Maintain records for at least 5 years
• Issue valid tax invoices for all GST-taxable supplies

GST-Exempt and Zero-Rated Supplies

Zero-rated (0% GST): Exports of goods, international services — you charge 0% but can still claim input GST

Exempt supplies: Financial services, residential property sales, life insurance — no GST charged and you cannot claim input GST

Penalties for Late GST Registration

Failure to register when required attracts a penalty of 10% of the GST outstanding, plus late payment interest of 5% per year. IRAS may also backdate your registration and charge all GST that should have been collected.

Should You Register for GST Voluntarily?

Voluntary registration makes sense if you have significant business expenses (allowing input tax claims) or if your customers are GST-registered businesses (who can claim back the GST you charge). It may not benefit businesses serving end consumers exclusively.

Our accounting team can help you manage GST registration and quarterly filing. Contact us today.

What Does Pte Ltd Mean?

Pte Ltd stands for “Private Limited Company” — the most popular business structure in Singapore. A Pte Ltd is a separate legal entity from its owners, meaning the company can own assets, enter contracts, and incur liabilities in its own name. Shareholders’ personal assets are protected — their liability is limited to the amount they invested in the company.

Key Features of a Singapore Pte Ltd

• Separate legal entity: The company exists independently of its shareholders and directors
• Limited liability: Shareholders are only liable for unpaid share capital
• Up to 50 shareholders: A Pte Ltd can have between 1 and 50 shareholders
• Corporate tax rate: 17% flat rate (with significant exemptions for new companies)
• Perpetual existence: The company continues even if shareholders change
• Professional image: Pte Ltd commands more credibility with banks, clients, and investors

Tax Benefits of a Singapore Pte Ltd

New companies enjoy significant tax incentives:

• Start-Up Tax Exemption (SUTE): First S$100,000 of chargeable income exempt (75%); next S$100,000 exempt (50%) — for first 3 years of assessment
• Partial Tax Exemption: After SUTE period, S$10,000 (75%) and next S$190,000 (50%) exempt
• No capital gains tax in Singapore
• Dividends from Pte Ltd are tax-free to shareholders under the one-tier tax system

Pte Ltd vs Sole Proprietorship vs LLP

A Pte Ltd offers limited liability protection that sole proprietorships and partnerships lack. While the Pte Ltd has more compliance requirements, the tax benefits, professional credibility, and asset protection make it the preferred choice for serious businesses.

Requirements to Set Up a Pte Ltd

• At least 1 director ordinarily resident in Singapore
• At least 1 shareholder (can be same person as director)
• Minimum S$1 paid-up capital
• Registered Singapore office address
• Qualified corporate secretary (within 6 months of incorporation)

How to Incorporate a Pte Ltd in Singapore

Incorporation is done through ACRA BizFile+. Most applications are processed within 1 business day. The total cost including ACRA fees and professional services is typically S$800–S$1,500.

Set up your Pte Ltd with Halynce Advisory — we handle the entire incorporation process for you.

Why You Need a Corporate Bank Account

Opening a business bank account in Singapore is a critical step after incorporating your company. It keeps personal and business finances separate, ensures proper accounting, and is required for most business transactions, payroll, and government payments including CPF and GST.

Top Banks for Business Accounts in Singapore

Traditional Banks

• DBS Bank: Most popular for SMEs — strong digital banking, government integration
• OCBC Bank: Good for SMEs and startups — Business Banking suite
• UOB: Strong for businesses dealing with regional trade
• Standard Chartered: Good for international businesses
• HSBC: Ideal for companies with global operations

Digital/Neo Banks

• Aspire: No monthly fees, fast account opening, excellent for tech startups
• Airwallex: Best for multi-currency transactions, e-commerce
• Revolut Business: Good for international payments

Documents Required

Most Singapore banks require:

• Certificate of Incorporation
• Company Business Profile (from ACRA)
• Memorandum and Articles of Association (or company constitution)
• Board resolution authorising account opening
• NRIC/passport of all directors and beneficial owners
• Proof of address for all directors

Challenges for Foreigners Opening a Business Account

Foreign-owned companies and non-resident directors often face stricter KYC requirements or even rejection from traditional banks. Digital banks like Aspire and Airwallex are generally more accessible. Having a local director simplifies the process significantly.

