Check out why more and more companies incorporating company in Singapore?
Singapore is one of the most competitive countries in Asia and more so doing business in Singapore does not involve greater complications. Out of the many positive factors, favorable conditions for registration of new company or migration of an existing company to Singapore are some of the main points of considerations. In addition, Singapore is well known for its assets protection advantages such as-
1. Zero taxes on first time S$100,000 of taxable income made by newly registered companies at their first tax filing years. Such tax benefits are applicable for companies resident in Singapore and one having not more than 20 shareholders. There is also zero taxes imposed on capital gains and the dividends paid to shareholders as taxes are exempt.
No exchange controls or restrictions on repatriation of profits and business migration Visa available for foreign entrepreneurs who are looking forward to business registration in Singapore.
The taxation process in Singapore is basically dependent on territorial principle. Customers need to pay taxes only when, companies are making profit or are bringing huge profit into Singapore. Even the tax rate levied on corporate profits is very flexible. Say on a profit amount of 300,000 SGD, the tax rate is set at 8.6% and incase profit amount is more than this profit amount, it is about 17%.
But it is mandatory for all companies to prepare and file Annual returns with Company Registrar and even file for annual tax returns. For such tasks hiring proficient business advisory services based in Singapore is much a beneficial step.
2. Easy company registration steps in Singapore includes selection of minimum 1 individual who is a citizen of Singapore as nominee director. Consequently, nominating a shareholder for the company who need not compulsorily be a Singapore resident. The office address must also be registered along with nominating a company secretary. A minimum paid-up capital is mandatory to Set-up Company within 1–2 days.
Registering a company in Singapore is beneficial because of the place’s strategic location and because of the highly developed atmosphere of the country. From business formation to compliance solutions and business accounting outsourcing solutions, everything can be easily met when associating with experienced business advisors.