| Incorporating a Singapore Entity | |
Growing numbers of international business people are incorporating a Singapore entity to take advantage of the jurisdiction's tax advantages and excellent global reputation. Important points for entrepreneurs to note when incorporating a Singapore entity include: | |
1.
| Foreign investors incorporating a Singapore entity can benefit from Singapore's low corporate tax rate. Corporate tax is levied at a flat rate of 20%. Furthermore, international profits not remitted into Singapore are legally tax-exempt. Furthermore, and the first S$200,000 (US$146,000) of chargeable income is legally tax-exempt for the first three years following incorporation. |
2.
| Incorporating a Singapore entity is simple. According to the World Bank's Doing Business 2010 Survey, Singapore is the world's easiest place to do business across a range of factors including company start up procedures, time, cost and minimum capital required. |
3.
| When incorporating a Singapore entity, a minimum of one shareholder is required. Both individual and corporate shareholders are permitted, although a private limited company (most popular with international entrepreneurs) must have no more than 50 shareholders. Furthermore, every Singapore company requires a local resident director. |
4.
| Because of the above, international business people incorporating a Singapore entity but who are not based in Singapore usually appoint a professional corporate services Firm to i) incorporate the company and ii) provide Singapore resident director services for an annual fee. |
5.
| Foreign investors incorporating a Singapore entity can benefit from Singapore's low corporate tax rate. Corporate tax is levied at a flat rate of 17%. Furthermore, international profits not remitted into Singapore are legally tax-exempt. The first S$100,000 (US$71,400) of profits is tax-exempt for new start-up Singapore companies for the first three years of operation. The next S$200 000 of the normal chargeable income is 50% tax exempt. |
6.
| The process of incorporating a Singapore entity is governed by the Singapore Companies Act 1963. Applications for incorporating a Singapore entity are lodged with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). |
7.
| Following incorporation, company details, including shareholder and director information, are available for public viewing on BizFile, the ACRA online public register. Consequently, Singapore is not a 'private' offshore jurisdiction like traditional offshore 'tax havens', even though corporate shareholders are permitted.
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| Contact Us | |
For more information on Singapore company set up, email email@healyconsultants.com or call us in Singapore at (+65) 6735 0120. | |
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