How Long Does It Take?

• Traditional banks: 2–4 weeks (interview typically required)
• Digital banks: 1–5 business days (fully online)

Monthly Fees and Minimum Balances

DBS and OCBC typically require S$1,000–S$10,000 minimum average daily balance. Digital banks like Aspire charge S$0 monthly fees with no minimum balance requirement.

Tips for a Successful Application

• Ensure your business address, directors, and business activities are consistent across all documents
• Be prepared to explain your business model clearly
• Have a clear business plan showing expected transactions
• Consider starting with a digital bank for faster approval, then adding a traditional bank as you scale

Need help navigating the business banking process? Contact Halynce Advisory — we help Singapore companies set up bank accounts and integrate with accounting software like Xero.

Overview of Singapore Company Compliance

Running a company in Singapore comes with annual statutory obligations. Staying compliant with ACRA and IRAS (Inland Revenue Authority of Singapore) requirements protects your company from fines, legal action, and damage to your business reputation.

Key Annual Compliance Requirements

1. Annual General Meeting (AGM)

Private companies are generally exempt from holding AGMs unless they are a private company that is not an exempt private company (EPC). However, if a shareholder or auditor requests one within 4 months of financial year end, it must be held.

2. Annual Return Filing with ACRA

Every Singapore company must file an Annual Return (AR) with ACRA. Deadlines: within 5 months (listed companies) or 7 months (non-listed companies) of financial year end. The AR confirms your company’s key details — directors, shareholders, and financial statements.

3. Financial Statements Preparation

Companies must prepare financial statements in accordance with Singapore Financial Reporting Standards (SFRS). Small companies (meeting 2 of 3 criteria: revenue ≤S$10M, assets ≤S$10M, employees ≤50) are exempt from audit requirements.

4. Corporate Income Tax (Form C-S or Form C)

All Singapore companies must file Estimated Chargeable Income (ECI) with IRAS within 3 months of financial year end. Annual tax returns must be filed by 30 November (paper) or 15 December (e-filing).

5. GST Returns (if GST-registered)

GST-registered companies must file quarterly GST returns within one month of each quarter end. Companies with taxable turnover exceeding S$1 million must register for GST.

6. CPF and Payroll Compliance

Employers must submit CPF contributions for all employees by the 14th of each month (or last working day if submitting online).

Penalties for Non-Compliance

ACRA and IRAS impose significant penalties for late or missed filings. Late Annual Returns attract fines of S$300–S$600. Late tax returns can result in penalties of up to 5× the tax amount.

Annual Compliance Checklist

• File Estimated Chargeable Income (ECI) within 3 months of FYE
• Prepare and file audited/unaudited financial statements
• File Annual Return with ACRA
• File Corporate Income Tax return by November/December
• Submit quarterly GST returns (if applicable)
• Submit monthly CPF contributions by 14th of each month
• Renew business licences as required

Our corporate secretary team manages all your annual compliance — contact us today.

What is an Employment Pass (EP) in Singapore?

The Employment Pass (EP) is Singapore’s main work visa for foreign professionals, managers, and executives. Issued by the Ministry of Manpower (MOM), it allows qualified foreigners to work and live in Singapore legally. The EP is typically valid for 2 years for first-time applicants (1–2 years if working for a new company) and renewable for up to 3 years.

