The corporate tax rate on a company net profit in Singapore is 17%
, but if new company meets the qualifying criteria it can get the tax exemption for the first three years of operation:
Goods & services tax:
- 75% of the first SG$ 100,000 of normal chargeable income
- 50% of the next SG$ 100,000 of normal chargeable income
A person with taxable turnover exceeding SGD 1m in a calendar year or expected to exceed SGD 1m in the next 12 months must register for GST.Foreign income tax:
Foreign income derived by resident companies will be taxed, unless the income has been already subject to taxes in foreign jurisdiction with a tax rate of at least 15%
- Dividends - none.
- Interest - interest paid to a nonresident generally is subject to a 15% withholding tax.
- Royalties - royalties paid to a nonresident are subject to a 10% withholding tax, unless the rate is reduced under a tax treaty
- Easy offshore company registration
Setting up an offshore company in Singapore is that the registration process itself is simple and straightforward. The processing time of the registration of a new offshore company in Singapore takes less than a week. The first involves choosing and approving a name for your new business, and the second involves the more administrative part of filing paperwork.
- Political and economic stability
Singapore is considered one of the least bureaucratic and politically stable countries in Asia. The government of this Asian city-state has a reputation for being transparent, free from corruption, business-oriented and with a fair and responsible legal system.
- 100% ownership of business
Foreigners or persons residing outside the region have the right to register an offshore company in Singapore with 100% ownership and can have corporate or individual shareholders as well. But the Incorporation requires a local company secretary, a local director , and a local legal address
. If you reside outside of Singapore, we can provide you with our nominal services.
When setting up an offshore company in Singapore, you will need to rely heavily on banking services. We can offer wide range of reputable foreign and local banks to choose from, or we can offer bank account opening service outside of Singapore. This option is not prohibited by local law.
- Strong and Stable Singapore Dollar
Trading ability is important for any business owner, and that's what makes a strong and stable Singapore dollar so attractive. It is one of the strongest currencies in Asia and one of the 15 most traded currencies in the world. Setting up an offshore company in Singapore puts you in a better position to pursue future prospects such as investment and growth opportunities.