Employment Pass Eligibility Requirements

As of 2025, to qualify for an Employment Pass you must:

• Earn at least S$5,000/month (S$5,500 for financial services sector)
• Hold acceptable qualifications — typically a degree from a reputable university
• Have relevant work experience in your field
• Work for a company registered in Singapore

Note: MOM uses the COMPASS (Complementarity Assessment Framework) points-based system introduced in September 2023 for new EP applications. Your employer must score at least 40 points across 5 criteria including salary, qualifications, diversity, and local employment.

COMPASS Framework Overview

COMPASS evaluates EP applications on:

• Salary benchmark: Compared to peers in same occupation and age group
• Qualifications: Academic qualifications (bonus for top-tier universities)
• Diversity: Company’s nationality diversity ratio
• Local employment support: PMET employment at company vs industry benchmark
• Strategic economic priorities: Bonus points for companies in strategic sectors

How to Apply for an Employment Pass

1. Employer or appointed employment agent submits EP application via EP Online (MOM)
2. MOM processes the application (typically 3 weeks)
3. If approved, In-Principle Approval (IPA) issued — valid 6 months
4. Candidate arrives in Singapore
5. Employer registers the EP at ICA (full EP card issued within 4 working days)

Employment Pass Fees

• Application fee: S$105 per application
• Issuance fee: S$225 for 2-year EP

Dependant’s Pass for EP Holders

EP holders earning at least S$6,000/month can apply for a Dependant’s Pass for their spouse and unmarried children under 21.

Renewal of Employment Pass

EP renewals can be submitted up to 6 months before expiry. Renewal is not guaranteed — MOM reassesses eligibility based on current criteria.

Need help with Employment Pass applications? Contact Halynce Advisory for expert guidance on Singapore work visa applications.

Why Register a Company in Singapore?

Singapore consistently ranks as one of the world’s easiest places to do business. With a pro-business government, low corporate tax rates (17% flat rate with exemptions), and a strategic location in Southeast Asia, incorporating a Singapore company opens doors to regional and global markets.

Types of Business Entities in Singapore

• Private Limited Company (Pte Ltd): Most popular — limited liability, separate legal entity, up to 50 shareholders
• Sole Proprietorship: Simple but no limited liability protection
• Limited Liability Partnership (LLP): Popular for professional firms
• Branch Office: For foreign companies expanding to Singapore

Requirements to Register a Singapore Company

To incorporate a Private Limited Company (Pte Ltd) in Singapore, you need:

• Minimum 1 director who is ordinarily resident in Singapore (Singapore citizen, PR, or valid pass holder)
• Minimum 1 shareholder (can be individual or corporate)
• Minimum paid-up capital of S$1
• A registered Singapore office address
• A qualified corporate secretary appointed within 6 months

Step-by-Step Company Registration Process

1. Choose your company name: Check availability on ACRA BizFile+ and ensure it complies with naming guidelines
2. Prepare incorporation documents: Company constitution, director/shareholder details, registered address
3. Submit to ACRA: File online via BizFile+ — takes 1–3 days for standard applications (same day for most)
4. Pay registration fee: S$315 standard ACRA fee
5. Receive Certificate of Incorporation: Your company is now legally registered
6. Open a corporate bank account: Required for business operations
7. Apply for necessary licences: Depending on your industry

How Long Does Company Registration Take?

Most Singapore company registrations are approved within 1 working day via ACRA BizFile+. Complex applications (requiring approval from other authorities) may take 14–60 days.

Cost of Incorporating a Singapore Company

• ACRA registration fee: S$315 (name reservation S$15 + incorporation S$300)
• Professional incorporation services: S$500–S$1,500 (includes secretarial setup)
• Registered address service: S$200–S$600/year

Can Foreigners Register a Company in Singapore?

Yes. Foreigners can be shareholders of a Singapore company with no restrictions. However, at least one director must be ordinarily resident in Singapore. Foreigners who don’t have local residency can appoint a local nominee director or relocate to Singapore on an Employment Pass.

Post-Incorporation Requirements

After incorporation, ensure you:

• Open a corporate bank account
• Appoint a qualified corporate secretary
• Register for GST if annual turnover exceeds S$1 million
• Understand your annual compliance obligations

View our Company Incorporation services or get started today.

What is a Corporate Secretary in Singapore?

Every company incorporated in Singapore must appoint a qualified corporate secretary within six months of incorporation — a mandatory requirement under the Companies Act (Cap. 50). The corporate secretary ensures your company stays compliant with ACRA (Accounting and Corporate Regulatory Authority) at all times.

Key Responsibilities

• Filing Annual Returns with ACRA on time
• Maintaining statutory registers (members, directors, charges)
• Organising and minuting board meetings, AGMs, and EGMs
• Filing changes to directors, shareholders, and company address
• Handling share transfers and issuing share certificates
• Ensuring compliance with the Companies Act

Qualifications Required

Under Section 171 of the Companies Act, the corporate secretary must be a natural person ordinarily resident in Singapore and hold one of: ISCA membership, SAICSA membership, legal qualification, or have held the secretary role at a public company for 3+ of the last 5 years.

Annual Return Filing Deadlines

Annual Returns must be filed within 5 months (listed companies) or 7 months (non-listed companies) of your financial year end. Late penalties start from S$300.

Cost of Corporate Secretary Services

Annual fees range from S$300–S$600 (basic) to S$1,500+ (full-service). Halynce Advisory’s package starts from S$400/year, covering all statutory filings and ACRA updates.

Can the Director Be the Secretary?

No. A sole director cannot serve as corporate secretary simultaneously. You must appoint a separate qualified individual.

Why Outsource?

Outsourcing is cost-effective, ensures expert compliance management, and eliminates the risk of missed deadlines. Most Singapore SMEs and startups choose this approach over hiring in-house.

View our Corporate Secretary services or contact us for a free consultation.

What is a Corporate Secretary in Singapore?

Every company incorporated in Singapore must appoint a qualified corporate secretary within six months of incorporation. This is a mandatory legal requirement under the Companies Act (Cap. 50). The corporate secretary plays a critical role in ensuring your company stays compliant with ACRA regulations.

Unlike an ordinary administrator, a corporate secretary must be a natural person ordinarily resident in Singapore with the qualifications required under the Companies Act.

Key Responsibilities of a Corporate Secretary

A Singapore corporate secretary handles a wide range of statutory duties:

• Filing annual returns with ACRA within prescribed deadlines
• Maintaining statutory registers including register of members, directors, and charges
• Organising and minuting board meetings, AGMs, and EGMs
• Ensuring compliance with the Companies Act
• Handling share transfers and updating the shareholder register
• Filing changes to directors, shareholders, and company address with ACRA

Qualifications Required

Under Section 171 of the Companies Act, the corporate secretary must hold one of the following qualifications:

• Member of the Institute of Singapore Chartered Accountants (ISCA)
• Member of the Singapore Association of the Institute of Chartered Secretaries and Administrators (SAICSA)
• A qualified solicitor or barrister
• A person who held the office of secretary of a public company for at least 3 of the past 5 years

Annual Return Filing Deadlines

Your corporate secretary must file the Annual Return with ACRA within 5 months (listed companies) or 7 months (non-listed companies) of your financial year end. Late filing attracts penalties starting from S$300.

Corporate Secretary Costs in Singapore

Annual fees typically range from S$300 for basic services to S$1,500+ for full-service packages. Halynce Advisory’s corporate secretary package starts from S$400 per year, covering all statutory filings and ACRA updates.

Can the Director Be the Corporate Secretary?

No. A sole director cannot simultaneously serve as corporate secretary. If your company has only one director, you must appoint a separate qualified secretary.

Why Outsource Your Corporate Secretary?

Outsourcing corporate secretary services saves costs, ensures expertise, manages deadlines automatically, and scales with your business. Most Singapore SMEs and startups choose this approach over hiring in-house.

Learn more about our Corporate Secretary services or contact us for a free consultation.